QuickBooks Exam Practice

Front

What transaction should you enter if a customer returns a damaged product, or in the case of a service, complains so much you decide to write them a check for a refund?

Back

Refund Receipt

Front

You have a customer who will now also be a vendor. How do you handle this In QuickBooks?

Back

Use a "V" at the end of the display name on the vendor record to differentiate the vendor record from the customer record.

Front

When should you not delete a check? Options: You printed a check and the check number has been used. 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 on blank paper but now realize you don't want to record the check.

Back

You printed a check and the check number has been used.

Front

How do you set up a new product to be tracked by QuickBooks?

Back

Enable the box, "I purchase this product/service from a supplier."

Front

Which form cannot be customized in QuickBooks? Estimate, Invoice, Sales Receipt, Bill

Back

Bill

Front

What is the purpose of the Audit Log report?

Back

To track any changes and deletions to transactions as well as track which user makes the change or deletion.

Front

Your boss wants to know if there are any overdue bills. What report would you run to give him this information?

Back

Accounts Payable Aging report

Front

You’re setting up a new customer. How do you tell QuickBooks that this customer’s invoices should be due 30 days after they’re issued?

Back

Set the customer’s Terms to Net30.

Front

What is one reason to not use a bank deposit or journal entry screen to record sales?

Back

If you record sales through the bank deposit or journal entry screen, the sale will not appear on sales reports.

Front

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 NSF fees. Undeposited Funds is an account used to record payments before you make a deposit. Undeposited Funds is an item type usually associated with bad debit.

Back

Undeposited Funds is an account used to record payments before you make a deposit.