Unlock the full potential of QuickBooks with our comprehensive guide, meticulously designed for business and management students. This document provides in-depth explanations and practical insights on essential QuickBooks functions—from managing vendor credits and handling trial balances to custo...
Circle the letter of the Definition that corresponds to the displayed Term.
1. Which is NOT shown on the Payroll Summary Report in QuickBooks?
a) Click the reports menu then select process multiple reports
b) It is possible to add more accounts later
c) To track any changes and deletions to transactions and track which user makes the change or the
deletion
d) Information necessary to complete your state unemployment tax form
Correct Answer: b) It is possible to add more accounts later
Explanation: The Payroll Summary Report does not include the capability to add more accounts later.
This feature pertains to account management rather than report content.
2. A list entry may be deleted only when
a) It has no balance; it has been used and is not linked to anything that has been used
b) To temporarily hide unnecessary detail and hide parent accounts
c) Click on the modify report button on the report and then change the head footer tab
d) The beginning balance calculated by QuickBooks does not match last month's ending balance
Correct Answer: a) It has no balance; it has been used and is not linked to anything that has been used
Explanation: List entries can only be deleted when they have no balance and are not linked to other
transactions, ensuring no residual impact on records.
3. How would you track customer birth dates in QuickBooks?
a) Bill Payment
b) Add a custom field to the customer list
c) QuickBooks allows you to merge an expense account with an income account
d) Click the reports menu then select process multiple reports
Correct Answer: b) Add a custom field to the customer list
Explanation: To track customer birth dates, you need to add a custom field in the customer list to store
this specific information.
4. When you send a QuickBooks report to Excel, which feature allows you to choose what sections of
the report to collapse?
GoldenChapter – Stuvia 2024/2025 Edition
, Accounting 3 of 32 pages
a) To start over when a company file has many errors that are beyond repair
b) Record a transaction to show that customer owes you that money but do not update your checking
balance until you contact the customer in case they want to pay with a credit card
c) Auto outline
d) QuickBooks provides fields so you can track purchase and sales information for that item
Correct Answer: c) Auto outline
Explanation: The "auto outline" feature in Excel allows you to choose and collapse specific sections of
a report for better visibility and management.
5. Which of the following statements is NOT true regarding single user and multi-user mode?
a) Use the write checks window, enter the check and write debit in the check number field
b) Only the administrator is allowed in the file when it is in single user mode
c) To temporarily hide unnecessary detail and hide parent accounts
d) Vendor credit memos reduce what you owe the vendor
Correct Answer: a) Use the write checks window, enter the check and write debit in the check number
field
Explanation: The write checks window and writing debit in the check number field is unrelated to user
mode restrictions. Single and multi-user modes pertain to file access rather than transaction entry.
6. What can you ensure that invoice detail does not appear on a customer statement?
a) Accounts receivable
b) To start over when a company file has many errors that are beyond repair
c) Assets, Liabilities, and Equity
d) Uncheck the show invoice item detail does not appear on a customer statement
Correct Answer: d) Uncheck the show invoice item detail does not appear on a customer statement
Explanation: To prevent invoice detail from appearing on a customer statement, you need to uncheck
the relevant option in the customer statement settings.
7. How do you record debit card transactions in QuickBooks?
a) Click the expense tab and enter the appropriate account and amount of interest and penalties
b) It is possible to add more accounts later
c) It has no balance; it has been used and is not linked to anything that has been used
GoldenChapter – Stuvia 2024/2025 Edition
, Accounting 4 of 32 pages
d) Use the write checks window, enter the check and write debit in the check number field
Correct Answer: d) Use the write checks window, enter the check and write debit in the check number
field
Explanation: Debit card transactions are recorded using the write checks window, where you specify
the transaction details similarly to writing a check.
8. How can you ensure that the invoice detail appears on a customer statement?
a) The day you chose to start the new company file
b) Click on the diamond to the left of the name and then drag the name up or down the list
c) Turn on invoice detail in customer statement window
d) Sales Receipt
Correct Answer: c) Turn on invoice detail in customer statement window
Explanation: Enabling invoice detail in the customer statement window ensures that the detailed
invoice information appears on the customer statement.
9. Which of the following is NOT a billing option when you prepare a progress report?
a) Enter bills, pay bills
b) To restrict users from deleting, editing, or adding transactions to last year
c) Invoice for hours entered on timesheet
d) Check
Correct Answer: b) To restrict users from deleting, editing, or adding transactions to last year
Explanation: Restricting user actions is not a billing option for progress reports; it pertains to user
access controls.
10. Assume that QuickBooks is now in single user mode. What does this mean?
a) To enter transactions in another way instead of using built-in forms
b) Click the diamond to the right of the column and drag it to the right
c) In the new employee window, click the change tab drop-down list and select employment info, then
add the medical insurance item below the additions, deductions, and company contributions
d) Only one user can access the data file
Correct Answer: d) Only one user can access the data file
GoldenChapter – Stuvia 2024/2025 Edition
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GoldenChapter. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
