QB Practice Test 3|25 Questions with Verified Answers,100% CORRECT

QB Practice Test 3|25 Questions with Verified Answers What form must you give to an employee? - CORRECT ANSWER W-2 When setting up a new employee, what is important about the Payroll Info tab? - CORRECT ANSWER Whatever you enter/see in this window affects each paycheck, unless you change the information on the paycheck itself. What happens when you QuickZoom on a number in a report? - CORRECT ANSWER QuickBooks shows more detail about the number on the report. When would you use the Expenses tab on a payroll liability check? - CORRECT ANSWER To enter late fees/penalties or interest. What report should you use to help you complete the state unemployment tax form? - CORRECT ANSWER Employee State Taxes Detail How do you combine or merge two list entries? - CORRECT ANSWER Rename the unwanted list entry to match the name of the list entry you want to merge into You suspect that someone has changed a transaction. What report should you run? - CORRECT ANSWER Audit Trail Report What is one way that QuickBooks uses the Account Type? - CORRECT ANSWER To identify where the account appears on the financial statements What transaction/form do you begin with to enter a vendor credit? - CORRECT ANSWER Enter Bill Suppose you own a company that repairs bicycles. What item type should you use for "bicycle repair"? - CORRECT ANSWER service Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to? - CORRECT ANSWER Vendor List When printing paychecks, what is the preferred check style to give an employee a paystub? - CORRECT ANSWER Voucher When you invoice for time and costs, where does QuickBooks get the billable time or costs? - CORRECT ANSWER From billable time entered on timesheets and/or billable costs entered on checks and bills. How do you track sick or vacation time in QuickBooks? - CORRECT ANSWER All of these How do you create a memorized group of reports? - CORRECT ANSWER Open the Memorized Report List and then click Memorized Report New Group. What happens if you double-click a diamond on a report column? - CORRECT ANSWER None of the above You've been hired by a company that started in 1911. They've never used QuickBooks. During the Advanced Setup, what "Start Date" should you use in the EasyStep Interview - CORRECT ANSWER The date you want to begin tracking the company's finances in QuickBooks. Which of the following Payroll Services are available with QuickBooks? - CORRECT ANSWER Assisted, Basic, Enhanced When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions? - CORRECT ANSWER QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)? - CORRECT ANSWER When you set up a new Payroll Item using the EZ setup wizard, which is not a choice? - CORRECT ANSWER City/Local Taxes What are the first two steps to set up payroll in QuickBooks? - CORRECT ANSWER 1) Sign up for a payroll service; and 2) complete the Payroll Setup Interview If you associate a service item with two accounts, how does QuickBooks know which account to use on a transaction? - CORRECT ANSWER When the item is on a sales form, QuickBooks uses the account under "Sales Information" in the item setup. When it's on a purchase form, it uses the account under "Purchase Information." What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier - CORRECT ANSWER 14,500 Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)? - CORRECT ANSWER So that Payroll Liabilities show up in the Pay Scheduled Liabilities list in the Payroll Center.