Finance And Accounting

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
Question: While entering individual historical transactions during setup, which transactions should be entered first?
A
Bank transactions

B
Accounts receivable transactions

C
Accounts payable transactions

D
Payroll transactions

Note: Answer not sure
1. Report
Question: Which item type has information in the Current Availability window?
A
Discount

B
Non-Inventory Part

C
Inventory Part

Note: Answer not sure
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Question: You run a client's balance sheet on cash basis, but the balance in the Sales Tax Payable account does not change. What can be the cause?
A
Sales tax preferences are set to accrual

B
Sales tax was paid using a regular check

C
Adjustments to Sales Tax Payable were entered as journal entries

D
Credit memos for taxable items were not properly applied

Note: Answer not sure
1. Report
Question: Which of the following methods can you use to value inventory in QuickBooks?
A
Double declining balance

B
Last in, first out (LIFO)

C
First in, first out (FIFO)

D
Average cost

Note: Answer not sure
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Question: Which of the following "standard" accounting reports must be created by modifying another report in QuickBooks?
A
Income statement

B
Journal entry listing

C
General ledger

D
Audit trail

Note: Answer not sure
1. Report
Question: What might cause a difference to show up between a client's Sales Tax Payable liability account and the sales tax payable amount showing on the Pay Sales Tax window?
A
The company purchased a large taxable item on credit.

B
Sales tax was adjusted retroactively when you marked items taxable that a client had mistakenly marked as not taxable.

C
The client erroneously paid the wrong tax agency.

D
The client is paying sales tax with regular checks and posting the payment to the sales tax payable account instead of using the Pay Sales Tax window to create the payment.

Note: Answer not sure
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Question: Why would one choose to create multiple Jobs under 1 customer rather than just create specific invoices?
A
It is required in Quickbooks. Quickbooks is not able to invoice for different items

B
It gives the user greater abilities such as financial reporting by job, and ability to close specific jobs when complete.

C
Customers require it

D
It is legal requirement

Note: Answer not sure
1. Report
Question: A client's bank balance is different from the balance shown on the balance sheet. What is the problem?
A
The register contains post-dated checks

B
A reconciled transaction was manually unreconciled

C
A memorized transaction

D
An NSF check

Note: Answer not sure
1. Report

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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?

Question: While entering individual historical transactions during setup, which transactions should be entered first?

Question: Which item type has information in the Current Availability window?

Question: You run a client's balance sheet on cash basis, but the balance in the Sales Tax Payable account does not change. What can be the cause?

Question: Which of the following methods can you use to value inventory in QuickBooks?

Question: Which of the following "standard" accounting reports must be created by modifying another report in QuickBooks?

Question: What might cause a difference to show up between a client's Sales Tax Payable liability account and the sales tax payable amount showing on the Pay Sales Tax window?

Question: Why would one choose to create multiple Jobs under 1 customer rather than just create specific invoices?

Question: A client's bank balance is different from the balance shown on the balance sheet. What is the problem?