Introduction to QuickBooks
Exam Questions
Course Introduction
Introduction to QuickBooks provides students with a comprehensive overview of one of the most widely used accounting software programs for small and medium-sized businesses. The course covers the essential features and functions of QuickBooks, including setting up company files, managing customer and vendor information, processing invoices, making and tracking payments, reconciling accounts, and generating financial reports. Through hands-on exercises and real-world scenarios, students will gain practical skills in utilizing QuickBooks to streamline bookkeeping, ensure financial accuracy, and support effective business decision-making. This course is ideal for aspiring accountants, entrepreneurs, or anyone seeking to enhance their proficiency in computer-based accounting systems.
Recommended Textbook
Computer Accounting With Quickbooks Pro 2011 13th Edition by Donna Kay
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12 Chapters
338 Verified Questions
338 Flashcards
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Page 2
Chapter 1: Quick Tour of Quickbooks 2011
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) To change company information, such as the company name, you would use:
A)Company section of the Home page
B)Company Center
C)Company Menu
D)Company List
Answer: C
Q2) Which of the following file types identifies a QuickBooks Portable file?
A).QBM
B).QBB
C).QBX
D).QBW
Answer: A
Q3) Which of the following tasks is completed from the Banking section of the Home page?
A)Enter credit card charges.
B)Pay employees.
C)Record bills paid.
D)Record payments received from customers.
Answer: A
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Page 3
Chapter 2: Customizing Quickbooks and the Chart of Accounts
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) How do you access the screen to add a user and password?
A)Company menu > Set Up Users and Passwords > Set Up Users
B)Employees > Employee Center
C)Edit menu > Preferences > Employees
D)Company menu > Company Information
Answer: A
Q2) Non-posting accounts:
A)Track information required for the accounting system
B)Do not appear on the Balance Sheet
C)Do not appear on the Income Statement
D)All the above
Answer: D
Q3) What does the Chart of Accounts list?
A)Assets, liabilities and owner's equity account
B)Income and expense accounts
C)Owner's contributions
D)All of the above
Answer: D
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Chapter 3: Banking
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Sample Questions
Q1) When recording a bill, QuickBooks automatically:
A)Records and expense (credit) and the obligation to pay later (debit)
B)Records and expense (debit) and the obligation to pay later (credit)
C)Reduces the liability (debit) and the checking account (credit)
D)Reduces the liability (credit) and the checking account (debit)
Answer: B
Q2) Which of the following statements is true?
A)To conserve resources, it is best if the owner uses one Checking account for both personal and business purposes
B)To maintain separation between the personal and business accounting records, the owner's personal Checking account should not be used to pay bills for the business and should not be listed in the business' Chart of Accounts
C)To maintain more consistent records, it is best if the owner maintains a separate personal Checking account, but both the owner's personal Checking and business Checking accounts are listed in the Chart of Accounts
D)None of the above
Answer: B
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Page 5
Chapter 4: Customers and Sales
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Sample Questions
Q1) The Undeposited Funds account:
A)Partial payments received from customers
B)Holds funds received by not deposited in the bank
C)Funds the company owes vendors
D)Petty Cash funds
Q2) When recording a customer payment from a cash sale, select:
A)Create Invoice > Customer Payment > Customer Name Only
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment > Customer & Job Name
Q3) Which one of the following activities is not shown in the Customer section of the Home page?
A)Make Deposit
B)Receive Payments
C)Create Estimates
D)All of the above
Q4) Briefly explain the difference between creating a sales receipt and creating an invoice.
Q5) Name 3 (three) reasons why a job for a customer might be "pending".
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Chapter 5: Vendors, Purchases, and Inventory
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27 Verified Questions
27 Flashcards
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Sample Questions
Q1) Which report summarizes accounts payable balances by the age of the account?
A)Accounts Payable Aging Detail
B)Accounts Payable Aging Summary
C)Purchases by Vendor Summary
D)Purchases by Item Summary
Q2) All the times below are when you can receive a bill except:
A)When receiving a service
B)When submitting a purchase order
C)When receiving inventory
D)After receiving inventory
Q3) Form 1099 must be completed:
A)For companies you paid $600 or more for services during the year
B)And sent in with the sales taxes
C)By the vendor
D)None of the above
Q4) Which one of the following is a customer transaction?
A)Record Customer Information
B)Receive Customer Payments
C)Sell Goods to Customers
D)All the above
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Chapter 6: Employees and Payroll
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Sample Questions
Q1) Which of the following may be billed to a specific customer job?
A)Mileage
B)Hours
C)Expenses
D)All the above
Q2) In QuickBooks, time data is listed on customer invoices using the:
A)Timesheet icon
B)Pay Sales Taxes icon
C)Pay Employees button
D)Time/Costs button
Q3) When setting up a new employee where do you get their filing status and allowances information?
A)Form W-5
B)Form W-4
C)Form W-3
D)Form W-2
Q4) Briefly describe what the "Time by Job" project reports tell management.
Q5) Name 3 (three) types of payroll liabilities and indicate who funds each one.
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Chapter 7: Reports and Graphs
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Sample Questions
Q1) Sales are recorded under cash basis accounting when:
A)The goods or services are provided regardless of whether the cash is collected from the customers
B)The bookkeeper has time to record the transactions
C)The cash is collected from the customers
D)The costs are incurred to earn the revenue
Q2) The Profit & Loss Statement lists:
A)Assets and Expenses
B)Assets and Liabilities
C)Net Income and Owner's Equity
D)Income and Expenses
Q3) Providing information to internal users decision making is the purpose of which of the following?
A)Management Reports
B)Tax forms
C)Financial statements
D)Vendor list
Q4) What is the difference between the cash basis and the accrual basis?
Q5) Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.
9
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Chapter 8: New Company Setup
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Sample Questions
Q1) To customize QuickBooks after creating a company file you would:
A)Enter additional company information
B)Set QuickBooks preferences
C)Customize the Chart of Accounts
D)All the above
Q2) To edit an account in the Chart of Accounts:
A)From the Company Center > Edit Chart of Accounts
B)From the Chart of Accounts window > right-click > New
C)From the Chart of Accounts window > Account > Edit Account
D)From the Company menu > New Account
Q3) A corporation uses __________ as its Federal Tax ID number.
A)the owner's social security number
B)an EIN number
C)business operating license number
D)None of the above.
Q4) A corporation uses __________ as its Federal Tax ID number.
A)the owner's social security number
B)an EIN number
C)business operating license number
D)None of the above.
10
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Chapter 9: Accounting for a Service Company
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Sample Questions
Q1) To remove accounts with zero balances from the General Ledger report, after generating the report, select:
A)Modify Report > Filters > In use
B)Modify Report > Display > Advanced > In use
C)Modify Report > Display > In use
D)Modify Report > Filters > Display > In use
Q2) Adjusting entries are used to:
A)Close temporary accounts at year end
B)Close permanent accounts at year-end
C)Bring account balances up to date at year end
D)All the above
Q3) Credit sales are recorded using the _________ window.
A)Make Deposits
B)Sales Receipts
C)Create Invoices
D)Receive Items
Q4) Briefly explain the difference between a permanent and a temporary account.
Q5) Briefly explain how to record an owner's investment in their company.
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Chapter 10: Merchandising Corporation: Sales, Purchases and Inventory
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27 Flashcards
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Sample Questions
Q1) When creating a new QuickBooks data file for an existing company, QuickBooks automatically off sets accounts receivable balances with an entry to the:
A)Uncategorized Expenses account
B)Uncategorized Income account
C)Opening Balance Equity account
D)Capital Stock account
Q2) The purchasing transaction cycle for a merchandising company is:
A)Create Purchase Order > Receive Inventory > Record Bill > Pay Bill > Print Check
B)Create Invoice > Receive Payment > Record Deposits
C)Create Purchase Order > Receive Payment > Record Deposits
D)Create Invoice > Receive Inventory > Pay Bill > Record Deposits
Q3) To see the account numbers in the Chart of Accounts, choose:
A)Edit > Preferences > Accounting > Company Preferences
B)Edit > Preferences > Desktop View > Company Preferences
C)Edit > Preferences > General > My Preferences
D)Edit > Preferences > General > Company Preferences
Q4) Name 2 (two) differences between accounting for a service company and a retail shop.
Page 12
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Chapter 11: Merchandising Corporation: Payroll
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Sample Questions
Q1) The Payroll Summary report:
A)Summarizes the amounts paid to employees
B)Summarizes the amounts paid in payroll taxes
C)May be accessed using the Reports Center
D)All the above
Short Answer Questions
Q2) Withholdings from an employee paycheck are recorded as:
A)Payroll expense
B)Payroll liabilities
C)Payroll payable
D)Payroll revenue
Q3) The Payroll Summary report can be accessed from:
A)The Employee section of the Home page
B)The Reports Center > Employees & Payroll
C)The Reports Center > Payroll Processing
D)All the above
Q4) Briefly describe how you manually process payroll forms.
Q5) List 3 (three) types for payroll liabilities and who is responsible for funding them.
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Chapter 12: Advanced Quickbooks Features for Accountants
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Sample Questions
Q1) Which of the following identifies a QuickBooks portable company file?
A).QBB
B).QBM.
C).QBW
D).QBX
Q2) The audit trail lists:
A)All deleted transactions
B)All changes to transactions
C)User ID of person entering transactions
D)All of the above
Q3) Which of the following file extensions identifies an accountant's copy file?
A).QBX
B).QBW
C).QBB
D).QBM
Q4) When creating a budget in QuickBooks, you can:
A)Create a budget that increases each monthly amount by a specific percentage
B)Create a budget from previous year's actual data
C)Create a budget from scratch
D)All of the above
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