QuickBooks Certification Practice Test #1 Exam Questions with Complete Solutions
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Course
Quickbooks online
Institution
Quickbooks Online
How can you stop yourself and others from deleting, editing, or adding transactions in a closed period? - Answer-Set a closing date
You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice the beginning balance calculated b...
QuickBooks Certification Practice Test
#1 Exam Questions with Complete
Solutions
How can you stop yourself and others from deleting, editing, or adding transactions in a
closed period? - Answer-Set a closing date
You successfully reconciled the checking account last month. This month, when you
begin to reconcile the same account, you notice the beginning balance calculated by
QB is different than the bank. How can this happen? - Answer-Someone deleted or
changed a cleared transaction.
When should you use a sales receipt in QB? - Answer-To record a customer payment at
the time of sale.
How does entering time for a job affect job cost reports? - Answer-None of these
answers are correct..
What account on the Chart of Accounts is affected when you sell an item? - Answer-The
account you selected when you set up the item.
You notice that multiple accounts should actually be subaccounts. How quickly can you
make these accounts subaccounts of another account? - Answer-Click on the diamond
to the left of the account, drag it below the appropriate parent account, and release the
mouse button. Then, click the diamond again, drag to the right, and release the mouse
button.
What happens if you click "Collapse" on a report? - Answer-QB hides subaccounts and
only shows parent accounts.
What is the reason you use the items tab when Entering Bills? - Answer-To assign a
cost to a job or purchase inventory.
When you start a company or are hired as a bookkeeper, it is important to know which
edition you are using. What are the major QB versions? - Answer-QB Online, QB Pro,
QB Premier, QB Enterprise Solutions
Suppose you have a subcontractor who receives a 1099 from your company. Which list
would you add them to? - Answer-Vendor list
What are the two main financial statements you can run from the 'Company & Financial'
category of reports? - Answer-Balance sheet, Profit & Loss
, Which of the following statements is true about items?
a) All of these are correct.
b) You can use one item to represent different services or goods.
c) To create an invoice, you must use an item.
d) Items allow you to track your sales in more detail without cluttering your chart of
accounts - Answer-a) All of these are correct.
What item type should you use for inventory that you assemble from other items and
then sell?
a) Group
b) Inventory Assembly
c) Non-inventory part
d) Inventory part - Answer-b) Inventory Assembly
What is the maximum number of names that can be included on the Names lists in QB
Pro or Premier?
a) 1,000
b) 14,500
c) 10,000
d) 2,500 - Answer-b) 41,500
What transaction/form do you begin with to enter a Vendor Credit?
a) Vendor Credit
b) Enter Bill
c) Receive Vendor Credit
d) Pay Bills window - Answer-d) Pay Bills window
When setting up a new company through Advanced/Detailed set up, some company
information is optional and some is absolutely required. Which of the following pieces of
information does QB require you to enter during the Easy Step Interview?
a) All of these are correct
b) Company Name
c) Company password
d) Tax ID - Answer-b) Company Name
Suppose you have to track a specific piece of information about your customers that QB
does not track. What is the best way to do this?
a) Export the customer list to Excel, add the information there, and then re-import the
list
b) Use the 'Notes' feature for each customer
c) Edit a customer and click the "Additional Info" tab. Click 'Define fields' to create a
custom field to track anything you want
d) You can't create new fields or rename fields in QB - Answer-c) Edit a customer and
click the "Additional Info" tab. Click 'Define fields' to create a custom field to track
anything you want.
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