1. QuickBooks is an integrated accounting program that can be used by small to medium-sized businesses. True False

2. Any time you purchase items now with payment coming later, this type of invoice is considered a payable in accounting terms. True False

3. Sales receipts and sales orders are the same transaction type. True False

4. QuickBooks automatically opens

a. A new company

b. A backup file

c. The last company file used.

d. The sample company

5. Customer records are not required for sales transactions on invoices. True False

6. Even if you do not use pay cheques, you should print paystubs to provide employees with information they would find on a pay cheque voucher. True False

7. Before running the Verify Data function, you should do a backup of the data to a different location than originally used. True False

8. List the four sections that are found on the Icon bar:

9. Assets and Liabilities are part of which report:

a. A/R Aged Summary

b. Income Statement

c. Inventory Valuation Summary

d. Balance Sheet

10. Which of the following is not a Chart of Accounts type:

a. Other Current Asset

b. Cost of Goods Sold

c. Taxes Payable

d. Expense

11. When using account numbers, you should leave plenty of room between the numbers to allow for future growth. True False

12. The Subaccount option can be used to:

a. Provide important looking reports

b. Provide sufficient detail and to group related expenses together

c. Require additional data input

d. Provide data for Revenue Canada

13. You should not make any changes to a purchase order when you receive a partial shipment until you have received all the goods and services ordered. True False

14. What is the appropriate document for a sale that will be paid later?

a. Sales Order

b. Sales Receipt

c. Invoice

d. Purchase Order

15. Once activated, QuickBooks automatically generates a Payroll Item List for wages and payroll taxes. True False

16. You might create a memorized transaction for any entry that :

a. Requires a lot of data input

b. You may not always be receiving an invoice for

c. Recurs on a regular basis such as rent

d. Is unusual

17. Where would you find a submenu that contains the Fixed Asset Item List?

a. Company Snapshot

b. Company Centre

c. Accountant

d. Lists

18. To Enter a Purchase, you would select:

a. Purchase Order

b. Pay bills

c. Receive Inventory without bill

d. Enter Bills.

19. To remove a general journal entry, you should always choose to void the transaction as this changes the amount values to zero and leaves the transaction intact. True False

20. Backups of the company data should be done :

a. Whenever you have time to complete this task

b. Whenever you close the company file

c. If you think there is a corrupt file

d. Once a month

21. When entering payments for customers, these customers must already exist in QuickBooks. True False

22. You should manage your inventory levels to an optimum level to prevent stockouts or too much capital tied up in inventory. True False

23. When you issue a purchase order you are :

a. Making a commitment to the vendor to accept the goods you ordered when delivered.

b. Creating an invoice for the customer.

c. Ordering product for which you must pay in advance.

d. Entering the product(s) into inventory.

24. You can set different units of measure for inventory items through which of the following in the inventory window:

a. Manufacturers Part Number

b. Custom Fields

c. U/M Set

d. Sub Item of

25. QuickBooks allows you to create a _________ for employees on the same pay frequency.