Question 1

Which financial statement below summarizes the financial position of a company?
A)Statement of Cash Flows
B)Profit & Loss Statement
C)Income Statement
D)Balance Sheet

Accepted Answer

The balance sheet summarizes the financial position of a company at a specific point in time.

Question 2

All of the following are one of the four main categories of transactions in QuickBooks except?
A)Customers and sales
B)Vendors and expenses
C)Chart of Accounts
D)Banking

Accepted Answer

Chart of Accounts is not a transaction category in QuickBooks. It is a list of all the accounts used in the company's accounting system.

Question 3

Which financial statement below summarizes a company's cash inflow and outflow?
A)Statement of Cash Flows
B)Profit & Loss Statement
C)Balance Sheet
D)Cash Flow Forecast

Accepted Answer

The Statement of Cash Flows summarizes a company's cash inflows and outflows over a period, detailing how cash is generated and used in operating, investing, and financing activities.

Question 4

To change a company name in QuickBooks,select the following from My Shortcuts on the Navigation (Icon)Bar:
A)Company > Preferences
B)My Company > Edit
C)Home > Edit > Preferences
D)None of the choices are correct

Accepted Answer

In QuickBooks, to change a company name, you go to "My Company" and then select "Edit" to update the company information.

Question 5

Which of the following tasks cannot be completed in the Vendor section of the Home Page?
A)Create Invoice
B)Create Purchase Order
C)Receive Inventory
D)Receive Bill

Accepted Answer

Creating an invoice is typically a task associated with the customer or sales section, not the vendor section.

Question 6

Reports for managers can help to identify:
A)Overdue customer accounts
B)Least profitable product
C)Most profitable product
D)All of the choices are correct

Accepted Answer

Reports for managers can provide insights into various aspects of business performance, including overdue customer accounts, least profitable products, and most profitable products, making all the choices correct.

Question 7

Which of the following file types identifies a QuickBooks Backup file?
A)QBM
B)QBB
C)QBW
D)QBX

Accepted Answer

A QuickBooks Backup file is identified by the file extension .QBB.

Question 8

Which one of the following activities is associated with the Customer section of the Home Page?
A)Pay sales tax
B)Enter bills
C)Receive payments
D)Record inventory received

Accepted Answer

Receiving payments is an activity related to managing customer transactions.

Question 9

A QuickBooks QBB file
A)Can be opened and used by simply clicking on the QBB file
B)Is a compressed file that must be restored as a QBW file before transactions can be entered
C)Is a compressed file that can be unzipped using any unzip software application
D)All of the choices are correct

Accepted Answer

A QBB file is a backup file for QuickBooks and must be restored to a QBW file to be used for entering transactions.

Question 10

Which type of QuickBooks data file allows you to enter data and transactions?
A)QBM
B)QBB
C)QBW
D)QBX

Accepted Answer

The QBW file is the primary data file used by QuickBooks to store financial data and transactions, allowing users to enter and manage their accounting information.

Question 11

The Chart of Accounts can be accessed from which section of the Home page?
A)Customer
B)Banking
C)Company
D)Vendor

Accepted Answer

The Chart of Accounts is typically accessed from the Company section as it relates to the financial structure and accounts of the business.

Question 12

Accounting information is used to do all of the following except:
A)Prepare financial statements for investors
B)Prepare tax returns for the IRS
C)Prepare reports for management
D)Prepare meeting minutes for the board of directors

Accepted Answer

Accounting information is not typically used to prepare meeting minutes for the board of directors; meeting minutes are usually a record of discussions and decisions made during meetings.

Question 13

Which of the following tasks is completed from the Banking section of the Home Page?
A)Pay employees
B)Write checks
C)Enter bills
D)Record payments received from customers

Accepted Answer

Write checks is completed from the Banking section of the Home Page.

Question 14

In the Company section of the Home Page,you can:
A)Pay bills
B)View the Chart of Accounts
C)Record credit card receipts
D)Enter invoices

Accepted Answer

The Company section of the Home Page typically allows users to view the Chart of Accounts, which is a listing of all accounts used in the company's general ledger.

Question 15

Which one of the following activities is not associated with the Employee section of the Home Page?
A)Write Checks
B)Pay Payroll Liabilities
C)Process Payroll Forms
D)Enter Time

Accepted Answer

"Write Checks" is not specifically associated with the Employee section; it is a general financial activity.

Question 16

Which financial statement below summarizes a company's earnings?
A)Statement of Cash Flows
B)Cash Flow Forecast
C)Balance Sheet
D)Profit & Loss Statement

Accepted Answer

The Profit & Loss Statement, also known as the Income Statement, summarizes a company's earnings by detailing revenues, expenses, and profits over a specific period.

Question 17

Which of the following tasks can be completed in the Vendor section of the Home page?
A)Create Invoices
B)Create Estimates
C)Receive Inventory
D)Receive Payments

Accepted Answer

The Vendor section typically involves tasks related to managing inventory and supplier interactions, such as receiving inventory.

Question 18

The Home Page in QuickBooks consists of all the following sections except:
A)Employee
B)Lists
C)Customer
D)Vendor

Accepted Answer

The Home Page in QuickBooks typically includes sections for Employee, Customer, and Vendor, but not Lists. Lists are accessed through a different menu.

Question 19

Most accounting systems consist of which of the following components:
A)Input
B)Processing
C)Output
D)All of the choices are correct

Accepted Answer

Most accounting systems include input, processing, and output components to handle financial data effectively.

Question 20

Ways to navigate QuickBooks include:
A)Menus
B)Icon Bar
C)Home Page
D)All of the choices are correct

Accepted Answer

QuickBooks can be navigated using menus, the icon bar, and the home page, making all the choices correct.

Quiz 1: Navigation and Settings

Which financial statement below summarizes the financial position of a company?

All of the following are one of the four main categories of transactions in QuickBooks except?

Which financial statement below summarizes a company's cash inflow and outflow?

To change a company name in QuickBooks,select the following from My Shortcuts on the Navigation (Icon) Bar:

Which of the following tasks cannot be completed in the Vendor section of the Home Page?

Reports for managers can help to identify:

Which of the following file types identifies a QuickBooks Backup file?

Which one of the following activities is associated with the Customer section of the Home Page?

A QuickBooks QBB file

Which type of QuickBooks data file allows you to enter data and transactions?

The Chart of Accounts can be accessed from which section of the Home page?

Accounting information is used to do all of the following except:

Which of the following tasks is completed from the Banking section of the Home Page?

In the Company section of the Home Page,you can:

Which one of the following activities is not associated with the Employee section of the Home Page?

Which financial statement below summarizes a company's earnings?

Which of the following tasks can be completed in the Vendor section of the Home page?

The Home Page in QuickBooks consists of all the following sections except:

Most accounting systems consist of which of the following components:

Ways to navigate QuickBooks include: