Estimate, Sales Order, and Purchase Orders have the following in common:

A. They dont have anything in common

B. Each of the transactions is a non-posting transaction

C. Each of the transactions require a vendor name

D. Each of the transactions require a customer name

To find all transactions on any list item you should create which report? Choose the best answer.

A. Custom transaction detail report

B. Quick Report

C. Bank Activity report

D. All the above

Which of the following is a limitation when using a journal entry?

A. You cannot post journal entries to the opening balance equity account

B. You cannot adjust sales tax using a journal entry

C. You cannot use journal entries to record inventory quantities

D. You cannot use journal entries to enter opening balances

To help you apply a discount to a group of line items on an invoice, QuickBooks uses which of the following items? Please choose the best answer.

A. Subtotal

B. Price Levels

C. Group items

D. Payment items

To sort the entries in the QuickBooks reconciliation window, you can do which of the following:

A. Apply a filter to the report

B. Click on the column title you want to sort by

C. You cannot sort entries in the reconciliation window

D. Click the sort by dropdown menu

Which of the following statements is true?

A. Retained earning is automatically created and QuickBooks will do the year end entries to retained earnings for you

B. Retained earnings is automatically created but you must close out the year

C. Retained earnings is not automatically created, you must create it

D. There is not retained earning account in QuickBooks

When making adjustments to the GST/HST payable account using journal entries, you must do which of the following?

A. Enter a memo for the CRA in case of audit

B. Choose an appropriate tax item to tell QuickBooks which tax line item from the return to affect

C. Select the adjusting journal entry checkbox at the top of the window

D. All the above

You want to see the line See Accompanying Notes at the bottom of the Profit and Loss Statement. How would you do this in QuickBooks? Select the best answer.

A. Enter the text as the Extra Footer Line under the Header/Footer tab

B. Select the appropriate columns under the Customize Report window

C. QuickZoom on the report footer and type the text when prompted

D. Select the Advance option titled. Add Standard Accounting Terms

Which of the following tasks can you perform using the Fixed Asset Item List? Please select the best answer.

A. Calculate depreciation and post automatically

B. Post general journal entries

C. Enter asset names, serial numbers, and acquisition date

D. All the above

To find entries posted before the clients closing date youll do what?

A. Use the bank register

B. User the Audit trail report

C. Use the Closing date exception report

D. None of the above

Your client makes food products that are sold fresh every day. They sell everything, and any left overs are donated. Which type of item should be used to track the sales of the food products? Choose the best answer.

A. Assembly items

B. Inventory parts

C. Service

D. Non-inventory parts

Which of the following is a good use of the customer type field? Choose the best answer.

A. Graphic arts - to track the type of work performed

B. Non-Profit to track the types of donors

C. Accounting Firms to track the profit and loss for specific parts of the firm

D. Construction to track the different types of services provided

What is the most efficient way to enter historical data in QuickBooks? Choose the best answer.

A. Import using .IIF files

B. Use the Accountant Edition feature Enter Batch Transactions

C. Enter each transaction from scratch

D. None of the above

To easily make entries in your client files you can do which of the following? Choose the best answer.

A. Use the QuickBooks Accountant Edition, Send General Journal Entries feature

B. Send them via fax

C. Send a Backup copy

D. Send them via email

To create a custom price list for a customer, youll do which of the following?

A. Use Price Levels

B. Set up a special item for tracking prices

C. Use the discount item

D. None of the above

Your clients store is flooded, and their inventory is damaged. Youll do which of the following in QuickBooks to account for the damaged inventory?

A. Credit memo

B. Inventory Adjustment

C. Journal Entry

D. All the Above

Pressing CTRL + W at the same time is a shortcut in QuickBooks to display what?

A. Enter Bills

B. Banking report

C. Write Cheques

D. Invoice

Pressing ESC does what in QuickBooks?

A. Closes QuickBooks

B. Closes the open window in QuickBooks

C. Deletes the transaction

D. None of the above

To merge duplicate list entries, youll do which of the following?

A. Change the duplicate name to the exact same name as the list item you want to keep and save the item. Click OK to the message to merge the names.

B. Delete an entry and then re-enter the list item.

C. Drag and drop the duplicate name to the existing entry to merge the names.

D. Click the merge button on the duplicate entry.

The most efficient way to create invoices for your client is to use which feature?

A. Duplicate invoices

B. Create invoices using the Customer menu

C. Enter Batch Invoices

D. Create Estimate > Convert to invoices

To copy the setup of an existing company file you can use which feature?

A. Copy the file and delete information

B. Copy and paste the information into the new file

C. Make backup and restore

D. Click File > New Company from Existing Company File

To manually close an estimate youll do which of the following?

A. Click Customer > Close Estimate

B. On the estimate > select Mark as Inactive

C. You must convert all items to the invoice

D. None of the above

The best report to find the most comprehensive information about inventory item is?

A. Item Quick Report

B. Inventory Stock Status by Item

C. Product detail report

D. Transaction list by Serial Number

The best way to enter a sale where the payment is received at the same time is what transaction?

A. Sales Receipt

B. Estimate

C. Sales Order

D. Invoice

Which is NOT a good use of the journal entry in QuickBooks?

A. To correct incorrect postings in QuickBooks

B. Entering depreciation on fixed assets

C. To enter transactions instead of using QuickBooks transaction forms

D. For year-end adjustments

To change the view of QuickBooks to view multiple windows, youll use which menu?

A. View menu

B. Window menu

C. Help menu

D. File menu