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QuickBooks Certification Exam Questions with Correct Answers
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What is the reason to use the items tab when entering a bill? - Answer-To assign a cost to a job or purchase inventory. Suppose you have a subcontractor who receives a 1099 rom your company. Which list should you add them to What happens to the inventory asset account when you enter a purchas...

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  • October 3, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • quickbooks certification exam questions with corre
  • what is the reason to use the items tab when ente

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QuickBooks Certification Exam
Questions with Correct Answers
How do you set up QuickBooks to automatically use discounts and credits? - Answer-

What is the reason to use the items tab when entering a bill? - Answer-To assign a cost
to a job or purchase inventory.

Suppose you have a subcontractor who receives a 1099 rom your company. Which list
should you add them to? - Answer-

What happens to the inventory asset account when you enter a purchase order for
inventory? - Answer-No accounts are affected

When reconciling your bank account in QuickBooks, what must be the beginning
balance match? - Answer-It should always match the opening balance on the paper
bank statement.

How do you track accounts payable in QuickBooks? - Answer-Enter a bill, and then use
the pay bills window.

When should you NEVER delete a check? - Answer-You printed a check, and the check
number has been used.

What transaction/form do you begin with to enter a vendor credit? - Answer-Enter bill

Which form should you use to enter petty cash expenditures? - Answer-Write checks or
use check register

When setting up a new company through the Advanced/Detailed Setup, some company
information is optional and some is absolutely required. Which of the following pieces of
information does QuickBooks require you to enter during the EasyStep Interview? -
Answer-Company name

How do you set up multiple businesses in QuickBooks (assuming each business files a
separate tax return)? - Answer-Repeat the steps you take to set up 1 company. Use
Express Start or Advanced/Detailed Setup to create a separate company file for each
business.

You've been hired by a company that started in 1911. They've never used QuickBooks.
During the Advanced/Detailed Setup, what "Start Date" should you use in the EasyStep
Interview? - Answer-The date you want to begin tracking the company's finances in
QuickBooks.

, Which of the following CANNOT be entered during the setup of a new company
(Express Start or Advanced/Detailed Setup) file? - Answer-Trial Balance opening
balances

During the Advanced/Detailed Setup, you can turn on and off which features in the
EasyStep Interview? - Answer-All of the above

During the EasyStep Interview, how do you setup a new account that is not on the
default list of accounts? - Answer-You can't add accounts that are not on the
QuickBooks default list. Finish the Interview and add the accounts directly to the Chart
of accounts.

What options do you have after you create a credit memo in QuickBooks? - Answer-All
of the above

When you invoice for time and costs, where does QuickBooks get the billable time or
costs? - Answer-From billable time entered on timesheets and/or billable costs entered
on checks and bills.

To record a bounced check, you open the same Receive Payment window that you
used to receive the original payment, and click "Bounced Check". QuickBooks opens
the Bounced Check wizard. What does QuickBooks do when you finish this wizard -
Answer-All of the above

What is the purpose of Progress Invoicing? - Answer-To invoice from an estimate in
increments.

When should you create an invoice in QuickBooks? - Answer-When a customer
purchases goods or services but does not pay you at the time of the sale.

You received 5 customer payments in the mail. At the bank you deposit the 5 checks as
one deposit. When you record the 5 separate payments in QuickBooks, how do you
show that the 5 checks were actually 1 deposit? - Answer-When you use the Receive
Payments window, QuickBooks doesn't deposit the money in your checking account.
After you record the 5 payments, click Record Deposits and select the 5 checks.

What transaction should you enter if a customer returns a damaged product or, in the
case of a service, complains so much you decide to offer a refund? - Answer-Credit
Memo

When would you create an estimate in QuickBooks? - Answer-When a customer
requests a bid, quote, or proposal.

When should you use a sales receipt in QuickBooks? - Answer-To record a customer
payment at the time of a sale.

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