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101 Quickbook Questions And Answers

41⟩ What happens when you press F2 in QuickBooks? a. Nothing, because function keys are not designed to work with QuickBooks. b. QuickBooks opens the Help. c. QuickBooks opens the Product Information window which includes version and company file information. d. QuickBooks closes all windows.

c. QuickBooks opens the Product Information window which includes version and company file information.

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42⟩ What transaction/form do you begin with to enter a vendor credit? a. Vendor Credit b. Enter Bill c. Pay Bills window d. Receive Vendor Credit

b. Enter Bill

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43⟩ How do you create an Accountant's Copy? a. From the Home page, click Accountant's Copy. b. Choose Accountant > Create Accountant's Copy. c. Choose File > Accountant's Copy > Select Save File or Send to Accountant. d. Only accountants can create an Accountant's Copy.

c. Choose File > Accountant's Copy > Select Save File or Send to Accountant.

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44⟩ Which form should you use to enter petty cash expenditures? a. Enter Petty Cash b. Money Out c. Enter Credit Card Charges d. Write Checks or use check register

d. Write Checks or use check register

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45⟩ When should you never delete a check? a. You recorded a check but have not printed it yet. b. You printed a check on blank paper but now realize you don't want to record the check. c. You accidentally recorded the same check (with the same check number) twice. d. You printed a check, and the check number has been used.

d. You printed a check, and the check number has been used.

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46⟩ How do you track accounts payable in QuickBooks? a. Enter a bill, and then use the Write Checks window. b. Write a check, and then mark it as "pending" until you pay it. c. Enter a bill, and then use the Pay Bills window. d. You can't track accounts payable.

c. Enter a bill, and then use the Pay Bills window.

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47⟩ What happens to the inventory asset account when you enter a purchase order for inventory? a. The inventory asset account increases. b. The inventory asset account decreases. c. The inventory asset account is not affected. Cost of Goods Sold increases. d. No accounts are affected.

d. No accounts are affected.

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48⟩ What methods for purchasing can be recorded using the Write Checks window? a. Debit card purchase b. Petty cash purchase c. ATM withdrawal d. All of the above

d. All of the above

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49⟩ Can you delete a list entry (for example, an item)? a. Yes, if the list entry is not used in any transactions or is not part of another list entry (for example, a group item). b. No, if the list entry is used in any transactions or is part of another list entry (for example, a group item). c. Both A and B are correct. d. No, you can never delete a list entry.

c. Both A and B are correct.

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50⟩ Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to? a. Employee List b. Vendor List c. Other Names List d. Class List

b. Vendor List

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51⟩ If you associate a service item with two accounts, how does QuickBooks know which account to use on a transaction? a. When the item is on a sales form, QuickBooks uses the account under "Sales Information" in the item setup. When it's on a purchase form, it uses the account under "Purchase Information." b. When you enter the item on a transaction, QuickBooks asks which account to use. c. You cannot associate two accounts to an item. d. Items do not affect accounts.

a. When the item is on a sales form, QuickBooks uses the account under "Sales Information" in the item setup. When it's on a purchase form, it uses the account under "Purchase Information."

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52⟩ What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund? a. Debit Memo b. Credit Memo c. Customer Return d. Check or Bill

b. Credit Memo

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53⟩ When would you create an estimate in QuickBooks? a. When you want to send a billing statement b. When a customer requests a bid, quote, or proposal c. When a customer loses an invoice and needs a second copy d. When a customer pays for goods and services at the time of sale

b. When a customer requests a bid, quote, or proposal

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54⟩ When you invoice for time and costs, where does QuickBooks get the billable time or costs? a. QuickBooks places a "Time/Costs" stamp on the invoice, but you must manually enter the line items on the invoice. b. From billable time entered on bills and checks. c. From payroll costs/expenses marked as billable on paychecks. d. From billable time entered on timesheets and/or billable costs entered on checks and bills.

d. From billable time entered on timesheets and/or billable costs entered on checks and bills.

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55⟩ What is the purpose of Progress Invoicing? a. To invoice items marked as billable b. To automatically update a customer's job status c. To invoice from an estimate in increments d. To convert a sales order to an invoice

c. To invoice from an estimate in increments

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56⟩ When you create a statement and select "All open transactions as of statement date," what does QuickBooks show on the statement? a. Open transactions as of the statement date b. All transactions during the specified date range c. Invoice item details for invoices d. Customer payments that haven't been deposited

a. Open transactions as of the statement date

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57⟩ You received 5 customer payments in the mail. At the bank you deposit the 5 checks as one deposit. When you record the 5 separate payments in QuickBooks, how do you show that the 5 checks were actually 1 deposit? a. In the receive payments window, check "deposited with deposit number ." b. Record all the payments in the same Receive Payments window c. When you use the Receive Payments window, QuickBooks doesn't deposit the money in your checking account. After you record the 5 payments, click Record Deposits and select the 5 checks. d. All of the above

c. When you use the Receive Payments window, QuickBooks doesn't deposit the money in your checking account. After you record the 5 payments, click Record Deposits and select the 5 checks.

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58⟩ When should you create an invoice in QuickBooks? a. When a customer purchases goods or services and pays you in cash at the time of the sale b. When a customer purchases goods or services and pays you by check or credit card at the time of the sale c. When a customer purchases goods or services, but you don't want to record the sale as final d. When a customer purchases goods or services but does not pay you at the time of the sale

d. When a customer purchases goods or services but does not pay you at the time of the sale

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59⟩ When should you use a Sales Receipt in QuickBooks? a. To give a customer a receipt for payment of an invoice b. To record a customer prepayment or deposit c. To record a customer payment at the time of sale d. To enter a customer early-payment discount

c. To record a customer payment at the time of sale

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60⟩ What options do you have after you create a credit memo in QuickBooks? a. Retain as an available credit b. Give a refund c. Apply to an invoice d. All of the above

d. All of the above

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