QUICKBOOK DESKTOP 2021

Which type of business might use statement charges to bill customers?

A A restaurant that provides catering services B A janitorial business that charges a routine monthly service fee C A nonprofit agency that receives all of its funding from one agency D An accounting firm that provides many details about services billed

What happens when specifying a bank account in the Receive Payments window?

A The bank balance is incorrect B Invoices will still be shown as unpaid C The Undeposited Funds account balance will continue to increase each time the error is made D Reconciling that bank account can be more difficult because each payment appears as a separate deposit in the Reconciliation window

A Sales Tax Group lets you do which of the following?

A Pay a single tax to a single tax agency B Adjust the Sales Tax Liability account easily CTrack taxable vs. non-taxable items and customers D Pay different parts of the same tax to multiple tax agencies

Which report lists taxable and non-taxable sales separated by sales tax item grouped by vendor?

A Sales Tax Payable Summary B Sales Tax Revenue Summary C Sales Tax Payable by Vendor D Sales Tax Payable by Customer

What is the purpose of the Total Value in the Adjust Quantity/Value window?

A Assigns cost codes to inventory B Allows you to correct the on-hand quantity of an inventory item C Lets you adjust inventory to track the components used in manufacturing D Lets you enter a new value for an inventory item to correct errors or record a loss

Which of the following describes a transaction that you would enter in the Enter Credit Card Charges window?

A Charges to the checking account B Credit card purchase from a vendor C Credit card refunds back to customer D Merchant Service processing fees

What does the Beginning Balance in the Begin Reconciliation window represent?

A The sum of all previously reconciled transactions in the account B It always represents the ending balance on last month's bank statement C The beginning balance for the account entered when QuickBooks was set up D An internal calculation made by QuickBooks that is not relevant to the reconciliation process

Which of the following might you do for a client who has never reconciled the checking account?

A Reconcile each month in reverse order with the newest bank statement first B Make the bank account inactive and add a new account with the correct balance C Compare the audit trail to amounts in the Reconcile window to check for possible errors D Reconcile as of the last day of the last fiscal year, treating the entire history of the bank account to that point as one big statement

Which report provides line-by-line detail of a client's deposits?

A Check Detail B Deposit Detail C Missing Checks D Deposit Summary

A CPA runs a payroll service statewide, and many of his payroll clients use QuickBooks Desktop Pro. His clients require a full service payroll solution (i.e. the CPA handles everything and sends the client completed payroll checks), but some of his clients like to input their own hours and have the CPA handle the taxes only. Which Intuit payroll solution will allow him to service all of his clients and set the level of access in payroll for each client to remotely work on payroll, regardless of how they prefer to have their payroll handled?

A Intuit Online Payroll B Intuit Assisted Payroll C Intuit Enhanced Payroll for Accountants D Intuit Online Payroll for Accounting Professionals

Intuit Enhanced Payroll is ideal for the small business that wants to do which of the following?

A Perform all their own payroll tasks in-house B Completely outsource payroll to a third party C Hire their accountant to perform all payroll tasks D Use QuickBooks Online Plus as their accounting platform

What is the suggested method for voiding and re-issuing a paycheck?

A Make a journal entry to reverse the original paycheck. Then, issue a new paycheck using the current date. B Void the original paycheck using the QuickBooks "void" feature. Then, issue a new paycheck using the current date. C Reverse the original check using the QuickBooks "reversal" feature. Then, issue a new paycheck using the current date. D Void a new check with the same check number. Then, change the number of the original check to the new check number or print the check.

instead of using the Pay Scheduled Liabilities window, a client paid insurance deducted from paychecks by writing a regular check and listed the Insurance Liability account as the expense. How can you correct this mistake?

A Use an adjusting journal entry B Directly adjust the 941 and the W-2s C Record an adjustment in Adjust Payroll Liabilities and select "Do not affect accounts" D Record an adjustment in Adjust Payroll Liabilities and select "Affect liability and expense account balances"

Which of the following situations is true regarding generating state and federal payroll tax returns when using Enhanced Payroll?

A You cannot generate these returns from QuickBooks B You can save these forms as a PDF or as an Excel spreadsheet C You can run a Payroll Summary report and send it instead of the forms D Before the form is submitted, it is automatically checked for errors, and you can drill down to the spot to fix them

A client gives you a handwritten record of paychecks. You use the After-the-Fact Payroll window to enter them. You notice a discrepancy in Medicare tax between what the paper records and what appears in the After-the-Fact Payroll window. What would you adjust to correct the discrepancy?

A Net pay amount B Medicare amount C Federal withholding D State disability insurance

You would like to send a selection of payroll reports to your client that includes Employee Journals, YTD comparisons and more. What report option would produce these reports?

A Employee journal reports B Client Ready Payroll Reports C Time by Job Summary Reports D Unpaid Payroll based on Hours Tracked

Which QuickBooks report summarizes how much time your company spent on various jobs, with a list of the type of work performed for each customer or job?

A Time by Job Detail B Time by Job Register C Time by Job Summary D Job Profitability Summary

Which of the following allows you to group employees who have the same pay frequency?

A Group Items B Payroll Items C Payroll Schedules D Employee Defaults

What is the first step when setting up payroll?

A Configure payroll taxes B Enter employee information C Enter YTD taxes, wages, deductions, and other totals D Review the payroll options and choose the appropriate service for the client