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Quickbooks Exam Study Questions & Answers

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Quickbooks Exam Study Questions & Answers What lists can be imported from Excel spreadsheets, when setting up a QuickBooks online company? - ANS - Chart of accounts, Customers, Products and Service ... s, and Vendors Which of the following is TRUE regarding your chart of accounts, when setting up a new QuickBooks company? - ANS - It is possible to add more accounts after starting a new company What company information does QuickBooks ask for when you first create a new QuickBooks online account? - ANS - The industry of the business Where is the Company Settings page found in QuickBooks online? - ANS - Click the Company Menu at the top right and select Company Settings What can you do to filter the home page so that it does not display sensitive financial information? - ANS - Turn on "Private Mode" from the home page Which of the following is TRUE regarding General Journal Entries? - ANS - General Journal Entries require a good understanding of debits and credits and a great deal of care should be taken by non accountants when entering them Which of the following statements about users is TRUE? - ANS - In addition to Regular or Custom users, you can also set up Reports Only, and Time Tracking only users When importing information from QuickBooks Desktop to QuickBooks online you: - ANS - Have to import everything, and anything that is in your QuickBooks Online company during the import will be overwritten Which of the following is TRUE regarding merging entries in lists? - ANS - You can merge an income account with another income account You just bought something from one of your customers and want to set them up as a vendor. What steps should you take to do that? - ANS - Open the Vendors list and create a new vendor. In the Display Name as Field, enter the customer's name, but add something else to the name to make it unique How do you delete a particular product that you no longer sell? - ANS - Click the Company Menu (gear icon) then click Products and Services. Select the product from the list and click delete What does QuickBooks do when you make a customer with a balance, inactive? - ANS - QuickBooks creates a Credit Memo and applies it to any open invoices which makes the balance zero Which of the following is NOT a list in QuickBooks Online? - ANS - Other names How does QuickBooks distinguish which income accounts should be affected when you use a product on a sales form? - ANS - When setting up a product or service, you assign the income account. Later when you use the product on sales forms QuickBooks uses that account to record income Which of the following statements is TRUE regarding products and services you sell? - ANS - When you sell a product or se [Show More]

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