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QuickBooks Exam Questions and Answers Latest Update
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Ch.1 - Data entry is the same in QuickBooks whether you use accrual or cash basis accounting. - Answer-True Ch.1 - The cash basis accounting method means the sales transaction is recorded when the sale is made and expenses are recorded when they are incurred. - Answer-False Ch.1 - Always back...

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QuickBooks Exam Questions and
Answers Latest Update
Ch.1 - Data entry is the same in QuickBooks whether you use accrual or cash basis
accounting. - Answer-True

Ch.1 - The cash basis accounting method means the sales transaction is recorded
when the sale is made and expenses are recorded when they are incurred. - Answer-
False

Ch.1 - Always back up your company file to a location NOT on the same hard drive as
the original file. - Answer-True

Ch.1 - QuickBooks for Mac has the same basic look as the Windows version, but the
functions are different. - Answer-False

Ch.1 - Leann works for a nonprofit organization. At a past job she used QuickBooks to
manage the business's finances, but she can't at this job because QuickBooks
CANNOT be used for nonprofits. - Answer-False

Ch.1 - Rahim is having trouble managing his small business's finances. His friend is
encouraging him to purchase QuickBooks because, "You don't have to know anything
about accounting. QuickBooks does all the work and prevents you from having any
problems." Is what Rahim's friend is saying true or false? - Answer-False

Ch.1 - The QuickBooks working file has the .QBW extension and is the company file. -
Answer-True

Ch.1 - The working QuickBooks company file, with the .QBW extension, is a
compressed file. - Answer-False

Ch.1 - In QuickBooks, portable files must be restored before use. - Answer-True

Ch.1 - The active window will always appear at the top of the Open Window List. -
Answer-True

Ch.1 - The act of decompressing a QuickBooks portable file is called: - Answer-
Restoring

Ch.1 - When are transactions saved in QuickBooks? - Answer-As they are entered
(automatically)

Ch.1 - What accounting method records income when a sale is made and records an
expense when it is incurred? - Answer-Accrual basis

,Ch.1 - What can you do with QuickBooks? - Answer-All these options, Run payroll for
employees, Process sales transactions and cash receipts, Run end-of-period financial
reports

Ch.1 - Which of these QuickBooks tasks do/does NOT take place behind the scenes? -
Answer-Both lists and reporting

Ch.1 - Which of these describes the GAAP consistency principle? - Answer-The
company uses the same accounting principles and methods from year to year

Ch.1 - Omar is setting up his company in QuickBooks and selects the accrual basis of
accounting. How will his business record income and expenses? - Answer-Income is
recorded when sales are made; expenses are recorded when incurred.

Ch.1 - Keith has been using QuickBooks for several years. The system has recently
been performing slowly, and Keith is worried that his company file is corrupted. What
can Keith do to check the integrity of his file? - Answer-Create a backup file

Ch.1 - What do the arrows on the QuickBooks Home page indicate? - Answer-The
workflow to follow when executing tasks in QuickBooks

Ch.1 - Rasha is working in QuickBooks as a heavy storm begins. Her building is
notorious for losing power during storms, so she wants to save her company file right
away. How should she do this? - Answer-There is no need to save because
QuickBooks automatically saves all actions.

Ch.1 - Elise's business has hundreds of transactions every day, and her accountant has
suggested she back up her QuickBooks company file to secure her data. With so many
daily transactions, how often should Elise back up her company file? - Answer-Daily

Ch.1 - If you've already been using QuickBooks, what does it do automatically when you
start it? - Answer-It opens the last company file that was open when you exited
QuickBooks.

Ch.1 - What prior accounting knowledge should you have before using QuickBooks? -
Answer-A basic knowledge of debits and credits, and what happens behind the scenes

Ch.1 - Match each QuickBooks file type to its description. - Answer-Company file- a
decompressed, regular file for carrying out daily transactions
Backup file- a compressed copy of your data that can be stored online
Portable company file- a compressed copy of your data; great for sending via email
Transaction log file- helps to recover any data entered after the last backup
Network data file- contains important configuration data; should not be deleted

, Ch.1 - Match these accounting terms to their descriptions. - Answer-Behind the scenes-
the accounting QuickBooks performs when a transaction is recorded
Activities- what the user enters on forms such as invoices or bills
GAAP- principles generally accepted in the accounting world

Ch.2 - To edit an existing transaction in QuickBooks, you void it and then re-create it. -
Answer-False

Ch.2 - Lists in QuickBooks are used for storing your list of accounts. - Answer-False

Ch.2 - You CANNOT add information to a customer entry; you must enter the
information into a job. - Answer-False

Ch.2 - You CANNOT edit a customer record after it has been created. - Answer-False

Ch.2 - You CANNOT merge more than two customer names at one time. - Answer-True

Ch.2 - Non-inventory items are tracked in the Cost of Goods account. - Answer-True

Ch.2 - Use a sales graph to display your sales by item, customer, or rep. - Answer-True

Ch.2 - Subitems do NOT affect the accounting behind the scenes. - Answer-True

Ch.2 - What type of information can the Search feature help you find? - Answer-List
entries

Ch.2 - Jemal is trying to create an invoice but in the Customer:Job list, only <Add New>
is showing. What must Jemal do to populate his customer list? - Answer-He must first
enter his customers into the Customers & Jobs List.

Ch.2 - Match each form type to its best description and use. - Answer-Used to gather
customer charges for a specific period.- Statements
Used when a customer does not pay at time of service.- Invoice
Used when a customer makes a payment at time of service.- Sales receipt

Ch.2 - Before you can add something to an invoice, it must be created as a(n): -
Answer-Item

Ch.2 - What must you specify when creating an invoice? - Answer-Customer

Ch.2 - Carlos has many customers in his company file and it's getting difficult for him to
navigate through them all. He wants to clean up his list of customers by removing those
he's pretty sure won't be coming in again. How can Carlos do this? - Answer-He can
mark the unwanted customers as inactive.

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