QuickBooks Certification Exam Study Guide

Document Content and Description Below

QuickBooks Certification Exam Study Guide Why would you hide or collapse sub accounts on a report? - ANS - To temporarily hide unnecessary detail and hide parent accounts What should you do after ... you click save & close on a customer credit memo? - ANS - Choose between retained as an available credit, give a refund or apply to an invoice Which of the following CAN be memorized in quickbooks? - ANS - check Which is NOT shown on the payroll summary report on quickbooks? - ANS - information necessary to complete your state unemployment tax form The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do? - ANS - Record a transaction to show the customer owes you the money and that the checking balance decreased by that same amount Suppose you always want all reports to show a specific size and color,how do you set standard preference in quickbooks so you don't have to customize each report? - ANS - Click the edit menu and select preferences then click the reports and graphs group to set preferences Suppose you want to restrict which users can access customer credit card numbers. How do you do this? - ANS - Give the user access to sales and accounts receivable but do not check the complete credit card numbers Which of the following is a possible reason for a bank reconciliation discrepancy? - ANS - The beginning balance calculated by quickbooks does not match last months ending balance which of the following statements is TRUE regarding Undeposited funds? - ANS - It is an account used to record payments before you make a deposit Which accounts are affected when you enter Time in quickbooks? - ANS - Accounts receivable Workers who require a W2 tax form at the end of the year should be added to which of the following lists? - ANS - Employee If you have customized report that you use each month, which feature lets you run the - ANS - Memorize Report What is the primary reason for setting a closing date in Quickbooks? - ANS - To restrict users from deleting, editing or adding transactions to last year Your new employee earned an annual salary of $40,000. How do you enter this into quickbooks? - ANS - Enter 40,000 in the payroll info window What steps must you complete to use the payroll center to pay payroll liabilities - ANS - set deposit frequencies Name the section of the balance sheet - ANS - Assets, Liabilities, Equity When you create a new company file, quickbooks asks for your start date. What is the best definition of the start date in quickbooks? - ANS - The day you chose to start recording the finacial records in quickbooks Which of the following statements is NOT true regarding entering and paying bills in quickbooks? - ANS - If you use the enter bills window to record a bill, do not use the write checks window or check register to pay that same bill [Show More]

Last updated: 1 year ago

Preview 1 out of 13 pages