Quick Books Pro 2008, Finance And Accounting

Question: Which of the following cannot be recorded by using a journal entry?
A
Bank account transactions

B
Inventory quantities

C
Fixed assets

D
Lines of credit

Note: Answer not sure
1. Report
Question: Which of the following inventory valuation methods does QuickBooks support?
A
Average cost

B
FIFO (first in first out)

C
LIFO (last in first out)

D
All of these

Note: Answer not sure
1. Report
Question: A client asked you to review last year's records. You ran the year-end balance sheet and the A/R aging details report as of last year. You prepared both reports using the accrual basis, and the balance sheet looks fine. However, the accounts receivable balance on the balance sheet is very different from the total on the A/R aging details report. What is the problem?
A
There are unapplied payments or credits

B
The A/R report shows the current opening balance

C
The client made several former customers inactive

D
Customer payments remain in Undeposited Funds

Note: Answer not sure
1. Report
Question: Which of the following Premier editions doesn't allow setting up of billing rate levels for different employees?
A
Accountant Edition

B
Contractor Edition

C
Professional Services Edition

D
Retail Edition

Note: Answer not sure
1. Report
Question: In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?
A
Service item

B
Subcontractor item

C
Subtotal item

D
Other Charges item

Note: Answer not sure
1. Report
Question: What item type should you set up to track customer down payments?
A
Deposit item

B
Discount item

C
Payment item

D
Service item

Note: Answer not sure
1. Report
Question: Where can you find the User's Guide and the Getting Started Video for the Financial Statement Designer?
A
QuickBooks Help menu

B
Financial Statement Designer Help menu

C
QuickBooks Learning Center

D
All of these

Note: Answer not sure
1. Report
Question: To which of the following items can units of measure be assigned?
A
Inventory Part, Inventory Assembly, Non-Inventory Part, and Other Charges

B
Inventory Part, Inventory Assembly, Non-Inventory Part, Group, and Service

C
Group, Discount, Subtotal, Inventory, Service, and Inventory Assembly

D
Payment, Group, Discount, Service, and Other Charges

Note: Answer not sure
1. Report
Question: Why would you export a customer list to Excel when you can manage it within Quickbooks?
A
Working with Excel is easier

B
The list can always be uploaded back to Quickbooks after editing in Excel

C
It looks better in Excel

D
You need to provide the information to someone who does not have Quickbooks and/or you do not want to provide them with the full Quickbooks data file

Note: Answer not sure
1. Report
Question: Why would a company choose to use account numbers?
A
To be able to organize their accounts by GL code rather than alphabetically

B
It is required by GAAP

C
It can grant access to GL accounts only with an account number

D
It is required by the IRS

Note: Answer not sure
1. Report

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Question: Which of the following cannot be recorded by using a journal entry?

Question: Which of the following inventory valuation methods does QuickBooks support?

Question: Which of the following Premier editions doesn't allow setting up of billing rate levels for different employees?

Question: In QuickBooks: Pro and higher, what type of item should be used to capture both income and expenses information for work performed by subcontractors?

Question: What item type should you set up to track customer down payments?

Question: Where can you find the User's Guide and the Getting Started Video for the Financial Statement Designer?

Question: To which of the following items can units of measure be assigned?

Question: Why would you export a customer list to Excel when you can manage it within Quickbooks?

Question: Why would a company choose to use account numbers?