QuickBooks Desktop 2021 Certification

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

C Track 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

Emailed pay stubs are password-protected. What password must employees enter to open their emailed pay stubs?

A Their Social Security number

B The first five letters of their last name and last five of their Social Security number

C The first four letters of their last name and last four of their Social Security number

D A customizable password that you create yourself when you send out the pay stubs

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"

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 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