QuickBooks for Accountants
Final Exam Questions
Course Introduction
QuickBooks for Accountants is a comprehensive course designed to equip accounting professionals with the practical skills needed to efficiently utilize QuickBooks accounting software. The course covers the essential features of QuickBooks, including setting up company files, managing clients charts of accounts, recording transactions, reconciling bank statements, processing payroll, generating invoices, and creating financial reports. Emphasis is placed on best practices for workflow optimization, error troubleshooting, and using the software to support informed financial decision-making. Real-world scenarios, case studies, and hands-on exercises ensure that students gain proficiency in leveraging QuickBooks as a powerful tool for modern accounting practice.
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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Chapter 1: Quick Tour of Quickbooks 2011
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27 Flashcards
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Sample Questions
Q1) The objective of an accounting information system, like QuickBooks, is to:
A)Save company resources, like time and paper
B)Use the computer for keeping accounting records
C)Collect, summarize, and analyze data
D)None of the above
Answer: C
Q2) Which type of QuickBooks data file allows you to enter data and transactions?
A).QBM
B).QBB
C).QBX
D).QBW
Answer: D
Q3) The QuickBooks file extension .QBA indicates the file is a:
A)QuickBooks working file
B)QuickBooks movable file
C)QuickBooks Accountant's transfer file
D)QuickBooks Accountant's working file
Answer: D
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3
Chapter 2: Customizing Quickbooks and the Chart of Accounts
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Sample Questions
Q1) What is a liability?
A)Inventory
B)An amount a company owes
C)A resource a company owns
D)None of the above
Answer: B
Q2) To sort the Chart of Accounts by account name:
A)Click on the Name heading bar
B)Click Account > Re-sort List
C)Click File > Sort
D)Right click Sort by Name
Answer: A
Q3) Which of the following is a temporary account?
A)Sales
B)Inventory
C)Accounts Payable
D)Accounts Receivable
Answer: A
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Chapter 3: Banking
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Sample Questions
Q1) The two-step approach for writing checks must be used to pay which of the following?
A)Rent Payments
B)Legal Services
C)Sales Taxes
D)None of the above.
Answer: C
Q2) The one-step approach (Write Checks window) can be used to pay which of the following?
A)Sales taxes
B)Bills entered in the Enter Bills window
C)Payroll checks
D)None of the above
Answer: D
Q3) Documents that prove a transaction occurred are:
A)Source documents
B)Receipts
C)Paid invoices
D)All the above
Answer: D
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Chapter 4: Customers and Sales
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Sample Questions
Q1) When a credit sale is recorded on an invoice, QuickBooks records:
A)An increase to Sales and a decrease to Accounts Receivable
B)An increase to Sales and an increase to Accounts Payable
C)An increase to Sales and an increase to Accounts Receivable
D)A decrease to Sales and a decrease to Accounts Payable
Q2) To print the Aging of Accounts Receivable report:
A)Select Customer Center, Customer & Receivables
B)Select Company Center, Customer & Receivables
C)Select Report Center, Company & Financials
D)Select Report Center, Customer & Receivables
Q3) The Customer List in QuickBooks can be accessed from all of the following except:
A)Banking section of the Home page
B)Customer section of the Home page
C)Customer Menu
D)Customer Center
Q4) Name 3 (three) reasons why a job for a customer might be "pending".
Q5) Briefly explain the difference between creating a sales receipt and creating an invoice.
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Chapter 5: Vendors, Purchases, and Inventory
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27 Flashcards
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Sample Questions
Q1) Which of the following reports is typically used when counting inventory on hand?
A)Inventory Valuation Summary
B)Inventory Valuation Detail
C)Inventory Stock Status by Item
D)Physical Inventory Worksheet
Q2) Vendor reports can be accessed in QuickBooks in all of the following ways except:
A)Report Center.
B)Vendor Center
C)Report Menu
D)All of the above
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) What are Inventory Items, Non-inventory items, and Services? Provide examples.
Q5) Briefly describe how sales tax payments flow from customers to government entities.
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Chapter 6: Employees and Payroll
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Sample Questions
Q1) When tracking time for subcontractors, which QuickBooks window is used to enter subcontractor information?
A)Vendor List
B)Item List
C)Payroll Setup
D)Employee List
Q2) The Payroll Center:
A)Contains the employee list
B)Manages payroll and tax information
C)Is where employees enter time worked
D)Is located in the Banking Center
Q3) What is the purpose of Federal Form 491?
A)Summarize the amount of unemployment tax paid and due by the company
B)Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the quarter
C)Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year
D)Summarize all your W-2 forms
Short Answer Questions
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Chapter 7: Reports and Graphs
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Sample Questions
Q1) The Balance Sheet lists:
A)Assets, Liabilities, and Owner's Equity
B)Gains, Losses, and Net Income
C)Operating, Investing, and Financing Activity
D)Income, Expenses, Liabilities
Q2) To record adjusting journal entries in QuickBooks, select:
A)Company Center, Journal Entry icon
B)Company menu, Make General Journal Entries
C)Banking section of the Home page, Journal Entry icon
D)Company section of the Home page, Journal Entry icon
Q3) The Profit & Loss Statement lists:
A)Assets and Expenses
B)Assets and Liabilities
C)Net Income and Owner's Equity
D)Income and Expenses
Q4) What is owner's equity?
A)What a company owes
B)What is left after the liabilities are satisfied
C)What a company owns
D)None of the above
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Chapter 8: New Company Setup
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Sample Questions
Q1) The QuickBooks Setup window allows you to enter __________ information.
A)vendor
B)customer
C)banking
D)All the above
Q2) When setting up a new company, QuickBooks automatically creates:
A)Chart of Accounts
B)Vendor List
C)Customer List
D)None of the above
Q3) An account's tax line determines where QuickBooks lists the account balance on the:
A)Income Statement
B)Income Tax Summary Report
C)Balance Sheet
D)Statement of Cash Flows
Q4) List 3 (three) questions asked by the QuickBooks EasyStep Interview. "Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"
Q5) A company's computer is classified as what account
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Chapter 9: Accounting for a Service Company
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Sample Questions
Q1) Items charged to a specific customer job can be transferred to the customer's invoice using:
A)Item List
B)Timesheet
C)Stopwatch
D)Time/Costs button
Q2) 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
Q3) To print the entire Journal, select:
A)Report Center > Accountant & Taxes > Journal
B)Company Center > Company & Financials > Journal
C)Report Center > Company & Financials > Journal
D)Company Center > Accountant & Taxes > Journal
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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Sample Questions
Q1) After creating a new QuickBooks data file for an existing company and entering all the existing balances, use an opening adjustment to move the balance in the _________ account to the Capital Stock account.
A)Uncategorized Expenses
B)Uncategorized Income
C)Opening Balance Equity
D)None of the above
Q2) The purchasing cycle includes all of the following transactions except:
A)Create a purchase order to order inventory.
B)Enter hours in the time sheet for stocking inventory.
C)Receive inventory items and record in the inventory account.
D)Enter bill in QuickBooks when bill is received.
Q3) A CPA firm is an example of a _________ company.
A)Service
B)Retail Shop
C)Manufacturing
D)Product-based business
Q4) Name 2 (two) differences between accounting for a service company and a retail shop.
12
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Chapter 11: Merchandising Corporation: Payroll
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Sample Questions
Q1) Withholdings from an employee paycheck are recorded as:
A)Payroll expense
B)Payroll liabilities
C)Payroll payable
D)Payroll revenue
Q2) Briefly describe how you manually process payroll forms.
Q3) The day the check is prepared is the:
A)Check Date
B)Pay Period End Date
C)The last day the employee works in the pay period
D)The last day of the pay period
Q4) Which one of the following payroll services automatically calculates the tax deductions?
A)QuickBooks Basic Payroll
B)QuickBooks Assisted Payroll
C)QuickBooks Enhanced Payroll
D)All of the above
Q5) List 3 (three) types for payroll liabilities and who is responsible for funding them.
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Page 13
Chapter 12: Advanced Quickbooks Features for Accountants
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Sample Questions
Q1) To print an audit trail report:
A)Select Report menu > Company & Financials > Audit Trail
B)Select the Audit Trail icon in the Company Center
C)Select Report Center > Accountant & Taxes > Audit Trail
D)Select the Audit Trail report from the Company section of the Home page
Q2) To write off a transaction that was charged a sales tax:
A)use a journal entry to move the customer's balance (credit) to the Bad Debt Expense account (debit)
B)use a journal entry to move the customer's balance (credit) to Allowance for Uncollectable Accounts (debit)
C)use the Credit Memo window
D)use the Receive Payments window (Discount Info button)
Q3) Briefly explain the direct write off method for accounting for bad debts.
Q4) To enable progressive billing, select:
A)Customer menu > Jobs > Progressive Billing
B)Company menu > Preferences > Progressive Billing
C)Edit menu > Preferences > Jobs and Estimates > Company Preferences
D)Company menu > Estimates > Preferences
Q5) Briefly explain the allowance method for accounting for bad debts.
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