QuickBooks® On-Line Test
Quickbooks version used:
Quickbooks 5.0 or older
The following test consist of multiple choice and essay questions. Answer each question as best as you can. No notes or books please.
1. If you enter a Bill through the - Enter Bills - window, pay the Bill through which window?
a. Write Cheques
b. Pay Bills
c. Receive Bills
d. Any of the above
2. Which of the following are Liabilities?
a. Common Shares, Due to Shareholder
b. Office equipment, Bank, Accounts Receivable
c. Rent, Repairs and Maintenance, Wages
d. Bank Loan, Accounts Payable, Payroll
3. You can enter an invoice - directly into a Customer:Job register.
4. Which of the following is not a Current Asset?
a. Checking Account
b. Accounts Receivable
c. Inventory Asset
5. The ROE Form is used for what?
a. To report income for a corporation
b. To report Good and Services Tax
c. To report end of employment
d. To report a registration of a business
6. If you make a mistake when entering an invoice, is it a good idea to delete the invoice and create another one?
7. Which of the following is a Fixed Asset?
b. GST Payable
c. Office Equipment
d. Common Shares
8. You can add custom fields for which of the following lists?
a. Vendors, Employees, Items
b. Items, Other Names, Employees
c. Employees, Customer:Job, Other Names
d. Items, Vendors, Other Names
9. A credit memo reduces a Customer:Job balance.
10. If you create an invoice for $530.00, where $500.00 is for services rendered and $30.00 is for sales tax. What does the journal entry behind the scenes look like?
a. $500 debit to A/R, $30 debit to Sales Tax, $530 credit to Revenue
b. $530 debit to A/R, $530 credit to Revenue
c. $530 debit to Revenue, $500 credit to A/R, $30 credit to Sales Tax
d. $530 debit to A/R, $30 credit to Sales Tax, $500 credit to Revenue
11. What is the purpose of a GST liability report?
12. Estimates automatically post to A/R account.
13. Balance Sheet Accounts and Income Accounts both have Quickbooks Registers that are accessed by double-clicking on the Account from the Chart of Accounts.
14. Which account does Quickbooks automatically set up to hold money a Company has received, but not yet deposited?
15. Which report summarizes the financial position of a company - the Value of Assets, Liabilities and Equity as of a particular date?
a. Balance Sheet
b. Profit and Loss Statement
c. Income and Expense Graph
d. Sales Graph
16. Does Quickbooks allow you to enter pending invoices? Explain.
17. What is the easiest way to view a List of Transactions posted to an expense account?
18. What is the accounting equation?
a. Income minus expenses
b. Assets - Liabilities = Income
c. Assets = Liabilities + Equity
d. Debits = Credits
19. How would you handle Quickbooks lists if you have a company that is both a vendor and a customer?
20. Which report in Quicbooks summarizes your income and expenses for a month?
21. How would you set up Quickbooks so that your best customers receive a 10% discount on all their purchases?
22. If you need to record a vendor credit, which of the following will open the correct window to enter the transaction?
a. The Vendor Credit icon from the Vendor Navigator
b. The Enter Bills icon from the Vendor Navigator
c. The Vendor Credit icon from the Customer Navigator
d. The Receive Credit icon from the Customer Navigator
23. An item created for services performed by the owner of a company should be set up as what type of item?
24. Backing up the company data file must be done while in multi-user mode.
25. Which statement best describes an item in Quickbooks?
a. Items help track Vendors
b. Items are used to perform calculations on the amounts in a sale
c. Items help track Employees
d. All of the above
26. Through your experiences, what do you find to be common mistakes made by Quickbooks users. Please list at least 3.
27. Quickbooks will handle an unlimited amount of inventory without problem.
28. What is the one thing Quickbooks will not allow you to change once it is set up?
29. Explain how using job cost system can help with your business. Please be specific.
30. Which is not an item in Quickbooks?
a. Inventory Part
b. Supply Item
c. Sales Tax Item
d. Non-Inventory Part