QuickBooks MCQs
QuickBooks MCQs
These QuickBooks multiple-choice questions and their answers will help you strengthen your grip on the subject of QuickBooks. You can prepare for an upcoming exam or job interview with these QuickBooks MCQs.
So scroll down and start answering.
1: Can we see % of change of balance sheet items from last year to current year?
A. You can export data in excel and make the comparison.
B. You can do it after customizing the software.
C. No
D. Yes, you can compare.
2: Where does Quickbooks apply a customer's payment, by default, if no invoice number is indicated?
A. The largest invoice
B. The most recent invoice
C. The oldest invoice
3: True or False: Voiding an invoice is the same as deleting it.
A. False
B. True
A. False. Subcontractors doesn't have to fill out any form, as they are not employees of the Company.
B. False. W-2's & W-3's are for employees only. Subcontractors must fill out the W-9 form.
C. True, as W-3's are subcontractors way of showing taxes etc.
5: What is an QuickBooks Accountants Copy?
A. Its a Quickbooks data file that allows the accountant prepare the client's tax return using the QuickBooks data.
B. Its a Quickbooks data file that allows the accountant to add and make changes to a client's data file and then send the file back to the client so that the changes can be merged with the client's data file.
C. Its a Quickbooks data file that allows the accountant to see the activity but not to make any changes.
D. Its a Quickbooks data file that is the same as a back-up file.
6: What must be done to add sales tax to an invoice?
A. In the customer section go to create invoice and then add sales tax.
B. Sales Tax must be activated in the Preferences and a sales tax item to the item list.
C. The software always has sales tax on the invoice. Nothing has to be done.
D. Check the box that says - Sales Tax on the invoice
7: What is the shortcut action that results from pressing Ctrl+M?
A. Memorizes a transaction
B. Displays the memorized transaction list
C. Creates and displays a Quick Report on the selected transaction
D. Displays the Register window
8: What are different formats of importing data in Quick Books?
A. IIF & Web Connect File
B. IIF , Timer Activities, Web Connect file & Data files
C. IIF , Timer Activities, Web Connect file & Excel files
D. Only Web Connect file
E. None of above
9: True or False: Sales tax is reported to the state annually.
A. False. It depends on the amount of income a company makes per month. Some report monthly, quarterly or annually.
B. True, they are reported on April 15th of the upcoming year.
C. False. It must be reported at the end of the month.
10: To print the trial balance:
A. Select Chart of Accounts icon, Print Report
B. Select Report Center, Accountant & Taxes, Trial Balance
C. Select Company Center, Print Tral Balance
D. From the Company Section of the Home Page, select Trial Balance icon
11: True or False: Sales order can be viewed in report form by using Print Preview Command.
A. True
B. False
12: Intuit only has 2 templates for your company, and you must pick either Products or Services for your template.
A. True. You don't need more than 1 way of invoicing etc, so you can pick either products or services.
B. False. Intuit also offers Packing Slip template, but you can't use services or products, so you have to choose wisely which 1 you want to use.
C. True, because QB's doesn't want to confuse you.
D. False. Intuit offers at least 9 different templates you can choose from, with an option to create your own if you don't find one that suits you.
E. True. You have to either sell products, or you can offer services such as counseling, but that's it.
13: When you go to list, Customer & Vendor Profile list, can you change the customer message from here?
A. No
B. Yes
14: How do you write off bad debt by using cash basis accounting?
A. Cash basis accounting recognizes income at the time an invoice is created and therefore when an invoice is deemed as noncollectable it is written off the books as a “bad debt expense”. The income may have been recognized in one year and written off as a b
B. Cash basis accounting does not recognize income until payment has been received. To have a bad debt expense you first have to recognize income. On cash basis accounting an invoice deemed as noncollectable is removed from your P&L by reducing gross income
15: True or False: Only the Company Administrator is allowed to turn time tracking off and on.
A. False
B. True
16: In which formats you can import customer data to customer center?
A. You cannot import data to create customer list.
B. You need to create QIB format to import data in the same fields.
C. Only CSV and Excel files can be imported.
D. You can do it by creating a notepad file.
17: What is one way to make an account inactive?
A. Right click and select 'Make Account Inactive'
B. Ctrl-I to make the account inactive
C. Ctrl-D to delete the account
D. Add the account to the Inactive Account List
18: What type of Quickbooks file has an extension of .QBA ?
A. Accountant's review copy (working copy)
B. Configuration file
C. Intuit Interchange Format file
D. Loan Manager Data
19: Can Quickbooks generate reports on cash basis?
A. Yes
B. No
20: True or False: You cannot undo a bank reconciliation once it has been done.
A. True
B. False
21: True or False: If you wanted to add or change the terms on an invoice that wasn't originally set up for that customer, you have to go to the Customer Profile and change it there before you can enter it on the invoice.
A. False, you can enter any terms on an invoice and QuickBooks will ask if you want to update the Customer Profile with the new terms for this customer.
B. False, you have to go to the Vender Profile list to change the terms on an invoice.
C. True, you can't change the terms without changing the Customer Profile first.
22: Where can you find answers to questions regarding Quickbooks?
A. All the answers are correct
B. Help tab in the Program itself
C. Quickbook study guides
D. Youtube
E. Intuit
23: What is an example of a recurring template?
A. Automatically allocating unbilled charges to group invoices
B. A scheduled recurring check template for the same monthly loan payment
C. Invoice automation reminders
D. By selecting a vendor, Quickbooks fills in the full transaction
24: Is it possible to accept credit card payments through a mobile phone and synchronize the transactions with QuickBooks?
A. It is possible but you cannot synchronize the data with QuickBooks.
B. You can accept only through QuickBooks online
C. No, it is not possible.
D. Yes, we can do that with Go payment Application.
25: What will increase the inventory balance?
A. Entering Credit Card payment
B. All of these
C. Entering Bills
D. Writing Checks
26: True or False: Creating the company file is the last thing you do when you set up your financial records in Quickbooks.
A. True
B. False
27: True or False: You must have a purchase order in place in order to monitor and manage partial order receipt.
A. True
B. False
28: Are subcontractors paid on an expense report when their work is finished?
A. Yes, because it's the only way to keep the books balanced.
B. No, they are vendors and are treated like any other vendor account.
C. No, they are paid by check per each days job that is done.
29: If you hire someone and they don't have their W-4 filled out, can they still work on the day you wanted them too?
A. No. You need all the info NOW, before they can even start work.
B. Yes. the W-4 info can be filled in at a later date, but not TOO much later from when the employee is employed.
C. Yes. But they can only work a couple hours daily until they get their form filled and turned in.
30: True or False: QBP preference options control whether or not a decimal point will be required when entering a financial amount.
A. True
B. False
31: The shortcut to Open Invoices is:
A. Ctrl + I
B. Ctrl + J
C. Ctrl + C
D. Ctrl + O
E. Ctrl + A
32: What is a Quickbooks Audit Trail?
A. The set of default T accounts that are affected with each entered transaction
B. A report of what changes were made to accounts before the closing date
C. A summary of transactions and list of who entered them, when and in what file location
D. A report of what changes were made to accounts after the closing date
33: What type of account is undeposited funds?
A. Asset
B. Expense
C. Liabilities
34: What is the shortcut action that results from pressing Crtl+T?
A. Displays the Write Checks window
B. Displays the memorized transaction list
C. Inserts a line into a list of items or expenses
D. Undoes your last action Ñ usually
35: Can the Profit & Loss report be found in the Chart of Accounts?
A. Yes, it shows under a liability if its a loss and an asset if its a profit.
B. No, the Profit & Loss report can be found under Reports. It's not an account that affects the Balance Sheet, so it will NEVER show on the Chart of Accounts.
C. Yes, the Profit & Loss report is listed under Capital/Equity account.
36: What expense account is created automatically when you turn multicurrency on?
A. Exchange Gain/Loss
B. Realized Gain/Loss
C. Other Income/Loss
37: True or False: Creating a service or professional invoice works basically the same way as creating a product invoice.
A. True: You just fill in fewer fields.
B. False: They they are nothing alike.
38: What happens if you press T in a date field?
A. Subtracts one day from the date shown
B. Changes the date to the first day in the year
C. Changes the date to the last day in the year
D. Replaces the date shown with today's date
A. False. In fact, you have better control and protection keeping your account private and NOT do business online.
B. True. That way the bank gets paid for you using their online service.
40: Can a Balance Sheet Standard account report be modified to include all Income and Expense accounts?
A. No
B. Yes
41: Can one switch from Peachtree accounting to QuickBooks?
A. Yes, but with programming.
B. No.
C. Yes, but only a QuickBooks developer can do this.
D. Yes, with a conversion tool.
42: True or False: You must be in multi-user mode to set a closing date.
A. False
B. True
43: True or False: Under the Report Center there is a reporting category entitled "Budgets."
A. False
B. True
44: Which of the following QuickBooks utilities is used to check for data file integrity?
A. Verify Data
B. Restore Data
C. Rebuild Data
D. Back Up Data
45: How many users can use a company file at the same time?
A. 4
B. 5
C. 10
D. Version dependent
E. 7
46: Can a company transmit their payroll tax payments via Quickbooks?
A. If the IRS requests it.
B. Yes, but only using QuickBooks "Assisted" Payroll services.
C. If you have the internet version.
D. Only with the professional version.
47: What happens if you press + in a date field?
A. Replaces the date shown with todayÕs date
B. Adds one day to the date shown
C. Enters tomorrow's date
D. Changes the date to the first day in the year
48: When you have an invoice, and you receive payment from the customer, you enter it under Bank Deposit.
A. No, you enter it under Sales Receipts.
B. Yes, it's the quickest way to put money into the company bank account.
C. No, you enter it under Customers, Receive Payments, where you list the customer name, amount etc.
49: True or False: Sales Receipts are a combination Invoice and Receive Payment.
A. True
B. False
50: What can you do with a vendor credit?
A. All listed answers are correct.
B. You can keep the credit to use later
C. You can request a refund of your money.
D. You can apply the credit to unpaid bills.
List of QuickBooks MCQs Multip...
Available in:
QuickBooks MCQs
MCQ по QuickBooks
MCQs de QuickBooks
QuickBooks MCQs
QuickBooks Domande a Risposta Multipla (MCQs)
QuickBooks Questions à Choix Multiples (QCM)
Perguntas de Múltipla Escolha (MCQs) sobre o QuickBooks
QuickBooks MCQs (Multiple-Choice-Fragen) auf Deutsch
QuickBooks选择题（MCQs）中文版
QuickBooks اختبارات اختيارية متعددة الاختيارات باللغة العربية
Pertanyaan Pilihan Ganda QuickBooks
QuickBooks Çoktan Seçmeli Soruları
