Deck 12: Advanced Quickbooks Features for Accountants

Question 1

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

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

Answer 1

A

Question 2

Which of the following identifies a QuickBooks backup company file?

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

Answer 2

A

Question 3

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

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

Answer 3

A

Question 4

To create estimates 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 5

To record a customer payment made at the time of purchase with a credit card, select:

A)Create Invoice > Customer Payment > Customer Name Only
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment > Customer & Job Name

Question 6

The audit trail lists:

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

Question 7

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 8

To create a budget:

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

Question 9

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 10

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 11

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 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 the above

Question 13

Which of the following identifies a QuickBooks portable company file?

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

Question 14

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 the above

Question 15

In QuickBooks, budget types include:

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

Question 16

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 17

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

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

Question 18

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

Question 19

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)

Question 20

To print a budget:

A)From the Report Center, select Budgets
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 21

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 the above

Question 22

The Doc Center:

A)Is a subscription service provided by QuickBooks
B)Enables you to organize your accounting and business documents within the QuickBooks software
C)Allows you to attach an electronic version of a document to a QuickBooks transaction
D)All of the above

Question 23

When recording a customer payment from a credit sale with a credit card, select:

A)Create Invoice > Customer Payment > Customer & Job Name
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment > Customer & Job Name

Question 24

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

Question 25

The Client Data Review:

A)Helps a merchandising company track inventory
B)Helps an accountant find discrepancies between the financial statements and account balances
C)Identifies payments and credits applied to bills
D)All of the above
Short Answer Questions

Question 26

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 the above

Question 27

Briefly explain the allowance method for accounting for bad debts.