Question

Which of the following is a possible reason for a bank reconciliation discrepancy?

A. The beginning balance calculated by QuickBooks doesn’t match last month’s ending balance

B. A client deleted a reconciled transaction from last month

C. You didn’t record cheques in QuickBooks that are dated after the bank statement date

D. The QuickBooks balance will never match the bank’s balance

Name the sections of the Balance Sheet.

A. Assets, Income, and Expenses

B. Asset, Liabilities, and Equity

C. Income, Expenses, and Liabilities

D. Assets, Liabilities, and Expenses

What is the primary reason for setting a Closing Date in QuickBooks?

A. To reduce the company file size

B. To restrict users from deleting, editing, or adding transactions to last year

C. To transfer current year net income to retained earnings

D. To delete prior year transactions

Which of the following can be memorized in QuickBooks?

A. Cheque

B. Bill payment

C. Paycheque

D. All the above

For each functional area of QuickBooks Pro and Premier (e.g. Sales and A/R, Purchases and A/P, etc.) What level of access can you grant to users?

A. You can prohibit access or grant full access. These levels apply to SPECIFIC transactions within that area

B. You can prohibit access, grant full access, or grant selective access. These levels apply to ALL transactions within that area

C. You can prohibit access, grant full access, or grant selective access. These levels apply to SPECIFIC transactions with that area

D. You can prohibit access or grant full access. These levels apply to ALL transactions within that area

Which tool do you use to move your logo on a form?

A. QuickBooks print engine editor

B. Financial Statement Designer

C. Layout designer

D. Custom Form Designer

Which of the following form templates CANNOT be customized in QuickBooks?

A. Invoice

B. Purchase Order

C. Cheque

D. All of the above

Your client accidentally entered the same customer twice in the Customer Centre (with a slightly different spelling). How do you merge these two entries?

A. Edit the unwanted list entry. Click the Merge to button. Then select the appropriate name to merge into. Click OK.

B. Merging list entries is not possible in QuickBooks. You can only delete unwanted list entries.

C. Edit the unwanted list entry. Change the name to match the name you want to merge into. Click OK. Then click YES when prompted to merge the names.

D. Click the Company menu and select Merge names. Select the two names to merge from the appropriate lists, then click Merge.

Which of the following editions of QuickBooks support multiple users?

A. QuickBooks Pro only

B. QuickBooks Premier

C. QuickBooks Enterprise

D. All of the above

A list entry may be deleted ONLY when:

A. List entries can never be deleted

B. It has no balance, it has not been used, and is not linked to anything that has been used

C. You enter a valid security password

D. The entry has not been used in the current year

When you sell and item, how does it affect the profit and loss report?

A. Items do not affect the Financial Statements

B. When you set up a non-inventory item, QuickBooks assigns the current on hand quantity to the Profit & loss

C. The value of the sale flows to the income account you selected when you set up the item

D. When you set up an item, you select the Balance Sheet or Profit and Loss from the Assign to drop-down list

Your client sells unique items to every customer (they never sell the same service or product twice). What item(s) type should you set up for your client?

A. Do not use items when invoicing the customer. Instead, just type the description and prices in the description

B. Click the One-time use button in the New item window

C. Click the Remove After Use button in the New item window

D. Set up a generic non-inventory part and edit the description and price each time you make a sale

You have to setup an item for “Shipping” for your client. What item type should you use?

A. Inventory part

B. Other Charge

C. Service

D. Non-inventory part

What two steps do you follow to track accounts payable in QuickBooks?

A. Enter Bills > Write Cheques

B. Pay Bills > Write Cheques

C. File Bills > Pay Bills

D. Enter Bills > Pay Bills

Your client’s company just hired a subcontractor to work 40 hours on a job. Which list should you add this person to?

A. Other Names

B. Employees

C. Subcontractors

D. Vendors

Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks?

A. Click Refunds and Credits on the Home Page

B. Click Enter Bills and then click Credit on the top of the bill

C. In the Pay Bills window, select Refunds and Credits

D. Enter a Journal Entry

How can you open a QuickBooks report in Microsoft Excel?

A. Select View report in a database in the Report Centre

B. Use the Import from QuickBooks wizard in Microsoft Excel

C. You can’t open a QuickBooks report in Excel

D. Click the Excel button on the top of any QuickBooks report

You sent a QuickBooks report to Excel and made some changes. How do you import the changes back to QuickBooks?

A. Use the Import from Excel wizard in QuickBooks.

B. From the Company menu, select Reports, Import from Excel.

C. Open the original report and click Export. Click the Advanced tab and select Import last export report.

D. You can’t import change in Excel back to QuickBooks.

What is the fastest way in QuickBooks to find an invoice from six months ago?

A. Open an invoice and click the Find button

B. Click the Previous button until you find the invoice

C. Click Help and search for the invoice by number

D. Click Help and search for the invoice by date

How do you enable account numbers for the Chart of Accounts?

A. Go to Accounting Preferences > Click Use Account Numbers

B. They’re automatically enabled when you start your company

C. Enter them during the setup process

D. Go to General Preferences > Select Enable Account Numbers

Which of the following utilities would you run on your client’s file if you suspected that their data file had lost integrity? Please select the BEST answer.

A. Clean up data

B. Condense data

C. Check data integrity

D. Verify data

How do you enter a debit card transaction in QuickBooks? Choose the BEST answer.

A. Use the Write cheques” window. Enter the label Debit in the Cheque Number field.

B. Click “Enter Debit Card” charges from the Home page.

C. Open the Chequing register to make the entry.

D. QuickBooks does not let you enter Debit Card transactions.

Answer 1

As que contains too many sub questions, answered few here. As it relates to technical items w.r.t quick books, answers are self explanatory.