Financial Accounting > QUESTIONS & ANSWERS > Quickbooks Exam Prep Questions & Answers (All)

Quickbooks Exam Prep Questions & Answers

Document Content and Description Below

Quickbooks Exam Prep Questions & Answers Which of the following statements is true about entering and paying bills in Quickbooks? - ANS - If you record bills do not use write checks Which of the f... ollowing statements is true regarding vendor credit memos? - ANS - vendor credit memos reduce what you owe When should you use the items tab on a bill or check? - ANS - when you purchase inventory parts. You purchase something with a debit card. Place the following steps below in the order you would perform your debit card transactions in QB's.n - ANS - 1. Open the write checks window 2. Type debit in the number field. Then enter who you paid, how much, and what it is for (expense account) How would you tract customers birthdates in QB's? - ANS - Add a customer field to the customer list How do you print "terms" to be displayed on the printed invoice? - ANS - 1. List menu > Templates 2. Select the desired template and double-click on it 3. Click on "ADDITIONAL CUSTOMIZATION" 4. Select what to print You've been asked to move the name of the customer in the costumer center from the top of the list to the bottom of the list. How do you do this WITHOUT renaming the customer? - ANS - Click on the diamond to the left of the name then drag. Record a customer credit and apply it to the open invoice. - ANS - refund+credit > select customer > enter date and reference amount > select the invoice save+close What is the quickest way in QuickBooks to find an invoice from six months ago? - ANS - open invoice > click find How do you make an item inactive? - ANS - 1. Open item list 2. Click on the item you want to hide 3. Click the item drop-down arrow at the bottom left of the window 4. Select make item inactive You have to set up an item for "shipping". What item type should you use? - ANS - other charge Your company sells unique items to every customer (they never sell the same service or product) What item(s) should you set up in QuickBooks? - ANS - set up generic item; adjust price and description Which of the following elements on an invoice can you NOT customize? - ANS - The amount of information (number of characters) in each field The bank notified you that a customer's check you deposited has bounced. What should you NOT do? - ANS - Delete the customers payment from the deposit What is true regarding Undepositied Funds in QB's? - ANS - It is an account used to record payments before you deposit them Which of the following is a possible reason for a bank reconciliation discrepancy? - ANS - The beginning balance does not match the end of las [Show More]

Last updated: 2 years ago

Preview 1 out of 7 pages

Buy Now

Instant download

We Accept: