Exam (elaborations)

QUICK BOOKS CERTIFICATION EXAM QUESTIONS AND CORRECT ANSWERS| ACCURATE REAL EXAM WITH FREQUENTLY TESTED QUESTIONS AND RATIONALE|ALREADY A GRADED|GUARANTEED PASS|LATEST UPDATE 2024/2025

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Quick Books Online

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Quick Books Online

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Uploaded on November 13, 2024
Number of pages 44
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

quick books certification
quick books
quick books certification exam questions

Institution Quick Books Online
Course Quick Books Online

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QUICK BOOKS CERTIFICATION EXAM QUESTIONS AND
CORRECT ANSWERS| ACCURATE REAL EXAM WITH
FREQUENTLY TESTED QUESTIONS AND
RATIONALE|ALREADY A GRADED|GUARANTEED
PASS|LATEST UPDATE 2024/2025

Rasha doesn't like how her Chart of Accounts is sorted and that she must scroll up/down to find
accounts. What can she do to make it easier to find the accounts she needs? - CORRECT
ANSWER She can click a column heading to sort that column.

What QuickBooks feature allows you to upload, store, and use scanned documents and other
files? - CORRECT ANSWER Doc Center

Match each report to the question it will answer - CORRECT ANSWER

Register QuickReport - CORRECT ANSWER What are all the transactions in my Checking
account involving a specific payee?

Company Snapshot - CORRECT ANSWER Where can I see a quick view of my company's
bottom line?

Balance Sheet - CORRECT ANSWER Which report shows all asset, liability, and equity
accounts?

Reconciliation Summary - CORRECT ANSWER What checks have not cleared the bank as of
the last bank statement?

Reconciliation Discrepancy - CORRECT ANSWER What changes in transactions may affect
my next reconciliation?

Funds are taken directly from your checking account - CORRECT ANSWER Debit card
purchase

After this you can choose to write a check or enter a bill for the payment - CORRECT
ANSWER Credit card reconciliation

Shows transactions that have and have not yet cleared the bank - CORRECT ANSWER
Reconciliation reports

Shows all asset, liability, and equity accounts - CORRECT ANSWER Balance Sheet

Provides a quick view of the company's bottom line - CORRECT ANSWER Company Snapshot

,In QuickBooks, the start date is the date your company began doing business. - CORRECT
ANSWER False

How can you control what employees can access in your QuickBooks file? - CORRECT
ANSWER You can grant access rights for specific areas to each employee.

Kili is setting up a new company file and, as he scrolls through the list of industries, he doesn't
find one that perfectly fits his business. He knows QuickBooks will create accounts based on the
industry selected and is worried that it won't have the accounts he needs no matter what industry
he chooses. What advice might you give Kili? - CORRECT ANSWER Add your own accounts
to the Chart of Accounts after setup is complete.

Match each account type to it's appropriate example - CORRECT ANSWER

Bank - CORRECT ANSWER Savings account

Other Current Asset - CORRECT ANSWER Prepaid rent

Fixed Asset - CORRECT ANSWER Short term loan

Credit Card - CORRECT ANSWER American Express

Other Current Liability - CORRECT ANSWER Short term loan

Long term Liability - CORRECT ANSWER Mortgage

Equity - CORRECT ANSWER Opening balance equity

Match each QuickBooks term to it's description. - CORRECT ANSWER

Start Date - CORRECT ANSWER Should not be too far in the past

Company Preference - CORRECT ANSWER Controlled by the administrator

Personal Preference - CORRECT ANSWER Controlled by individual users

Start Setup - CORRECT ANSWER Allows you to set up new a company file with only basic
information

Advanced Setup - CORRECT ANSWER Allows you to provide more information when
creating your company file

Chart of Accounts - CORRECT ANSWER Listing of all asset, liability, equity, income, and
expense accounts

,Subaccounts - CORRECT ANSWER Can decrease the number of accounts shown on a Profit &
Loss report

In QuickBooks, non-inventory parts are tracked in the same way as inventory parts. -
CORRECT ANSWER False

When accounting for returned merchandise, you can either issue a refund check or apply a credit
toward a future purchase. - CORRECT ANSWER True

What does "2% 10" mean in the payment terms 2% 10 Net 30? - CORRECT ANSWER If paid
within 10 days, the customer receives a 2% discount.

Match each inventory report to it's description. - CORRECT ANSWER

Inventory Valuation Summary - CORRECT ANSWER Shows the value of your inventory by
item

Inventory Valuation Detail - CORRECT ANSWER Shows the specifics for transactions that
affect inventory value

Inventory Stock Status by Item - CORRECT ANSWER Shows inventory that needs to be
ordered

Physical Inventory Worksheet - CORRECT ANSWER Used to compare inventory on hand to
inventory recorded in QuickBooks

Match each description to its correct term. - CORRECT ANSWER

Offered to encourage customers to pay bills earlier - CORRECT ANSWER Discount payment
terms

Wholesale purchase price of inventory - CORRECT ANSWER Cost of goods sold

Tracked and sold by quantity - CORRECT ANSWER Inventory part

Does not affect what happens behind the scenes - CORRECT ANSWER Non-posting account

An item purchased for a specific customer - CORRECT ANSWER Non- inventory part

Amortization is the process of a balance increasing over time. - CORRECT ANSWER False

Sayid is entering the purchase of a new truck for the company. He starts the transaction; selects
the correct account; and enters the date, vendor, and amount before realizing that he did not first
create the fixed asset item for the new truck. Does Sayid have to cancel the transaction and start
over? - CORRECT ANSWER No; he can create the fixed asset items while entering the
transaction.

, Jasmine is considering purchasing a backhoe for her construction business. What QuickBooks
took can help Jasmine consider and compare different loan option. - CORRECT ANSWER
Loan Manager What If Scenarios

Match each balance sheet account type to it's description. - CORRECT ANSWER

Other Current Asset - CORRECT ANSWER Assets you plan to use or convert to cash within a
year

Fixed Asset - CORRECT ANSWER Assets you don't plan to convert to cash within a year

Long Term Liability - CORRECT ANSWER Loans you don't plan to pay off within the next
year

Equity - CORRECT ANSWER The owner's investment in the company

Match each equity account to its description - CORRECT ANSWER

Retained Earnings - CORRECT ANSWER Where net income/loss is transferred at the end of
the fiscal year

Owner's Equity - CORRECT ANSWER Amount of owner investment in the company

Opening Balance Equity - CORRECT ANSWER Offset account for initial balances when
starting a company

Sales Discounts - CORRECT ANSWER Not an equity account

You edit, delete, and create new employees just as you do for customers and vendors. -
CORRECT ANSWER True

When working with payroll schedules, you can choose to pay employees by group or by batch. -
CORRECT ANSWER True

What should you do if you used a regular check to pay payroll taxes? - CORRECT ANSWER
Void the check and then process the payment through the Pay Payroll Liabilities window.

In QuickBooks, an employee is someone to whom you: - CORRECT ANSWER Issue a W-2 at
the end of the year.

Match each payroll item to it's type. - CORRECT ANSWER

Sick Salary - CORRECT ANSWER Yearly salary

Office-Billable Time - CORRECT ANSWER Hourly wages

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Exam (elaborations)

QUICK BOOKS CERTIFICATION EXAM QUESTIONS AND CORRECT ANSWERS| ACCURATE REAL EXAM WITH FREQUENTLY TESTED QUESTIONS AND RATIONALE|ALREADY A GRADED|GUARANTEED PASS|LATEST UPDATE 2024/2025

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