stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
3-22-22 Quiz#2 Quickbooks Online Flashcards | StudBud
Explore
/
3-22-22 Quiz#2 Quickbooks Online
3-22-22 Quiz#2 Quickbooks Online
40 terms
·
StudBud Administration
·
428 plays
Imported from external platform
Flashcards
40 cards
F
Practice quiz
P
Host live
L
Questions
40
Answers
1
What does the Apps tab do in Quickbooks?
Use the Apps tab to find other apps a business needs for their business
Use the Apps tab to track customer appointments.
Use the Apps tab to create versions of QB for each user in your company.
Use the Apps tab to link your iOS or Android phone apps to QuickBooks.
2
Your boss wants to know if there are any overdue bills. What reports would you run to give him this information.
Accounts Payable Aging report
Open Bills report
Overdue Bills report
Bills by Due Date report
3
When should you not delete a check?
You printed a check on blank paper and you don't want to record the check.
You accidentally recorded the same check (with the same check number) twice
You recorded a check but have not printed it yet.
You printed a check and the check number has been used.
4
What's the second step to set up a new vendor?
Click the New button.
Enter the Vendor's name and profile information.
Click on Vendors in the left menu bar.
Enter the Vendor's billing rate, terms, opening balance, and account number
5
What is the primary reason for setting a Closing Date in Quickbooks?
To delete prior year transactions
To restrict users from deleting editing adding transactions to a closed...
To reduce company file size
To transfer current year net income to retained earnings
6
You have two customers with the same name. How do you handle this in Quickbooks?
As long as the address is different, you don’t need to do anything.
Make sure the customer number is different.
When setting up the second name, click the “Generate unique identity” check
Use a middle initial in the display name to make one name different
7
You sent a Quickbooks report to Excel and made some changes. How do you import the changes back to Quickbooks?
Open the original report and click Export. Click Advanced Tab and Import...
From the menu, select Reports > original report name > Import from Excel.
Use the Import from Excel wizard in QuickBooks.
You can’t import changes in Excel back to QuickBooks.
8
What is the purpose of the Audit log report?
To prepare the books for an accounting firm’s audit
To track attempts to access a restricted area
To help you perform a year-end audit
To track any changes and deletions to transactions and who made the changes
9
Which statements about required fields in Quickbooks Online are true? (select three)
You can enter a Sales Receipt if the Customer field is empty
You can enter a Bill if the Vendor field is empty.
You cannot enter an Invoice if the Customer field is empty.
You cannot enter a Bill if the Vendor field is empty.
10
How do delayed charges affect a customer's balance?
QuickBooks does not have a delayed charges option.
Delayed charges increase a customer’s balance.
Delayed charges reduce a customer’s balance.
Delayed charges have no effect on a customer’s balance.
11
What type of account must you have to collapse the Profit and Loss report?
There is no such thing as collapse
QuickBooks Online PLUS account
Subaccounts
Collapsible Accounts
12
When would you enter a journal entry?
To correct errors (if you have a strong accounting background)
All of the answers are correct
To enter depreciation
For year-end adjustments
13
What is the first step for entering a sale in Quickbooks Online?
Select the Sales Receipt
Enter the sale and payment information.
Save the transaction
Click the plus icon
14
Which of the following statements is true regarding vendor credit memos?
Vendor credit memos increase what you owe the vendor.
Vendor credit memos reduce what you owe the vendor.
Vendor credit memos are the same as delayed charges.
Vendor credit memos are sent to you when your account is overdue.
15
What is the purpose of the Gear icon?
Navigates you to the home page
Creates new transactions
Accesses settings, lists, and tools
Launches activities and reports
16
How do you set up a new product to be tracked by Quickbooks?
Type a comment in the note box to add this product/service to Inventory.
Enable the box, "Vendor purchase."
Type a comment in the note box explaining this purchase is from a supplier.
Enable the box, "I purchase this product/service from a supplier."
17
Which dropdown menus is not a list in Quickbooks Online?
Vendors
Customers
Employees
Other Names
18
Why would a business choose to enter a bill and then pay the bill later instead of just recording the check or expense?
You can’t write a check without a bill to attach it to.
The funds won’t have anywhere to go.
Entering a bill and paying it later allows you to track accounts payable.
It is against the law to not enter a bill if you receive one.
19
You made a purchase for your company using a hand-written check. What must you do differently to record this check?
Enter the vendor's name.
Select the account for the payment.
Print the check.
Deselect the "Print Later" box and enter the check number.
20
What transaction should you enter if a customer returns a damaged product or complains for a refund?
Debit Memo
Check or Bill
Credit Memo
Customer Return
21
Select the statements that are true for Accrual Accounting.
Provides a more accurate picture of the probability of a comapny
Revenue is accounted when it is earned and expenses when incurred.
Mostly used by small business and for personal finances
Expenses are recorded when paid and revenue is recieved
22
Because Quickbooks Online is in the cloud, you don't need to manually back it up.
False
True
23
How do you create a recurring invoice in Quickbooks Online?
Open the transaction form (invoice in this case) and click Make recurring.
Click the 📷 icon and select Recurring Transactions.
From the Vendor detail select Recurring Transaction from the New Transac...
From the Customer detail select Recurring Transaction from the New Transa..
24
In Quickbooks Online, entering a purchase order for inventory affects which accounts?
No accounts are affected because purchase orders are nonposting transaction
It affects accounts payable only.
Income and accounts payable are affected.
Inventory assets and accounts payable are affected.
25
What's the first for setting up a new vendor?
Enter the Vendor's name and profile information.
Enter the Vendor's billing rate, terms, opening balance, and account number
Click the New button.
Click on Vendors in the left menu bar.
26
Which of the following statements is true regarding Undeposited Funds in Quickbooks?
Undeposited Funds is an account used to record unpaid invoices.
Undeposited Funds is an item type usually associated with bad debt.
Undeposited Funds is an item type usually associated with NSF fees.
Undeposited Funds is used to record payments before you make a deposit.
27
If you have a customized report that you use each month, what feature lets you run the report with updated data?
Save Customizations
Automate report
Memorize report
Update report
28
Select the statements that are true for Cash Basis Accounting.
Mostly used by small business and for personal finances
Expenses are recorded when paid and revenue is recieved
Provides a more accurate picture of the probability of a comapny
Revenue is accounted when it is earned and expenses when incurred.
29
What is the first step to activating inventory?
Select Track inventory quantity on hand
Select Sales
Select Products and services
Select Company Menu
30
What form cannot be customized in Quickbooks?
Bill
Invoice
Estimate
Sales Receipt
31
Which of the following statements is true about merging?
You can merge an income account with an expense account.
You can merge a customer with a vendor entry.
You can merge expenses and items.
You can only merge names from the same type.
32
What is not a Quickbooks Online user type?
Custom User
Accounting
Time Tracking
Reports
33
What are the
three
steps for finding an invoice using the amount of the transaction?
Step 2: Enter the transaction amount.
Step 1: Press the Search icon and search for the specific amount.
Step 2: Go to the Audit log listing for invoices.
Step 3: Select the transaction from the list of results.
34
When entering a journal entry, what happens if the debits don't equal the credits?
QuickBooks asks you what to do with the unequal amount.
QuickBooks sends the difference to an adjustment account.
Quickbooks will not allow you to record the transaction
Nothing. QuickBooks records the transaction as is.
35
Which three lists can you import from Excel into Excel into Quickbooks Online? (Choose three)
Customers
Chart of Accounts
Reports
Products and Services
36
How do you tell Quickbooks that this customer's invoices should be due 30 days after they're issued?
Set the customer’s Terms to Net30.
Select the checkbox next to Due in 30 days.
Set the due date on the next invoice you enter for the customer....
You have to set this on each invoice you enter for the customer.
37
What are the
two
steps to change your company address in Quickbooks Online.
Step 1: Select products and services
Step 1:Click the 📷 icon on the home page.
Step 2: Select advanced settings
Step 2: Select Account and Settings.
38
Which three statements are true about setting up a product or service in Quickbooks Online? (Choose three)
To create an invoice, you can use either a product or a service.
ProductsServices allow you to track sales and not clutter chart of accounts
You can use one product/service to represent different services or goods.
To create an invoice, you can use a product but not a service.
39
What is one reason to not use a bank deposit or journal entry screen to record sales?
If sales are recorded through the bank deposit screen,the sale won't appear
It is a good idea to record sales through bank deposits and journal entries
The cash flow report will be wrong.
The income from the sales will not show up in the bank account.
40
True or False:When using Quickbooks Online, all users need to use the same operating system in order to access the data.
False
True
