1. To run the reports that you have designated as favorites, you need to click the _____ tab.

• Favorites
• Custom reports
• Standard
• Management reports

2. If four out of 20 boxes of lightbulbs were crushed and each box holds 12 bulbs, what is the best way to adjust your inventory records?

• Record an inventory adjustment with a new quantity of 192.
• Record an inventory adjustment with a change in quantity of negative 48.
• Record an inventory adjustment with a change in quantity of positive 48.
• Adjust the value in the Inventory asset account to reflect the value of 192 bulbs.

3. To reconcile a bank account, you need all of this information except what?

• the number of transactions
• ending balance
• bank statement with transactions to reconcile
• statement closing date

4. QuickBooks Online downloaded transactions that you already recorded and reconciled. How do you handle these transactions?

• On the Review tab, turn on the checkboxes for these transactions and then choose Exclude selected in Batch actions.
• You don't have to handle them. QuickBooks Online doesn't download transactions that match ones already in your records.
• On the Review tab, turn on the checkboxes for these transactions and then choose Delete in Batch actions.
• On the Downloaded tab, turn on the checkboxes for these transactions and the choose Ignore in Batch actions.

5. A customer pays you monthly for the hours you spend on maintenance during the month, so your invoice amount varies from month to month. The recurring transaction you set up for this invoice should be set to _____.

• memorized
• scheduled

unscheduled

reminder

6. What steps do you perform to apply a 15% discount to a product in a customer's invoice.

• In the discount boxes below the invoice table, choose Discount percent and 15.
• In the discount boxes below the invoice table, choose Discount amount, calculate the dollar amount for the 15% discount and fill it in the second box with the discount as a negative number.

Create a service for discounts, add it to the invoice, calculate the dollar amount for the 15% discount and fill it in the Amount cell as a positive number.

Create a service for discounts, add it to the invoice, calculate the dollar amount for the 15% discount and fill it in the Amount cell as a negative number.

7. You can use a Credit Memo to create a customer credit for all of these situations except _____.

• creating a credit to apply to an existing invoice

creating a credit to apply to a future invoice

issuing a refund check to the customer

creating a credit and apply a portion of it to an invoice

8. As part of print checks setup, you must preview and print sample checks in order to check that _____.

• the check numbers start at the correct number
• the printed check data is aligned on the check correctly

the printer paper is facing the right way in the printer tray

the printer can feed the check stock without jamming

9. Which two steps are part of recording a credit card charge?

• Click + and the choose Expense; choose your bank account as the payment account.
• Click + and then choose Expense; choose your credit card account as the payment account.

Click + and then choose Credit Card Charge; choose your credit card account as the payment account.

Click + and then choose Credit Card Credit; choose your credit card account as the payment account.

10. Every day, you receive several payments with different payment types. How should you receive payments in order to record deposits to match how they appear on your bank statements?

• In the Receive Payments screen, turn on the Deposit later checkbox.
• Record payments along with the payment method to the Undeposited funds account.

Record payments with the payment method to your bank account.

Record payments with the payment method to a Current Liabilities accounts.

11. How do you record reimbursable mileage so you can add it to an invoice?

• Add a line to the customer invoice and choose Mileage in the Product/Service cell.
• Use the QuickBooks Online mileage feature to record miles driven and mark them as billable to a customer.

Create and pay a bill that includes the reimbursable mileage assigned as billable to the customer.

Add a line in the Category detail table and choose the Mileage expense account.

12. All of these are features of bills in QuickBooks Online except what?

• You can add the contents of a purchase order to a bill.
• You can add the contents of a customer estimate to a bill.

You don't have to pay the bill until the bill due date.

QuickBooks Online tracks when the bill is due .

13. When you click a project in the Projects list, the screen that appears shows what project information?

• Income, costs, and profit margin
• Time and expense transactions associated with the project.

Invoices associated with the project

all of these answers

14. You want to quickly create a customer and plan to add the rest of the information later. Which field in the Customer information screen is required?

• Company name
• Display name as, First name, and Last name

Customer name

Display name as

15. Which company information fields can you edit?

• company name
• company type

contact information

all of these answers

16. What steps must you perform if you want to see values in the Low Stock and Out of Stock boxes on the Products and services screen?

• Turn on the Track inventory quantity on hand setting and fill in the Reorder field for your inventory products.
• Fill in the Quantity on hand field for all products.

Turn on the Track inventory quantity on hand setting and fill in the Quantity on hand field for your inventory products.

Fill in the Reorder field for all products.

17. Asset accounts typically use numbers in the _____ range.

• 2000-2999
• 6000-6999

4000-4999

1000 - 1999

18. A _____ account tracks what you owe to vendors based on the bills they send you.

• Expense
• Accounts Receivable

Equity

Accounts Payable

19. Why can't you delete unreconciled transactions in your check register?

• Deleting the transactions will counteract them and make your books out of balance.
• If they are from a prior year, you would be changing your books to be different from the books upon which you based your last tax return.

none of these answers

20. What do you do if you notice some unreconciled checks from a prior period in your check register?

• leave them as they are
• counteract them in the current year and perform a mini reconciliation

delete them

21. What should you do if you enter the incorrect reconciliation date when reconciling a bank account?

• delete the last reconciliation and do it over again
• leave the date as it is, and it will correct itself next month

correct the date on the reconciliation report

22. If you can't figure out how to reconcile a bank statement because you can't find a discrepancy, you can _____.

• call the bank
• review the discrepancy report again

make an adjustment

delete the general journal entry

23. What do you do if one of the checks that you wrote bounces?

• If you now have enough cash, tell the vendor to redeposit the check.
• all these answers

Void the check in the check register and then make a credit card payment.

24. How do you correct a check that was written that should have been recorded as a bill payment?

• You can't change the check, so delete it and then go to Pay Bills and pay the bill.
• Find the check and change the account to Accounts Payable and then go to Pay Bills, and apply the credit to the bill payment.

none of these answers

25. In QuickBooks, if you receive a refund from a vendor for an unsatisfactory shipment, you can record a _____ or a _____.

• visa credit; refund check
• refund check; credit memo

invoice; refund check

26. When the balance in the Barter Clearing Account is 0, your transaction is completed.

• TRUE
• FALSE

27. Why do you create a parent inventory item for consigned goods?

• Consigned inventory items must be set up as subaccounts to be able to record commission.
• It separates them from the other inventory items that you sell and groups them together.

none of these answers

28. What is the best way to move a credit from one customer job to another?

• with a journal entry
• by deleting the credit and recreating it for another job

by recording it as a deposit in the check register

29. How do you correct a misapplied customer payment?

• Customers > Customers & Jobs > Customer Name - Receive Payments - uncheck the wrong invoice and check the correct one > Close
• Find the misapplied payment > Delete the invoice > Apply the misapplied payment to the correct invoice

none of these answers

30. How would you track business with different types of customers, such as insurance companies and accounting offices?

• Set these customers up as jobs and then QuickBooks will track business by job.
• Print a customer balance detail report.

Set up customer types for insurance companies and accounting companies, and then QuickBooks will track your business by these types.

none of these answers

31. How could you track your business and profitability by different kinds of customers?

• to add types, select Lists > Customer and Vendor Profile Lists > Customer Type List > when you set up customers, you can assign a type
• Select Edit > Preferences > Assign Types > then customer types will automatically be assigned when you add new customers

select Lists > Customers > Add Types > Type in customer types > when you set up customers, you can assign a type

none of these answers

32. The only way you can add something to an invoice is with _____.

• an item
• an income account

a link to reimbursed expenses

none of these answers

33. How do you edit the description of an inventory item on a sales receipt or invoice?

• select Lists > Item List > Edit Item and then key in the new description in the appropriate box
• select Company > Items and Services > select the item to edit > Click Item > Edit Item > key in new description in appropriate box

select Reports > Memorized Reports > Sales Receipt > Edit the description in the appropriate box

none of these answers

34. To get a more accurate picture of and better manage overhead costs, you can move _____ accounts to _____ accounts.

• cost of goods sold or cost of sales; expense
• cost of sales; expense

cost of goods sold; expense

expense; cost of goods sold or cost of sales

35. To show detailed breakdowns of account content, I can use _____.

• expense accounts
• tracking accounts

reconciliation accounts

subaccounts