Question 1

Which QuickBooks version is designed for mid-sized businesses?

Accepted Answer

A) QuickBooks Pro 
B) QuickBooks Premier 
C) QuickBooks Accountant 
D) QuickBooks Enterprise Solutions

Question 2

Which of the following is not an income account?

Accepted Answer

A) Revenue 
B) Interest Revenue 
C) Rent Expense 
D) Gain on sale

Question 3

How may you customize QuickBooks to fit your specific needs?

Accepted Answer

A) Make changes to the Chart of Accounts. 
B) Purchase one of the various QuickBooks editions. 
C) Enable security access to QuickBooks files. 
D) All of these

Question 4

Which account below is not an Expense account?

Accepted Answer

A) Utilities 
B) Rent 
C) Accounts Payable 
D) Advertising

Question 5

The Favorites menu allows you to:

Accepted Answer

A) Add websites that are useful to your business 
B) Customize up to 30 of your favorite QuickBooks menu items 
C) Add one favorite QuickBooks menu item 
D) None of these

Question 6

Non-posting accounts:

Accepted Answer

A) Track information required for the accounting system 
B) Do not appear on the Balance Sheet 
C) Do not appear on the Income Statement 
D) All of these

Question 7

An example of a non-posting account is ________.

Accepted Answer

A) Employee Expense 
B) Inventory 
C) Purchase Orders Account 
D) Accounts Payable

Question 8

What feature helps you track tasks and due dates?

Accepted Answer

A) Control 
B) Charting 
C) Calendar 
D) All of these

Question 9

Which of the following increases owner's equity?

Accepted Answer

A) Dividends 
B) Business losses 
C) Business expenses 
D) Business profits

Exam 2: Customizing Quickbooks and the Chart of Accounts