Quickbooks Certification Study guides, Class notes & Summaries

1) Shows assets, liabilities, and equity at one point in time 2) Used to understand changes in revenues and expenditures 3) Shows income, expenses, and net income during a specific time period 4) Provides information about the current financial health of a business -ANSWER -1) Balance sheet 2) Balance sheet 3) Profit & loss 4) Profit & loss You want to pass on some of your costs directly to customers in Quicbooks Online. You are able to assign a customer to a cost, but you cannot mar...

QuickBooks Certification Exam Study Guide 125 Questions with Verified Answers Why would you hide or collapse sub accounts on a report? - CORRECT ANSWER To temporarily hide unnecessary detail and hide parent accounts What should you do after you click save & close on a customer credit memo? - CORRECT ANSWER Choose between retained as an available credit, give a refund or apply to an invoice Which of the following CAN be memorized in quickbooks? - CORRECT ANSWER check Which is NOT show...

QuickBooks Certification Exam Practice 111 Questions with Verified Answers Which of the following should you do at the end of an accounting period? - CORRECT ANSWER all of the above: - reconcile cash, credit card, and loan accounts against period-end statements - run reports for the period and verify their accuracy - enter depreciation entries which of the following is true? - CORRECT ANSWER the total credits must match the total debits in each general journal entry when might you ne...

QUICKBOOKS CERTIFICATION

Why would you hide or collapse sub accounts on a report? - To temporarily hide unnecessary detail and hide parent accounts What should you do after you click save & close on a customer credit memo? - Choose between retained as an available credit, give a refund or apply to an invoice Which of the following CAN be memorized in quickbooks? - check Which is NOT shown on the payroll summary report on quickbooks? - information necessary to complete your state unemployment tax form The bank not...

Why would you hide or collapse sub accounts on a report? - To temporarily hide unnecessary detail and hide parent accounts What should you do after you click and Save and Close on a Customer Memo? - Choose between retained as an available credit, give a refund or apply an invoice Which of the following CAN be memorized in QuickBooks? - Checks Which is not a Payroll Summary Report in QuickBooks? - Information necessary to complete your state unemployment tax form The bank notified you that...

After quickbooks sets up a chart of accounts in the easy step interview, which of the following is True? - It's possible to add more accounts later #Assume that quickbooks is now in single user mode. What does this mean? - only one user can access the data file The bank notified you that a customer's check you deposited has bounced. The customer did not have sufficient funds to cover the check. What should you do? - Record a transaction to show the customer owes you the money and that th...

Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)? - So that Payroll Liabilities show yp in the Pay Taxes & Other Liabilities list in the Payroll Center What are the first two steps to set up payroll in Quickbooks? - 1) Sign up for a payroll services; and 2) complete the Payroll Setup Interview What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports? - Balance Sheet. Profit and ...

Why would you hide or collapse sub accounts on a report? - To temporarily hide unnecessary detail and hide parent accounts What should you do after you click save & close on a customer credit memo? - Choose between retained as an available credit, give a refund or apply to an invoice Which of the following CAN be memorized in quickbooks? - check Which is NOT shown on the payroll summary report on quickbooks? - information necessary to complete your state unemployment tax form The bank not...