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FAQ
Quickbook Testing
Home
»
Quickbook Testing
:
Step
1
of
5
20%
1. Which of the following would you NOT include in the chart of accounts?
Checking account
Vendor record
Depreciation Expense
Accounts Payable
2. Which type of QuickBooks data file allows you to enter data and transactions?
QBM
QBB
QBW
QBX
3. Checking, savings, and petty cash should be set up as which of the following account types in QuickBooks?
Expense
Other current asset
Bank
Equity
4.) Which of the following statements is true?
To conserve resources, it is best if the owner uses one Checking account for both personal and business purposes
To maintain more consistent records, it is best if the owner maintains a separate personal Checking account, but both the owner's personal Checking and business Checking accounts are listed in the Chart of Account
To maintain separation between the personal and business accounting records, the owner's personal Checking account should not be used to pay bills for the business and should not be listed in the business' Chart of Accounts
None of the choices are correc
5. When reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balance and the book balance)?
Checks that have cleared the bank
Outstanding checks
Deposits recorded by the bank
Errors
6. What does the ending balance in a QuickBooks bank account register represent?
Only transactions that have been printed
All transactions entered in the register, including checks that haven't yet been printed
7. The Purchase Orders window is used to record which one of the following transactions?
A customer order to purchase goods
An order to purchase goods from a vendor
Services received but not yet paid
Cash purchases of supplies
8. When would you not want to use the Write Checks window when paying bills?
When paying sales tax
When paying payroll taxes
When using a handwritten check
When paying bills you track with Accounts Payable
None of the above
A, B, and D
9. Which of the following would likely be considered a long-term liability?
Vehicle loan
Accounts payable
Rent
Credit card account
10. Which of the following activities and QuickBooks window used to record it is incorrect?
10. Which of the following activities and QuickBooks window used to record it is incorrect?
Record inventory information; Inventory List
Record vendor information; Vendors Lis
Order goods; Purchase Order
11. Which of the following is an asset?
Accounts Payable
Accounts Receivable
Company delivery van
Both A and B
Both B and C
12. What is owner's equity?
What a company owes
What remains after the liabilities are satisfied
What a company owns
None of the choices are correct
13. Products you sell would appear on which of the following lists?
Vendor list
Employee list
Chart of Accounts
Item list
14. You use the accounts payable account to track money that you owe vendors.
True
False
15. All income and expense accounts have a register associated with them in QuickBooks.
True
False
16. If a wood door costs $120.00 and you set the rounding option to 1.00 minus .11, what price would appear on an invoice for the wood door?
$120.00
$120.89
$119.89
$119.11
17. When you make a payment (from the checking account) in the Pay Bills window, you can see the transactions in the checking and accounts payable registers.
True
False
18. The journal entry behind the screen that QuickBooks creates when a customer's payment is received and recorded using the Receive Payment window includes:
Debit Accounts Receivable; Credit Checking account
Debit Checking account; Credit Accounts Receivable
Debit Undeposited Funds account; Credit Accounts Receivable
Debit Accounts Receivable; Credit Undeposited Funds account
19. You paid a vendor $1,000 through the Pay Bills window (using the Checking account). QuickBooks automatically creates a journal entry that
Deletes the bill.
Shows $1,000 as a Credit in Accounts Payable and shows $1,000 as a Debit in the Checking account.
Shows $1,000 as a Debit in Accounts Payable and shows $1,000 as a Credit in the Checking account.
Shows $1,000 as a Debit in Accounts Payable and shows $1,000 as a Credit in the Accounts Receivable.
20. In which report category would you find the list of open invoices
Company & Financial
Sales
Customers & Receivables
List
21. If a count of office supplies on hand reveal $1,000 of supplies unused at year-end and the Office Supplies on Hand account has a balance of $2500, the adjusting entry to bring the Office Supplies on Hand up to date at year-end should include:
Debit Office Supplies on Hand $1,000, Credit Office Supplies Expense $1,000
Debit Office Supplies on Hand $1,500, Credit Office Supplies Expense $1,500
Debit Office Supplies Expense $1,000, Credit Office Supplies on Hand $1,000
Debit Office Supplies Expense $1,500, Credit Office Supplies on Hand $1,500
22. If you are tracking bills with Accounts Payable and have already entered a bill, you should pay the bill by writing a check from the Write Checks window.
True
False
23. A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold equals
$743,000
$550,000
$357,000
$193,000
$(193,000)
24. A company purchased $4,500 of merchandise on May 1 with terms of 2/10, n/30. On May 6, it returned $250.00 of that merchandise. On May 8, it paid the balance owed for merchandise, taking any discount it is entitled to. The cash paid on May 8 is
4,500
$4,250
$4,160
$4,165
$4,410
25. You have a plumber come to your office to do a repair on November 29th. He bills you and you enter a bill for the repair expense on December 1st. You pay the bill on January 15th. If you are on the Cash basis, in what month will the expense show on your Profit and Loss Statement?
November
December
January
It does not show on the Profit and Loss Statement
26. Under the accrual basis of accounting, revenues are reported in the accounting period when
Cash is received
Service or goods have been delivered
27. At the beginning of the year, Addison Company’s assets are $300,000 and its equity is $100,000. During the year, assets increase $80,000 and liabilities increase $50,000. What is the equity at year-end?
$370,000
$430,000
$130,000
28. What happens if you try to delete an item that was sold a couple of years ago, but has not been used in a while?
QuickBooks will allow with a warning message
QuickBooks will not allow
29 Accounts receivable is money received from a customer sale?
True
False
30. What is a Sub-Account used for?
Organization of multiple account types
Break down income and expenses into greater detail
31. Which transactions in QuickBooks are considered non-posting?
Estimates
Bills
Credit Memos
32. What is the best way to record a single vendor payment to a vendor with multiple bills?
Use batch transfer tool
Use Write Check window
Use Pay Bill’s window
All of the above
33. What is the method to write off a customer invoice?
Edit the invoice and create an identical line item with a negative amount equal to the remaining balance
Create a credit memo for the unpaid balance and apply to the invoice
Create a journal entry to debit accounts payable and credit cash
None of the above
34. What is the difference between Costs of Goods Sold and an Expense?
Cost of Goods Sold includes all costs of running the business
Costs of Goods Sold tracks all the costs associated with items you sell
Costs of Goods Sold are only used by product-based companies
None of the above
35. To add a new account to the Chart of Account:
From the Chart of Accounts window, select Account > New
From the Company menu, select New Account
From the Home Page, select Account > New
From the Lists Menu, select New > Account
Your Name
*
Email Address
*
