Introduction to QuickBooks
Chapter Exam Questions
Course Introduction
Introduction to QuickBooks provides students with a foundational understanding of this widely used accounting software. The course covers essential features, including setting up company files, managing accounts receivable and payable, creating invoices, tracking expenses, and generating financial reports. Through hands-on exercises and real-world examples, students will learn how to navigate the QuickBooks interface, perform daily bookkeeping tasks, and apply best practices in financial record-keeping. By the end of the course, students will gain practical skills to confidently use QuickBooks for small business accounting and personal finance management.
Recommended Textbook
Computer Accounting with QuickBooks 2015 17th Edition by Donna Kay
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Chapter 1: Quick Tour of Quickbooks 2011
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Sample Questions
Q1) In QuickBooks, how do you enter transaction information?
A)Onscreen forms and scanned images of transaction forms
B)Onscreen forms and QuickBooks reports
C)Onscreen Journal and scanned images of transaction forms
D)Onscreen Journal and Onscreen Forms
Answer: D
Q2) All of the following are one of the four main categories of transactions in QuickBooks except:
A)Customers
B)Calendar
C)Vendors
D)Employees
Answer: B
Q3) The objective of an accounting information system, like QuickBooks, is to:
A)Save company resources, like time and paper
B)Use the computer for keeping accounting records
C)Collect, summarize, and analyze data
D)None of these
Answer: C
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Chapter 2: Customizing Quickbooks and the Chart of Accounts
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Sample Questions
Q1) A Mortgage Payable account:
A)Has real estate as collateral
B)Is identical to a Loan Payable account
C)Is a type of Owner's Equity account
D)None of these
Answer: A
Q2) Which account below is not an Expense account?
A)Utilities
B)Rent
C)Accounts Payable
D)Advertising
Answer: C
Q3) The Income Statement:
A)lists the accounts and account numbers
B)lists a company's assets
C)summarizes what a company owns and what it owes
D)reports the results of a company's operations, listing income and expenses for a period of time
Answer: D
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Chapter 3: Banking
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Sample Questions
Q1) The Check Register:
A)Lists all accounts and their account numbers
B)Records payments and deposits to the Checking account
C)Is located directly on the Company section of the Home page
D)Keeps track of company deposits only
Answer: B
Q2) Briefly describe the QuickBooks "drill-down" feature and how helps companies.
Answer: The drill down feature in QuickBooks is the ability to click on an item and be taken to the supporting detail. This can help a company understand what transactions make up a number or entry in their accounting records.
Q3) Documents that prove a transaction occurred are:
A)Source documents
B)Receipts
C)Paid invoices
D)All of these
Answer: D
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Chapter 4: Customers and Sales
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Sample Questions
Q1) Online bill pay allows you to:
A.Sell goods over the internet
B.Email invoices to customers
C.Receive online payments from customers
D.QuickBooks does not support online bill pay
Q2) Which one of the following activities is not shown in the Customer section of the Home page?
A)Make Deposit
B)Receive Payments
C)Create Estimates
D)All of these
Q3) When recording a customer payment from a cash sale, select:
A)Create Invoice > Customer Payment > Customer Name Only
B)Make Deposit
C)Create Sales Receipt > Record Deposits
D)Receive Payment > Customer & Job Name
Q4) Name 3 (three) reasons why a job for a customer might be "pending".
Q5) Name 3 (three) reasons why a job for a customer might be "pending".
Q6) Briefly explain the difference between creating a sales receipt and creating an invoice.
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Chapter 5: Vendors, Purchases, and Inventory
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Sample Questions
Q1) Which report provides information on items ordered but not received?
A)Accounts Payable Aging Detail
B)Accounts Payable Aging Summary
C)Open Purchase Orders Report
D)Physical Inventory Worksheet
Q2) Briefly describe how sales tax payments flow from customers to government entities.
Q3) What QuickBooks activity comes next in this string of business activities? Purchase Order > Receive Items > Enter Bills > ______
A)Receive Payments
B)Pay Bills
C)Deposit
D)Vendor List
Q4) Which one of the following is a customer transaction?
A)Record Customer Information
B)Receive Customer Payments
C)Sell Goods to Customers
D)All of these
Q5) What are Inventory items, Non-inventory items, and Services? Provide examples.
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Chapter 6: Employees and Payroll
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Sample Questions
Q1) A company is required to withhold payroll taxes for:
A)Employees
B)Vendors
C)Subcontractors
D)All of these
Q2) Which of the following is typically used to track time for a single activity?
A)Employee Tracker
B)Stopwatch
C)Timesheet
D)QuickTime
Q3) All of the following are QuickBooks Payroll Services, except:
A)Basic
B)Assisted
C)Advanced
D)Enhanced
Q4) The Payroll Center:
A)Contains the employee list
B)Manages payroll and tax information
C)Is where employees enter time worked
D)Is located in the Banking Center
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Chapter 7: Reports and Graphs
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Sample Questions
Q1) Income tax reports in QuickBooks include all of the following except:
A)Income Tax Preparation report
B)Income Tax Detail report
C)Income Tax Summary report
D)Income Tax Mapping report
Q2) Sales are recorded under cash basis accounting when:
A)The goods or services are provided regardless of whether the cash is collected from the customers
B)The bookkeeper has time to record the transactions
C)The cash is collected from the customers
D)The costs are incurred to earn the revenue
Q3) The Profit & Loss Statement lists:
A)Assets and Expenses
B)Assets and Liabilities
C)Net Income and Owner's Equity
D)Income and Expenses
Q4) What is the difference between the cash basis and the accrual basis?
Q5) Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.
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Chapter 8: New Company Setup
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Sample Questions
Q1) List 3 (three) questions asked by the QuickBooks EasyStep Interview."Do you accept credit cards?" "Do you charge sales tax?" and "Would you like to add an existing bank account?"
Q2) To display account numbers in the chart of accounts choose:
A)Edit > Options
B)Edit > Preferences
C)Company > Financial
D)Company > Accounts
Q3) Sole Proprietorships use __________ as its Federal Tax ID number.
A)The owner's social security number
B)An EIN number
C)Business operating license number
D)None of these
Q4) Why should you customize the Chart of Accounts?
A)It's required
B)To modify it for your specific business
C)To make the system function
D)None of these
Q5) Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.
10
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Chapter 9: Accounting for a Service Company
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Sample Questions
Q1) To record the payment of bills just received from vendors, use the:
A)Pay Bills > Write Checks
B)Write Checks > Pay Bills
C)Enter Bills > Print Checks
D)Enter Bills > Pay Bills > Print Checks
Q2) Briefly explain how to record an owner's investment in their company.
Q3) To record a sales transaction, use the:
A)Create Purchase Order > Receive Payment > Make Deposit
B)Create Invoices > Receive Payment > Make Deposits
C)Create Invoices > Create Sales Receipts > Make Deposits
D)Receive Payment > Create Sales Receipts > Make Deposits
Q4) QuickBooks automatically closes ________________ accounts to start each new accounting year with a $0 balance in all _______________ accounts.
A)temporary; permanent
B)temporary; temporary
C)permanent; permanent
D)permanent; temporary
Q5) Briefly explain the difference between a permanent and a temporary account.
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Chapter 10: Merchandising Corporation: Sales, Purchases and Inventory
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Sample Questions
Q1) When setting up an existing company in QuickBooks, which of the following opening adjustments require journal entries?
A)When accounts payable opening balances create Uncategorized Expenses
B)When the Customer List is created
C)When payroll entries are added
D)None of these
Q2) The purchasing transaction cycle for a merchandising company is:
A)Create Purchase Order > Receive Inventory > Record Bill > Pay Bill > Print Check
B)Create Invoice > Receive Payment > Record Deposits
C)Create Purchase Order > Receive Payment > Record Deposits
D)Create Invoice > Receive Inventory > Pay Bill > Record Deposits
Q3) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts payable balances with an entry to the:
A)Uncategorized Expenses account
B)Uncategorized Income account
C)Opening Balance Equity account
D)Capital Stock account
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Chapter 11: Merchandising Corporation: Payroll
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Sample Questions
Q1) Wages paid to an employee are recorded as:
A)Payroll expense
B)Payroll liabilities
C)Payroll payable
D)Payroll revenue
Q2) The QuickBooks Tax Form Worksheets provide information to complete:
A)Employee pay checks
B)Sales tax forms
C)Payroll tax forms
D)The Income Statement
Q3) The steps for manually processing payroll tax forms are:
A)Click the Process Payroll Forms icon > Print the payroll tax forms
B)Print management reports > Locate payroll tax forms > Transfer the amounts in the management reports to the tax forms
C)Print financial statements > Locate payroll tax forms > Transfer the amounts in the financial statements to the tax forms
D)Print payroll reports > Locate payroll tax forms > Transfer the amounts in the payroll reports to the tax forms
Q4) Briefly describe how you manually process payroll forms.
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Chapter 12: Advanced Quickbooks Features for Accountants
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Sample Questions
Q1) Which of the following file extensions identifies an accountant's copy transfer file?
A).QBW
B).QBX
C).QBB
D).QBM
Q2) The Docs Center:
A)Helps you to organize your accounting and business documents within QuickBooks software.
B)Is accessed by clicking on the Docs icon in My Shortcuts.
C)Offers you the ability to attach an electronic version of a document to a QuickBooks transaction.
D)All of these
Q3) QuickBooks Go Payment:
A)Is an Intuit app that connects you to your QuickBooks software.
B)Allows you to collect customer payments on the go.
C)To use: connects a credit card reader to your mobile device.
D)All of these
Q4) Briefly explain the allowance method for accounting for bad debts.
Q5) Briefly explain the direct write off method for accounting for bad debts.
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