Deck 12: Advanced Quickbooks Features for Accountants

Question 1

QuickBooks can export reports to all of the following types for files except:

A)Numbers Document
B)Excel Document
C)Comma Delimited
D)Adobe PDF

Answer 1

A

Question 2

Which of the following identifies a QuickBooks portable company file?

A).QBB
B).QBM
C).QBW
D).QBX

Answer 2

B

Question 3

To write off a transaction that was charged a sales tax:

A)use a journal entry to move the customer's balance (credit) to the Bad Debt Expense account (debit)
B)use a journal entry to move the customer's balance (credit) to Allowance for Uncollectable Accounts (debit)
C)use the Credit Memo window
D)use the Receive Payments window (Discount Info button)

Answer 3

D

Question 4

You would use which QuickBooks feature to prepare a bid for a potential customer?

A)Progress Billing
B)Estimates
C)Enter Bills
D)Invoice

Question 5

Customer payments received on progress invoices are:

A)Recorded using the Check Register
B)Recorded using the Statement icon in the Customer section of the Home page
C)Recorded in the same manner as customer payments for standard invoices
D)Recorded using the Progress Invoices icon in the Customer section of the Home page

Question 6

QuickBooks Go Payment:

A)Is an Intuit app that connects you to your QuickBooks software.
B)Allows you to collect customer payments on the go.
C)To use: connects a credit card reader to your mobile device.
D)All of these

Question 7

Progress Invoicing is turned on by going to Edit > Preferences > ____________

A)Jobs and Estimates
B)Bills
C)Sales and Customers
D)Time and Expenses

Question 8

The audit trail lists:

A)All deleted transactions
B)All changes to transactions
C)User ID of person entering transactions
D)All of these

Question 9

Which of the following file extensions identifies an accountant's copy transfer file?

A).QBW
B).QBX
C).QBB
D).QBM

Question 10

When creating a budget in QuickBooks, you can:

A)Create a budget that increases each monthly amount by a specific percentage
B)Create a budget from previous year's actual data
C)Create a budget from scratch
D)All of these

Question 11

If the Estimates icon does not appear on your screen in QuickBooks, select:

A)Edit menu > Preferences > Jobs and Estimates > Company Preferences
B)Customer menu > Jobs > Estimates
C)Company menu > Estimates > Preferences
D)Company menu > Preferences > Estimates

Question 12

When doing business in multiple currencies, QuickBooks allows you to:

A)Apply currency conversions automatically
B)Download the current currency exchange rates
C)Specify your home currency
D)All of these

Question 13

To enable progressive billing, select:

A)Customer menu > Jobs > Progressive Billing
B)Company menu > Preferences > Progressive Billing
C)Edit menu > Preferences > Jobs and Estimates > Company Preferences
D)Company menu > Estimates > Preferences

Question 14

In QuickBooks, budget types include:

A)Profit & Loss
B)Balance Sheet
C)All of these
D)None of these

Question 15

To print an audit trail report:

A)Select Report menu > Company & Financials > Audit Trail
B)Select the Audit Trail icon in the Company Center
C)Select Report Center > Accountant & Taxes > Audit Trail
D)Select the Audit Trail report from the Company section of the Home page

Question 16

To print a budget:

A)From the Report Center, select Budgets & Forecasts
B)From the Company Center, select Company & Financials, Budgets
C)From the Report Center, select Company & Financials, Budgets
D)From the Report Center, select Accountant & Taxes, Budgets

Question 17

For long-term projects that are to be billed, as each stage of the project is complete, the QuickBooks _________ feature should be used.

A)Progressive Projects
B)Long Term Projects
C)Projects Billing
D)Progress Billing

Question 18

To create a budget:

A)From the Company Center, select Company & Financials, Budgets
B)From the Company menu, select Planning & Budgeting, Set Up Budgets
C)From the Edit menu, select Preferences, Set Up Budgets
D)From the Banking menu, select Planning & Budgets, Budgets

Question 19

A credit card payment received against/on an open invoice would be recorded as:

A)Using the Statements icon in the Customers section of the Home page
B)Using the Receive Payments icon in the Customers section of the Home page
C)Using the Credit Card icon in the Banking section of the Home page
D)None of these

Question 20

Which of the following identifies a QuickBooks working company file?

A).QBB
B).QBM
C).QBW
D).QBX

Question 21

The Direct Write-off Method for bad debts:

A)Removes a customer's uncollectible account receivable and records a bad debt expense and is recorded at the time a specific customer's account becomes uncollectible
B)Complies with GAAP
C)Estimates bad debt expense and establishes an allowance or reserve for uncollectible
D)None of these

Question 22

When recording a credit card sale using QuickBooks, select:

A)Create Invoice > Customer Payment > Customer & Job Name
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment >Select Customer & Job Name>Select Payment Method and enter credit card information

Question 23

QuickBooks Mobile App:

A)Allows you to see who owes you money, permitting you to view and add invoices.
B)Allows you to create and email sales receipts to customers.
C)Allows you to add new customer information on the go and then synced to your QuickBooks software.
D)All of these

Question 24

Briefly explain the allowance method for accounting for bad debts.

Question 25

The Docs Center:

A)Helps you to organize your accounting and business documents within QuickBooks software.
B)Is accessed by clicking on the Docs icon in My Shortcuts.
C)Offers you the ability to attach an electronic version of a document to a QuickBooks transaction.
D)All of these

Question 26

Briefly explain the direct write off method for accounting for bad debts.

Question 27

The Allowance Method for bad debts:

A)Should be used if uncollectible accounts have a material effect on the company's financial statements used by investors and creditors
B)Complies with GAAP
C)Estimates bad debt expense and establishes an allowance or reserve for uncollectible
D)All of these