1) Under what Menu Bar choice can you change the appearance of the Home page? a

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1) Under what Menu Bar choice can you change the appearance of the Home page? a. View
b. File
c. Window d. Edit
2. Business entities that buy from the business belong in which list?
a. Sales Reps
b. Customers
c. Terms
d. Vendors
3. What is the correct form to use for selling on credit, using payment terms?
a. Create Invoices
b. Credit Memo
c. Enter Bills
d. Enter Sales Receipts
4. What goes on the Enter Sales Receipts form other than the sale information?
a. Refund information
b. Accounts Receivable GL account
c. Payment information
d. Accounts Payable GL account
5. On the Enter Sales Receipts form, if the amount charged for a service is fixed, how can you calculate the total sales amount while keeping the rate fixed?
a. Change the AMOUNT field.
b. Change the PAYMENT METHOD field.
c. Change the QTY field.
d. Change the ITEM field.
6. When you post customer payments for invoices, which GL account holds them until you enter the deposit?
a. Undeposited Funds
b. Accounts Receivable
c. Chequing
d. Sales
7. If a customer wants a refund or wants an invoice reduced, which form do you use first?
a. Credit Card Refund/Credit
b. Bill Credit
c. Write Cheques
d. Create Credit Memos/Refunds
8. If you correct a bill amount, what icon can you click in the Enter Bills form to update the amount due?
a. Save
b. Pay Bill
c. Recalculate
d. Clear Splits
9. When you make an entry using the Write Cheques form, what is the effect on the Chequing GL account?
a. The Chequing account is unchanged.
b. The Chequing account increases.
c. The Chequing account decreases.
d. The Chequing account is put into a suspended state until the cheque clears.

10. When the business purchases an item using a credit card, then returns what they purchased, what is the correct form to use?
a. Credit Card Purchase/Charge
b. Credit Memo
c. Credit Card Refund/Credit
d. Bill Credit
11. If you issue an invoice right before the end of a sales tax reporting period, what is the correct period to report the sales tax?
a. In the period when the customer pays.
b. In the period the invoice is due.
c. In the same period as the invoice.
d. In the next reporting period.
12. What number must be zero in order to finish reconciling?
a. Beginning Balance
b. Difference
c. Ending Balance
d. Cleared Balance
13. If you want to mark a report as one of your favourites, where can you do this?
a. In the Process Multiple Reports dialog box.
b. In the Memorize Report dialog box.
c. In the Customize Report dialog box.
d. In the Report Centre.
14. Why export reconciliation reports to Excel?
a. Reports in Excel have more data than the reports in QuickBooks.
b. The report columns cannot be resized in QuickBooks.
c. You can print the reports from Excel more easily than you can from QuickBooks.
d. You cannot memorize bank reconciliation reports, but you can export them and keep them in case you ever need to re-visit or re-do a reconciliation.
15. What pair of steps memorizes a report so it can be easily found later?
a. Re-name the report in a report window and press CTRL+M.
b. Re-name the report in a report window and save it as a favourite.
c. Click the Memorize button in a report window and choose a memorized report group.
d. Click the Customize button in a report window and re-name the report.
16. What report shows all sections of the accounting equation?
a. Profit and Loss
b. Balance Sheet
c. Accounts Receivable Aging
d. Journal
17. Which keyboard combination will open the File menu in QuickBooks?
a. CTRL+SHIFT+F b. SHIFT+F
c. CTRL+F
d. ALT+F
18. How can Ken best keep track of which transactions are related to the Research & Development department in his company?
a. Create a separate company file solely for the R&D department.
b. Create a class for the R&D department and specify it in all department-related transactions.
c. Create and export a report to Excel every time he enters transactions related to the R&D department. d. There is no way to accomplish this task.
19. In order to properly complete the Make Deposits form, which fields must include an entry?

a. Deposit To, Received From, Amount, Class
b. Deposit To, Received From, From Account, Amount
c. Deposit To, Date, Received From, From Account, Amount
d. Deposit To, Received From, From Account, Amount, Class
20. Which of the following statements about accrual accounting is true?
a. Accrual financial reports rely upon the payment dates, not the transaction dates.
b. Accrual accounting posts costs in a reporting period that is different from the period which accounts for
the revenue the costs generate.
c. Accrual accounting posts transactions on the date money changes hands, not when services or
products change hands.
d. Accrual financial reports rely upon the transaction dates, not the payment dates.
21. Which part of an item cannot be changed after you save the entry?
a. Account
b. Description
c. Item Name/Number
d. Type
22. In
a. Items are sent from the manufacturer to vendors via different shipping methods.
b. Manufacturers provide volume discounts to vendors.
c. Customers have contractual agreements with the business.
d. Vendors store merchandise in multiple warehouses.
23. Which action prevents list entries from being deleted?
a. Editing the list entry
b. Merging the list entry
c. Creating the list entry
d. Using the list entry in a transaction
24. What should you do when you have two records that represent the same entity, but both entries have been used in transactions?
a. Merge the two records.
b. Delete the two records.
c. Merge the transactions that use the entity.
d. Delete the transactions that use the entity.
25. Which statement reflects a valid reason for issuing a vendor credit? a. The vendor increases their bill.
b. The vendor reduces their prices.
c. The vendor owes the business for damages.
d. The vendor sent too much merchandise.
26. A customer advance payment occurs when __________________________________________________________________.
a. a customer pays for merchandise after it is shipped and they are invoiced
b. a customer returns merchandise after they are invoiced
c. a customer pays for merchandise before it is shipped and they are invoiced
d. a customer cancels an order after the merchandise has been shipped
27. If you want to enter an order only one time to record sales and inventory, what form do you complete first?
a. Invoice
b. Bill
c. Purchase Order
d. Sales Order
which scenario would a business offer customers different prices for the same product or service?
28. If the inventory arrives before the vendor bill, which action should you take?

a. Receive items and enter bills.
b. Enter bills.
c. Receive items.
d. Close purchase order.
29. Creating a General Journal entry _____________________________________________.
a. prevents you from allocating amounts across periods
b. creates connections among General Journal entries
c. allows you to allocate amounts across multiple periods
d. chooses debits and credits for you
30. Which statement reflects why you should memorize transactions?
a. It prevents you from making changes to recurring transactions.
b. It allows you to reuse the Make Deposits form.
c. It minimizes the time and effort spent on recurring transactions.
d. It preserves all the information in recurring transactions.
31. Which feature would be the most useful for determining the hours for which to pay hourly employees each
pay period?
a. The write cheques feature
b. The billable feature
c. The manual payroll feature
d. The time tracking feature
32. The PD7A is the standard form used to ____________________________________________.
a. report taxes to the Canada Revenue Agency
b. determine employment insurance amounts
c. calculate the amount from each employee to deduct for the Canada pension plan
d. determine provincial tax amounts
33. Which of the following is not a required item to start a new company file when using the Express Start method?
a. Industry
b. Province
c. Company name
d. Legal name
34. Which of the following statements about using the Create method to create a new company file is true?
a. All memorized reports will be copied into the new file.
b. Some lists and items will be copied into the new file, but no transactions will be copied.
c. You need only specify the company name, industry, company type, and province to set up a new
company file.
d. You can answer a series of questions to gather the information needed to set up a new company file.
35. In
a. If the Admin relinquishes his or her permissions
b. If more than one user has access to QuickBooks
c. If QuickBooks is set up in single-user mode
d. If the Admin establishes secure access to the company file
36. How can you implement accounting controls so that different users have responsibility for different parts of the accounting process?
a. Set up QuickBooks for multi-user mode.
b. Set user permissions to grant (or deny) access to different areas of QuickBooks.
c. Assign different passwords to each user.
d. Assign the Admin password only to the Admin.
37. How can you discover information about QuickBooks before you decide to update the software?
a. Re-install QuickBooks.
which situation do you need to set up passwords for each user?

b. Press the F2 key to display the software version, then review any downloaded updates.
c. Press the F2 key to display the software version, then restart your computer.
d. Check the software license renewal status.
38. What can occur if you don't set a fiscal year closing date?
a. The tax returns may need to be amended.
b. Accounting data in prior periods can be modified.
c. The Audit Trail won't show changes made by users.
d. You won't be able to change non-posting transactions.
39. How can you track specific information if QuickBooks doesn't already have a field for it?
a. Add a custom field to each individual item or name entry.
b. Create a custom field in the appropriate Name or Item list.
c. Upgrade to the Enterprise version of QuickBooks.
d. Customize columns for the appropriate Name or Item lists.
40. What is a good way for a business to reflect their branding on their invoices and forms?
a. Customize name fields.
b. Customize templates.
c. Customize item fields.
d. Download an online template that reflects the appropriate branding.
41. How are accounts organized in the Chart of Accounts by default?
a. Numerically by account number
b. Chronologically by creation date
c. Alphabetically within their account type
d. Numerically by account balance
42. Which form of business organization should you choose when creating a company if you are not sure which form applies?
a. Sole proprietorship
b. Non-profit
c. Corporation
d. Other
43. How can the opening balance of an account be edited once an account is created?
a. Using the Account Register
b. From Edit Account on the Activities list
c. From the Account Information option on the Edit menu
d. Using Opening Balances from the Company menu
44. Items that are not purchased, held in stock or tracked as inventory are known as:
a. Sales Tax items
b. Service items
c. Zero-Inventory items
d. Non-Inventory Part items
45. Who can change the settings on the Company Preferences tabs?
a. The owner of the company
b. Any user who can access the file
c. The accounting manager
d. The user indicated as an Administrator or External Accountant of the company file
46.If the Require Accounts option is turned off, sales transactions entered without a specified account will be posted to:
a. Revenue
b. Equity
c. Uncategorized Income
d. Uncategorized Equity

47. Which account type should be chosen for account used to record customer credit card receipts? a. Bank
b. Bank - Credit Card
c. Credit Card
d. Accounts Receivable
48. How are opening balances added for an expense account?
a. Using the Enter Opening Balances button on the Add New Account form
b. Using the Historical Information field on the Add New Account form
c. As an adjusting entry after the account has been created
d. By right-clicking the account in the Chart of Accounts and selecting Add Balance
49. How should the opening balances of contra-accounts be entered?
a. As a negative value
b. With a dollar sign
c. As a positive value
d. With parentheses around the value
50. Under
a. Desktop View
which preference heading would you find the option to use account numbers?