5. When two companies are open what function cannot be performed in the secondary window?

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1 4. What does the toggle function do? a) enables a second company file to be opened b) enables the user to view the version of QuickBooks that the client has c) allows the user to have more than one window in QuickBooks open d) all of the above 5. When two companies are open what function cannot be performed in the secondary window? a) order cheques and envelopes b) access the collections centre c) manage currency d) all of the above 6. The audit trail tracks all transactions and postings that have been entered, modified or deleted that affect the general ledger. What does it not keep track of? a) time tracking b) reconciliation status c) VAT filing status d) all of the above 7. You can export transaction data from which of the following QuickBooks lists to Microsoft Excel? a) Customers b) Employees c) Suppliers 8. The correct way to open the second company file, using Multi-Instance, is as follows: a. File > Open Second Company b. By double-clicking on the.qbw file for the second company file c. File > New Company d. A and B 9. Who can change the closing date password? a) Once set it cannot be changed b) Admin only c) Admin and External Accountant d) Any User

2 10. Which function will help the accountant find and clean up typical data entry errors made by clients in QuickBooks without having to search for them manually? a) Closing Date Exception Report b) Reconciliation Report c) Client Review Data d) Search 11. Which of the following is NOT possible to do, using the Client Data Review function a. Troubleshoot Prior Account Balances, and create adjusting journal entries to bring the books back to the correct balance. b. Reclassify large transactions which contain Items, to the correct general ledger accounts, all at once. c. Reclassify large numbers of transactions that do not contain items, to the correct general ledger accounts, all at once. d. Review changes to Lists that have been made since you last used Client Data Review for this client. 12. What icon shown on a transaction window will show precisely what has been affected behind the scenes? a) Journal b) History c) Find d) Customise 13. When exporting a report to Excel what options are available? a) Create a new workbook only b) Update an existing worksheet only c) Create a new workbook or update an existing worksheet d) You cannot export reports to excel 14. Which of the following reports provides account debit and credit details for deleted transactions, allowing to you to recreate them easily? a) Voided/deleted Transaction Detail b) Deleted Transaction Detail c) Deleted Transaction Summary 15. Which of the following cannot be done in an accountant s copy file? a) Enter general journal transactions b) Add new suppliers c) Add payroll items d) Add new customers 16. Which of the below accounts can be reconciled? a) Bank Current Account b) Fixed Asset Accounts c) Equity Accounts

3 17. Which of the following might you do for a client who has never reconciled the bank account and you are certain all transactions have been entered a) Reconcile each month in reverse order, newest bank statement first. b) Compare the audit trail to amounts in the Reconcile window to check for possible errors c) Make the bank account inactive and add a new account with the correct balance d) Reconcile the last month only and treat the entire history of the bank account as one big statement 18. How does QuickBooks Web Integration help businesses? a) Reduces the amount of a company has to send and receive. b) Allows QuickBooks users to directly out of QuickBooks without having their own accounts. c) Allows users with web-based accounts such as Google, Hotmail or Yahoo to directly from QuickBooks. d) Ensures that they are always working at their own particular desks, using their Outlook accounts only 19. Why would you need a shell company? a) can be used to make amendments if a client has entered incorrect information b) can be used a back up if a client loses company data c) can be used for clients who have similar needs d) can be used as a template for all clients 20. For existing companies ideally the start date should be a) the last day of the prior financial period b) the first day of the new financial period c) the date they intend to start using QuickBooks d) the first day of the next month 21. Which of the following can not be imported into QuickBooks from an excel spreadsheet? a) customers b) Chart Of Accounts c) suppliers d) items 22. When entering opening balances for accounts payable which is the recommended method? a) enter a bill for the outstanding bills and post them to the appropriate Expense Accounts b) journal entries c) edit the supplier list d) enter a bill for each outstanding bill and post it to the Share Capital Account 23. A client started operations on 1/1/2010. In 2011, they purchased a networked computer system. They are implementing QuickBooks for the year ending 31/12//2012. With this information, what would be the best Start Date? a) 1/1/2010 b) 31/12//2010 c) 1/1/2012 d) 31/12/2011

4 24. How do you turn on account numbers for the chart of accounts? a) turn on the Accounting preference titled "Use account numbers." b) account numbers are automatically turned on, you do not need to do anything. c) enter them during the EasyStep Interview. d) turn on the General preference titled "Use account numbers." 25. Which of the following is not an Accounting preference? a) require accounts b) select default accounts to use c) prompt to assign classes d) set closing date 26. What is the easiest way to import lists from Microsoft Excel into QuickBooks? a) Excel Importer b) Rapid Entry c) Add/Edit Multiple List Entries d) Copy and Paste 27. Which of the following is not a VAT preference? a) rounding adjustments b) assign VAT codes c) change the VAT rate percent d) select if VAT is charged or not 28. Which of the following users has permissions similar to the Administrator? a) Users with Checking and Credit Card permissions b) External Accountant c) Users with Sensitive Accounting permission d) Co-Administrator 29. Company Preferences affect what? a) The cosmetic features within the program b) The way the file behaves c) The user permissions 30. Which of the following is a limitation when using journal entries to enter opening balances? a) You cannot use journal entries to enter opening balances. b) You cannot use journal entries to record stock quantities. c) You cannot make journal entries dated as of the Start Date. d) You cannot post entries to the Opening Balance Equity account.

5 31. In which case might you consider exporting lists from one data file and importing those lists into a new data file? a) A client has more than one company in QuickBooks. b) A client wishes to send information about customers, vendors, employees, etc., from one file to another. c) You have a chart of accounts you would like to use for many clients What is the purpose of using account numbers in the chart of accounts? a) Using account numbers helps you standardise each of your clients' charts of accounts (each client can use the same numbers). b) Account numbers allow you to add more account types to the chart of accounts. c) Using account numbers lets you create user-defined financial statements in QuickBooks. d) Using account numbers allows you to track more detail and create subtotals on financial statements. 33. Which of the following accounts will QuickBooks create automatically when you enter certain corresponding transactions for the first time? a) Accounts Receivable b) Payroll Expenses c) Inventory Asset 34. Which type of business would make the best use of Sales Receipts? a) A gardener that uses statement charges to bill customers b) A newsagents that enters a single daily sales summary c) A law firm that collects invoices in an average of 60 days d) A consultant that provides net-30 terms to clients 35. A client manufactures swimming pool covers from labour and materials. Which type of item should be used to track the sales of the covers? a) Service b) Non Stock Part c) Stock Part d) Stock Assembly 36. You can assign units of measure to which of the following items? a) Service Stock Part, Stock Assembly, Non-Stock Part, and Other Charge b) Stock Part, Stock Assembly, Non-Stock Part, and Service c) Discount, Subtotal, Inventory, Service, and Inventory Assembly d) Payment, Discount, Service, and Other Charge 37. A client has created an invoice and received a deposit. Which item would need to be added to the invoice to reflect this? a) Payment b) Subtotal c) Service d) Discount

6 38. Which feature would benefit a client who is a builder who has purchased specific material for a customer? a) Ability to record supplier bills to Customer:Job b) Batch Invoices c) Write Cheques d) Itemised items on a bill 39. Which of the following makes it easier to fill out sales forms by automatically filling in descriptions, rates, accounts, and taxable status? a) Accounts b) Items c) Registers d) Reports 40. Stock Assembly Items would benefit a customer who a) Owns a bakery and uses stock items to create goods b) Delivers good to a local bakery c) Buys products in and sells them in their bakery 41. A client needs to apply late payment charges to a customer -which Item would need to be used to record this? a) Service b) Other Charge c) Group d) Payment 42. A client needs to record that a payment they received from a customer has been deposited into bank account. Which icon would they need to use? a) Current Account Register b) Chart Of Accounts c) Receive Payments d) Record Deposits 43. A client needs to enter a recurring payment in that is for a variable amount how will this need to be recorded? a) Write Cheques, memorise, automate transaction entry b) Enter Bills c) Write Cheques, memorise, add to reminders list d) Preferences, reminders 44. Once the stock function has been switched on which two columns will appear in the Item List? a) On Sales Order and Unit of Measure b) Price and On Sales Order c) Unit of Measure and Total Quantity On Hand d) Total Quantity On Hand and On Sales Order

7 45. How does QuickBooks calculate the number of stock assemblies that can be built? a) The balance of the bank account b) The number of stock items on order c) The stock levels of the components needed d) It does not calculate the number that can be built 46. When stock quantity is adjusted how does QuickBooks calculate the value of the item? a) Using the most recent cost price of the item b) Using the most recent sales price of the item c) Using the average cost of the item d) The user enters their own price 47. After completing a VAT return if there is a money owing how is this recorded? a) QuickBooks automatically creates a bill b) It needs to be recorded as write cheque c) It is entered as a journal entry d) Any of the above methods can be used 48. How does QuickBooks calculate VAT? a) Vat adjustments are made at the end of each quarter b) A VAT code is recorded on every transaction c) Journal entries using a VAT item d) VAT only invoice and bills are created 49. What is the flow of how items are recorded on a CIS invoice? a) Materials, labour charges,subtotal, CIS discount item b) Labour charges, CIS discount item, subtotal, materials c) Materials, labour charges, CIS discount item, subtotal d) Labour charges, subtotal, CIS discount item, materials 50. In the Report Centre how can a report be made a favourite? a) By clicking on the heart button b) By Clicking on the arrow button c) By exporting it to Excel d) You cannot make a report a favourite 51. Which of the following is included in the Adjusted Trial Balance report? a) Original balances b) Adjustments c) Final adjusted balances

8 52. Which of the following report modifications cannot be made in QuickBooks assuming you are NOT exporting to Excel or using the Financial Statement Designer? a) Modifying the sales by customer summary report to show data for collections instead of sales b) Changing the profit and loss statement to show all accounts even those with a zero balance and no activity c) Changing the name of the profit and loss statement to Income Statement d) On a profit and loss statement, changing the caption Income to Revenue 53. Which of the following is an example of a QuickBooks summary financial report? a) A/P Aging Detail b) Balance Sheet c) Journal 54. If there is a report that is run several times a day what feature makes it easy to access? a) Favourite b) Memorise c) Export to Excel d) Add to the Icon Bar 55. How many pre-set templates are there in the Financial Statement Designer? a) 100 b) 35 c) 105 d) Reports can be run on a Cash or Accrual basis. Where is this set? a) Preferences-Reports b) Report Centre-Memorise c) Company- Company Information d) Report Centre-Favourites 57. What is the purpose of a Report Group? a) Lets you process multiple reports at the same time b) Memorises the settings on an individual report c) Lets you specify the report basis on all summary reports d) Allows you to export memorized reports to different client data files 58. Your client runs a balance sheet as of today s date and notices that the Bank Account balance does not match the balance shown in the chart of accounts. What could cause this? a) The balance sheet was prepared on the accrual basis. b) There is a balance in the Undeposited Funds account. c) The client entered bank transactions dated in the future. d) The bank account has never been reconciled.

9 59. Which can you do with the Average Days to Pay report? a) Modify the report to filter by date range b) Modify the report to filter by customer or job c) Sort by due date or transaction date 60. What is QuickZoom? a) Quick access to memorised reports b) Ability to drill down on a report to find specific details c) Access to reports added to the icon bar d) Ability to access a number of reports at the same time 61. Memorised reports can be: a) Imported b) Exported c) Imported and exported d) Neither 62. Instead of using the general ledger and cluttering up the Chart Of Accounts what is the preferred method to track details of what has been sold? a) Journal Entries b) Items c) History d) Customer Reports 63. A client has created a workbook in Excel. What option will enable them to update the information? a) In QuickBooks choose update existing workbook b) In Excel select QuickBooks and update report c) A & B d) None of the above 64. Reports can be set so they appear with a modification screen before the report is run. How is this setting applied? a) My Preferences in Reports and Graphs b) Memorised Reports c) Company Preferences in Reports and Graphs d) Financial Statement Designer 65. Which of the following is available only in QuickBooks Premier and Enterprise Solutions? a) Invoices b) Purchase Orders c) Financial Statement Designer d) Estimates

10 66. A client has stock requirements. Which of the following would not be suitable? a) QuickBooks Enterprise Solutions 12.0 b) QuickBooks Pro c) QuickBooks SimpleStart d) QuickBooks Premier 67. A client is not VAT registered for VAT and uses a MAC. Which of the following would be suitable? a) QuickBooks Pro b) QuickBooks Online Simplestart c) QuickBooks SimpleStart d) QuickBooks Premier 68. You are explaining permissions to a group of new QuickBooks users. In which of the following editions can you assign selected user permissions and roles? a) QuickBooks Simple Start b) QuickBooks Pro c) Intuit QuickBooks Accountant d) QuickBooks Enterprise Solutions How many users can QuickBooks Online Plus have? a) 1 b) 3 c) 5 d) Unlimited 70. A client has stated they need to track stock. Which of the following is suitable? a) QuickBooks Online SimpleStart b) QuickBooks Online Essentials c) QuickBooks Premier d) QuickBooks Online Plus 71. What is NOT an indication that a business is ready for QuickBooks Enterprise Solutions:? a) They need multi-location inventory tracking within their accounting software b) They are experiencing slow response time when using QuickBooks Pro or Premier c) They need more than five individuals to have access to the data file simultaneously d) They have three locations and 10 employees 72. How many price levels are available in QuickBooks Enterprise Solutions 12.0? a) 100 b) 750 c) 900 d) Unlimited

11 73. A client uses a MAC to record their accounting and needs to create invoices, manage bills and track VAT. Which would you recommend? a) QuickBooks Online SimpleStart b) QuickBooks Online Essentials c) QuickBooks Pro d) QuickBooks Premier 74. QuickBooks Enterprise Solution 12.0 would be most beneficial to a customer who a) Creates stock assemblies and needs to track VAT b) Has a large number of price levels and requires numerous permission levels c) Is a sole trader who records daily internet sales d) Uses a mac 75. Payroll is available on which of the following? a) QuickBooks Online Essentials b) QuickBooks Online Plus c) QuickBooks SimpleStart d) QuickBooks Pro 76. A client offers Early Payment Discounts. Which of the below does not support this? a) QuickBooks SimpleStart b) QuickBooks Pro c) QuickBooks Premier d) They all support it 77. Which of the following is not true about the multi-currency feature? a) Once its switched on it cannot be switched off b) There are only 100 currencies to choose from c) When setting up a customer the correct currency needs to be recorded against them d) QuickBooks will realise any losses/gains from the fluctuation in exchange rates 78. The unit of measure function is available on which of the following? a) QuickBooks Premier b) QuickBooks Online Essentials c) QuickBooks Pro d) QuickBooks Online Plus