Deck 1: Navigation and Settings

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

Answer 1

D

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

Answer 2

C

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

Answer 3

A

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

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

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

Question 7

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

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

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

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

Question 10

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

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

Question 11

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

A)Customer
B)Banking
C)Company
D)Vendor

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

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

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

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

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

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

Question 18

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

A)Employee
B)Lists
C)Customer
D)Vendor

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

Question 20

Ways to navigate QuickBooks include:

A)Menus
B)Icon Bar
C)Home Page
D)All of the choices are correct

Question 21

Briefly explain the differences between a QuickBooks QBB file and a QBW file.

Question 22

Name 2 (two)of the 5 sections on the QuickBooks Home Page and briefly describe what activities can be performed from those sections.

Question 23

List the 2 (two)main different types of QuickBooks files. What is the purpose of each file type?