QuickBooks Test 1 Practice

Front

Shows assets, liabilities and equity at one point in time.

Back

Balance Sheet

Front

Used to understand changes in revenue and expenditure.

Back

Profit and loss statement

Front

Show income, expenses, and net income during a specific time period.

Back

Profit and loss statement

Front

Provides information about the current financial health of business.

Back

Balance Sheet

Front

In QB online, what is the effect of the vendor credit for two damaged shirts ordered from a vendor? Options: Credit the cost for the damaged shirts to the Vendor Credits and Refunds income account, Reissue the vendor invoice for a lower amount, Refund the cost of the damaged shirts in cash, Credit the account you need to make the purchase.

Back

Credit the cost for the damaged shirts to the Vendor Credits and Refunds income account.

Front

What is a reason for setting up products or services in QB online?

Back

To have standard terminology for customers on sales forms

Front

Select the choice with the matching pairs:
Classes: Track transactions by departments in a company
Locations: Track transactions by city or region
Projects: Track job costs and income

Back

Classes: Track transactions by departments in a company
Locations: Track transactions by city or region
Projects: Track job costs and income

Front

For each statement about setting up payment terms for a new customer in QB online, select true or false.
1a) You can create new payment terms from the New Customer Form
1b) You must specify payment terms when setting up a new customer
1c) If you do not select payment terms for a customer, QB Online assigns the default invoice terms

Back

1a) True
1b) True
1c) False

Front

What are the four types of products and services that can appear on QB sale forms? Options: Bundle, Group, Inventory, and Service; Group, Inventory, Inventory Assembly, and Service; Bundle, Inventory, Non-Inventory, and Service; Flat Fee, Package, Part, and Service

Back

Bundle, Inventory, Non-Inventory, and Service

Front

Which lists can you import into QB Online Plus from the Import Data Screen? Employees, Bills, Products and Services, Terms

Back

Products and Services