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Quickbooks Certification Study Questions & Answers

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Quickbooks Certification Study Questions & Answers Why would you hide or collapse sub accounts on a report? - ANS - To temporarily hide unnecessary detail and hide parent accounts What should you do after you click and Save and Close on a Customer Memo? - ANS - Choose between retained as an available credit, give a refund or apply an invoice Which of the following CAN be memorized in QuickBooks? - ANS - Checks Which is not a Payroll Summary Report in QuickBooks? - ANS - Information necessary to complete your state unemployment tax form The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do? - ANS - Record a transaction to show the customer owes you money and that the checking balance has decreased by the same amount Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in QuickBooks so you don't have customize each report? - ANS - Click the reports menu reports and select global report preferences Suppose you want to restrict which users can access customer credit card numbers. How do you do this? - ANS - Give the user access to sales and accounts receivable but do not check the complete credit card numbers Which of the following is the possible reason for a bank reconciliation discrepancy? - ANS - The bank reconciliation is on a cash basis instead of accrual basis. Which of the following statements is TRUE regarding Undeposited Funds? - ANS - It is account used to record payments before you make a deposit. Which accounts are affected when you enter QuickBooks? - ANS - Accounts Receivable Workers who require a W2 tax form at the end of the year should be added to which of the following lists - ANS - Employees If you have customized report that you use each month, which feature lets you run the report with updated data each month. - ANS - Memorize Report What is the primary reason for setting a closing date in QuickBooks? - ANS - To restrict users from deleting, editing or adding transactions to last year Your new employee earned an annual salary of $40,000. How do you enter this into QuickBooks? - ANS - Enter 40,000 in the payroll info window What steps must you complete to use the payroll liabilities? - ANS - Set deposit frequencies Name the section in the Balance Sheet - ANS - Assets, Liabilities & Equity When you create a new company file, Quic

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