1. What happens when a date is entered in QuickBooks that is past the closing date assigned to the company data file? a. Year-end reports are automatically printed b. A new company data file is created c. Income and expense amounts are automatically transferred to the Retained Earnings account d. Customer and Vendor accounts are set to zero
2. What should be entered in the ending balance field of a bank account reconciliation? a. The closing or final balance from the bank statement b. The total of all service and interest charges from the bank statement c. The final balance for the bank account in the general ledger d. The total of all uncleared cheques and deposits from the general ledger
3. How would you make a correction to a previous tax remittance after the form has been filed with the Tax Authority? a. Click the Adjust Return button from the File Sales Tax form b. Find the appropriate File Sales Tax form and select Revert from the Edit menu c. Use the Previous button to display the tax remittance form and make the appropriate corrections d. Correct the amounts in the registers for the relevant tax accounts and adjust the next return for the amount of the error.
4. If the Require Accounts option is turned off, sales transactions entered without a specified account will be posted to: a. Revenue b. Equity c. Uncategorized Income d. Uncategorized Equity
5. Which account type should be chosen for account used to record customer credit card receipts? a. Bank b. Bank - Credit Card c. Credit Card d. Accounts Receivable
6. How are opening balances added for an expense account? a. Using the Enter Opening Balances button on the Add New Account form b. Using the Historical Information field on the Add New Account form c. As an adjusting entry after the account has been created d. By right-clicking the account in the Chart of Accounts and selecting Add Balance
7. How should the opening balances of contra-accounts be entered? a. As a negative value b. With a dollar sign c. As a positive value d. With parentheses around the value
8. Under which preference heading would you find the option to use account numbers? a. Desktop View b. Accounting c. General d. Integrated Applications