Bridge21 QuickBooks® 2001 Test

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Bridge21 QuickBooks® 2001 Test
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Bridge21 QuickBooks® 2001 Evaluation

The following test consists of multiple choice and essay questions. Enter the best answer for each question. You may not bring any notes or books.

Name:

Last version of QuickBooks® used:

Good Luck!!!

1. If you enter a Bill through the - Enter Bills - window, pay the Bill through which window?

a. Write Checks

b. Pay Bills

c. Receive Bills

d. Any of the above

2. The - Accounts Receivable Register - for a Customer:Job includes all transactions, except the following:

a. Statement Charges

b. Invoices

c. Cash Sales Receipts

d. Credit Memos

3. You can - Enter an Invoice - directly into a Customer:Job Register.

a. True

b. False

4. Which of the following is not a - Current Asset?

a. Checking Account

b. Accounts Receivable

c. Inventory Asset

d. Truck

5. The 940 Form is used for what?

a. To report income for a corporation

b. To report Federal Unemployment Tax Liability

c. To report quarterly withholding and tax liability for employees

d. To reconcile W-2s with quarterly reports at year-end

6. If you make a mistake when - Entering an Invoice, it is a good idea to delete the Invoice and create another one.

a. True

b. False

7. Which of the following is a - Long-Term Liability?

a. Truck Loan

b. Payroll Liability

c. Accounts Payable

d. Sales Tax Payable

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.

a. True

b. False

10. If you - Create an Invoice - for $530, where $500 is for Services rendered and $30 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 Payable, $500 credit to Revenue

11. What is the purpose of a 941 Form?

12. Estimates - automatically post to the A/R account.

a. True

b. False

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.

a. True

b. False

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 & Loss Statement

c. Income & 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 QuickBooks® summarizes your Income & 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?

a. Group Item

b. Non-Inventory Item

c. Service Item

d. Revenue Item

24. Backing up the Company Data File must be done while in - Multi-User mode.

a. True

b. False

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 a problem.

a. True

b. False

28. What is the one thing QuickBooks will NOT allow you to change once it is set up?

29. Explain how using a Job Cost System can help you 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

Created by Argeri Layton, Bridge21 – Copyright® 2001
Additional questions contributed by Roxanne Brown and Brad McGrew

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