These questions also pertain to the QuickBooks certification exam. I need to know these answers so I can study them. Thank you!

1. Your company tracks Accounts Payable and you just received a credit from a vendor. How do you record the vendor credit in QuickBooks?

A. Click Refund & Credits on the home page

B. Click Enter Bills and then click Credit on the top of the bill.

C. Enter a journal entry

D. In the Pay Bills window, select Refunds and credits.

2. How do you enter opening balances into a new company file during the set-up process?

A. There isn't a way to do this during set up. An accounting professional can use Journal Entries and transactions to create opening balance later.

B. Use the Detailed Start (not express start) and enter the balances in the Enter Opening Balance Wizard.

C. Use the express Start (not the detailed start) and enter the balances in the Opening Balance Wizard.

D. After you select Create Company File select Yes next to Would you like to enter opening balances?

3. You work for a consulting company that has just moved and changed its name to reflect a new partner. Where do you go to change company information, such as business name, address, or phone number?

A. Select File> Change Company info from the menu

B. Select File> EasyStep Interview from this menu

C. Select Company> My company from the menu

D. Select File> Preferences from the menu

4. You need to create a new company file. To save time, you want to keep all the lists and preferences from the old company file and just delete transactions. How do you do this?

A. Create a new company and select Copy Settings from another Another Company in the easy step interview.

B. Click the File menu and select Utilities> Condense data from the menu. Then choose the All transaction options.

C. You can't do this in Quickbooks.

D. Click the Edit drop down menu and select Delete All Transactions

5. If a report has been collapsed, which button expands it?

A. Undo Collapse

B. Show Sub-Accounts

C. Expand

D. Grow

6. Which action is not possible to perform from the Report Center?

A. See a preview of what the report will look like.

B. Run reports contributed by other users and by Intuit.

C. Search for reports

D. Delete Standard reports from Quickbooks.

7. What effect does an invoice have on your books?

A. Invoices increase Accounts Receivable and usually increases income.

B. Invoices decrease Accounts Receivable and usually increase income.

C. Invoices increase Accounts Payable and usually increase expenses

D. Invoices decrease Accounts Payable and usually decrease expenses.

8. Which three statements are correct related to credit memos? (Choose three)

A. Amounts issued on a credit memo can be issued as a refund to the customer account.

B. Amounts issued on the a credit memo can be retained in the customer account and is used to offset a future invoice.

C. Amounts issued on a credit memo can be immediately applied to an open bill from a vendor.

D. Credit Memos reduce the overall balance due from a customer.

E. Credit memos always increase inventory balances.

9. When you record a sales receipt, where is the customer's payment recorded?

A. Undeposited Funds

B. Deposited Funds

C. Your bank Account

D. The account you select in the Send Payment to: drop down list.

10. When a company collects deductions and withholdings from the employee's paychecks, what kind of account does Quickbooks use to track the amount of money that was deducted?

A. Expense

B. Asset

C. Payroll Expense

D. Liability