Finance And Accounting

Question: What does using the Item tab on checks and bills allow you to do?
A
Track costs for products and services as well as Customer Job profitability

B
Track revenue for products and services as well as Customer Job profitability

C
Ensure that the line "no item" appears on job profitability reports

D
None of these

Note: Answer not sure
1. Report
Question: Which of the following editions allows toggling among different editions of QuickBooks without having all the editions installed?
A
Retail Edition

B
Contractor Edition

C
Professional Services Edition

D
Accountant Edition

Note: Answer not sure
1. Report
Question: Which of the following does the client-ready 941/940 report not show?
A
Wages

B
Tax payments

C
Payroll expenses

D
Accrued taxes

Note: Answer not sure
1. Report
Question: Which of the following statements is true?
A
You can create the accountant's copy file using QuickBooks Simple Start.

B
You can use the Premier Accountant Edition to work on the accountant's copy.

C
Files are created in Enterprise Solutions.

D
The accountant's copy files are backwards compatible between 2007 and 2008.

E
The portable company files are backwards compatible between versions 2008 and 2006.

Note: Answer not sure
1. Report
Question: Why do you need to use the Receive Payments feature in Customers rather than book receipts directly to the bank?
A
It serves the same purpose as a deposit in Banking

B
In order for it to reflect on the customer's account

C
Because of the limited functionality of Quickbooks

Note: Answer not sure
1. Report
Question: Which of the following transactions will appear as Accounts Receivable on a cash-basis balance sheet?
A
Finance charges on overdue invoices

B
Inventory held on consignment

C
Payments received as deposits on future projects

D
Refund checks for inventory returns applied against credit memos

Note: Answer not sure
1. Report
Question: When clients have customers who are also vendors, what is the best way to offset accounts payable against accounts receivable?
A
Use the QuickBooks trade-off feature

B
Create a bank account through which you can clear the payable and the receivable

C
Use a single journal entry

D
Use multiple journal entries

Note: Answer not sure
1. Report
Question: Under which of these circumstances would a Journal Entry be most appropriate?
A
While expensing the monthly prepaid expenses

B
While entering a new invoice

C
While giving a customer a credit

D
While giving a customer a credit

Note: Answer not sure
1. Report
Question: To which of the following items you cannot assign the units of measure?
A
Discount

B
Group

C
Service

D
Inventory Assembly

Note: Answer not sure
1. Report
Question: If a payment has been made out of the wrong bank account but the check has not yet been printed, what is the best way to correct it in Quickbooks?
A
Go to the transaction in the wrong account, click on it, and change the bank account in the selection box.

B
Delete the transaction and re-enter it

C
Print the check, put a stop payment on it at the bank, and shred it

D
Print the check and mail it to the customer, and let it be figured out in the bank reconciliation process

Note: Answer not sure
1. Report

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Question: What does using the Item tab on checks and bills allow you to do?

Question: Which of the following editions allows toggling among different editions of QuickBooks without having all the editions installed?

Question: Which of the following does the client-ready 941/940 report not show?

Question: Which of the following statements is true?

Question: Why do you need to use the Receive Payments feature in Customers rather than book receipts directly to the bank?

Question: Which of the following transactions will appear as Accounts Receivable on a cash-basis balance sheet?

Question: When clients have customers who are also vendors, what is the best way to offset accounts payable against accounts receivable?

Question: Under which of these circumstances would a Journal Entry be most appropriate?

Question: To which of the following items you cannot assign the units of measure?

Question: If a payment has been made out of the wrong bank account but the check has not yet been printed, what is the best way to correct it in Quickbooks?