QuickBooks test 1: Questions &
Answers
What does Accounts Receivable mean?
a) These are the total amount of money owed to our vendors from open
bills
b) These are the invoices that were pre-paid before the product was
delivered
c) These are accounts used to receive inventory
d) It means these are values customers owe us, typically from open
invoices
e) It's a bank account that only receives deposits
f) All of the Above
g) None of the Above
(Ans- D
What is the difference between a customer and a job?
a) A customer is someone you sell to, and a job is when you get paid a
fixed salary
b) A job is a project or sub-customer under a customer. It is used to track
profitability separately with different projects under the same customer
c) A customer is whom you invoice, a job is who invoices you
d) Jobs are the expenses you pay. Customers are who pays you.
e) There is no difference between a customer and a job
(Ans- B
What are some of the different types of items?
a) Income and Expense items
b) Itemized deduction and Standard deduction
c) Items for sale and items non-for-sale 1 / 3
d) Inventory, Non-Inventory, Service, and Other Charges
e) Depreciable, Non-Depreciable, Taxable, and Non-Taxable
(Ans- D
What does Accounts Payable mean?
a) These are the total amount of money owed to our vendors from open
bills
b) It means these are values customers owe us, typically from open bills
c) These are accounts used to pay for inventory that has not been received
d) It's a bank account that is only used to make payments
e) A and B are correct
f) None of the above
(Ans- A
How do you export Quickbooks reports into Excel?
a) You can view Quickbooks data in Excel, but cannot manipulate the data
because it is not in spreadsheet format
b) You cannot export ANY data from Quickbooks to Excel
c) You must first open Excel and open the Quickbooks file from excel
directly
d) You must pull the desired report, then click Excel, then Create new
Worksheet
e) None of the above
(Ans- D
How does the "Enter Bills Pay Bills" feature differ from the "Write Checks" feature?
a) Enter Bills is to allow you to create all your accounts receivable from
your customer and Write Checks is to pay all your vendor bills
b) They all serve the same function and affect the accounting in the same
way
c) Enter Bills are assets that are converted to liability with the Pay Bills
function. Write Checks records expenses paid by check only 2 / 3
d) Enter Bills for expenses recognized on the bill's date and use the Pay
Bills option to pay in the future, utilizing the Accounts Payable account.Write Checks is only used to create expenses that are immediately paid, bypassing the Accounts Payables
e) Enter Bills for expenses recognized only on the day they get paid using
the Pay Bills option. Write Checks recognizes the expenses when the check clears the bank.(Ans- D
What is a "Petty Cash" or "Cash on Hand"?
a) It's an expense account where all miscellaneous cash expenses should
be recorded
b) It's a "bank" account in Quickbooks where cash payments from clients
can be deposited into if they are not deposited directly in the bank
c) It's a "bank" account in Quickbooks where you may transfer funds from
checking/savings accounts to utilize the cash to make purchases, and these purchases are logged in its own register
d) Both B and C are correct
e) Al of the above are correct
(Ans- D
What is "Undeposited funds"?
a) These are all the payments received but were not marked as deposited
in the bank via Quickbooks
b) These are all the open invoices that have not been paid by your clients
c) These are the funds you have deposited in the bank, but the bank has
not cleared yet as available for use
d) These are all your outstanding written checks that your vendors have not
deposited
e) All of the above
f) None of the above
(Ans- A
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