Exam (elaborations)
QuickBooks Certification Practice Test -1 Questions and Complete Solutions Graded A+.
- Course
- Institution
QuickBooks Certification Practice Test -1 Questions and Complete Solutions Graded A+.
[Show more]
Content preview
QuickBooksCertification: Practice
Test #1 Questions and
Complete Solutions
Graded A+
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
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 YourExamplug. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now