QuickBooks Study Guide Questions 1- 150 (Parts 1-3) with 100% Correct Answers Verified & Updated

QuickBooks Study Guide Questions 1- 150 (Parts 1-3) with 100% Correct Answers Verified & Updated Why would you hide or collapse sub accounts on a report? - Answer- D.) To temporarily hide unnecessary details and hide parent accounts What should you do after you click Save and Close on a Customer Credit Memo? - Answer- D.) Choose between retained as an available credit, give a refund or apply to an invoice Which of the following can be memorized in QuickBooks? - Answer- A.) Checks Which is NOT shown on the Payroll Summary Report in QuickBooks? - Answer- A.) Information necessary to complete your state unemployment tax form The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do? - Answer- B.) Record a transaction to show the customer owes you the money and that the checking balance has decreased by that same amount. Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in QuickBooks so you don't have to customize each report? - Answer- D.) Click the edit menu and select preferences then click the reports and graphs group to set your report preferences. Suppose you want to restrict which users can access customer credit card numbers. How do you do this? - Answer- B.) Give the user access to sales and accounts receivable but do not check the complete credit card numbers. Which of the following is a possible reason for a bank reconciliation discrepancy? - Answer- B.) The beginning balance calculated by QuickBooks does not match last months ending phase. Which of the following statements is true regarding undeposited funds? - Answer- D.) It is an account used to record payments before you make a deposit Which accounts are affected when you enter Time in QuickBooks? - Answer- D.) Accounts Receivable Workers who require a W2 tax form at the end of the year should be added to which of the following lists? - Answer- A.) Employees If you have a customized report that you use each month,which feature lets you run the report with updated data each month? - Answer- B.) Memorize Report What is the primary reason for setting a closing date in QuickBooks? - Answer- B.) To restrict users from deleting, editing or adding transactions to last year. Your new employee earned an annual salary of $40,000. How do you enter this into QuickBooks? - Answer- C.) Enter 40,000 in the payroll info window. What steps must you complete to use the payroll center to pay payroll liabilities? - Answer- C.) Set deposit frequencies Name the section of the Balance Sheet. - Answer- D.) Assets, Liabilities, and Equity When you create a new company file, QuickBooks asks for your start date. What is the best definition of start date in QuickBooks? - Answer- C.) The day you chose to start the new company file. Which of the following statements is not true regarding entering and paying bills in QuickBooks? - Answer- B.) If you enter the bills windows to record a bill, do not use the write checks window or check register to pay that same bill. How do you use a different forms template when creating a new transaction? (i.e. Invoice) - Answer- D.) Open the form, click the templates drop down list and select the appropriate form. How do you change the report basis, accrual vs. cash for just one report? - Answer- B.) Click the modify report button on the report and then choose accrual or cash on the display pad. How would you track customer birth dates in QuickBooks? - Answer- B.) Add a custom field to the customer list How do you change text in the header/footer of a report? - Answer- C.) Click the Modify Report button on the report and then change the header footer tab Where can you see a thumbnail sample of each report in QuickBooks along with a description of what the report tells you? - Answer- C.) Report Center What transaction in QuickBooks should you use if your customer pays you when you provide the goods or services? - Answer- A.) Sales Receipt How can you ensure that invoice detail does not appear on a customer statement? - Answer- A.) Uncheck the show invoice item detail on statement's box in the create statements window. What is the purpose of backing up in QuickBooks? - Answer