QuickBooks For Lawyers 2015

12 Questions | Total Attempts: 17

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QuickBooks For Lawyers 2015

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Questions and Answers
  • 1. 
    1. What is the name of the feature in QuickBooks Pro that simplifies the company file creation process,so that you can get started using QuickBooks Pro more quickly?
    • A. 

      (A) The EasyStep Interview

    • B. 

      (B) Express Start

    • C. 

      (C) Quick Step

    • D. 

      (D) Fast Startup

  • 2. 
    2. Which of the following types of accounts appear within the 40000-49999 account numbering rangewithin a default Chart of Accounts within a new company file?
    • A. 

      (A) Assets

    • B. 

      (B) Liabilities

    • C. 

      (C) Equity

    • D. 

      (D) Income

  • 3. 
    3. From the following list, select the name of the feature in QuickBooks that allows you to record datayou choose to create within your customer records, such as “Partner Rate” and “ParaprofessionalRate?”
    • A. 

      (A) Custom Fields

    • B. 

      (B) Account Numbering

    • C. 

      (C) Classes

    • D. 

      (D) Beginning Balances

  • 4. 
    1. An Interest on Lawyer’s Trust Account is often abbreviated as which of the following choices?
    • A. 

      (A) LA

    • B. 

      (B) TA

    • C. 

      (C) LTA

    • D. 

      (D) IOLTA

  • 5. 
    2. Which of the following may some states NOT allow?
    • A. 

      (A) Creating a separate checking account at a bank to handle all client trust fund transactions

    • B. 

      (B) Creating a separate “Accounts Payable” account in QuickBooks Pro to track bills and paymentsfor the client’s trust account

    • C. 

      (C) Creating a separate “Other Current Liability” account in QuickBooks Pro to track all clientdeposits and costs

    • D. 

      (D) Using a credit card to pay for client expenses

  • 6. 
    3. When creating items for trust management in QuickBooks Pro, you should set up double-sided“service” type items for all of the following choices EXCEPT which choice?
    • A. 

      (A) Any expenses that are provided and paid for by the law firm and then later reimbursed by theclient

    • B. 

      (B) Client costs that are paid directly from the client’s trust account

    • C. 

      (C) Any lawyer’s fees that will be paid directly from the client trust account

    • D. 

      (D) Any amounts received by the client and deposited directly into the client’s trust account

  • 7. 
    1. You can open the “Make Deposits” window within QuickBooks to record the receipt of funds into anIOLTA account by selecting which of the following sequences of commands from the Menu Bar?
    • A. 

      (A) “File| Make Deposit…”

    • B. 

      (B) “Edit| Deposit to Checking…”

    • C. 

      (C) “Banking| Make Deposit…”

    • D. 

      (D) “Customers| Receive Deposits…”

  • 8. 
    2. You open the “Enter Bills” window to record bills to be paid by the client’s trust account by selectingwhich of the following sequence of commands from the Menu Bar?
    • A. 

      (A) “Customers| Enter Bills…”

    • B. 

      (B) “Company| Enter Bills…”

    • C. 

      (C) “Customers| Receive Bills…”

    • D. 

      (D) “Vendors| Enter Bills…”

  • 9. 
    1. From the following list, select the purpose of the Trust Liability Balances by Client Report?
    • A. 

      (A) It is used to ensure the balance in the trust account is never overdrawn when paying theinvoices from the law firm.

    • B. 

      (B) It is used to show you the liability balances for all clients.

    • C. 

      (C) It is used to view the individual transactions that have been attributed to the “Client TrustLiabilities” account.

    • D. 

      (D) It is used to view the individual transactions that have been attributed to the “Client TrustChecking” account.

  • 10. 
    2. From the following list, select the purpose of the Account Journal Report?
    • A. 

      (A) It is used to ensure the balance in the trust account is never overdrawn when paying theinvoices from the law firm.

    • B. 

      (B) It is used to show you the liability balances for all clients.

    • C. 

      (C) It is used to view the individual transactions that have been attributed to the “Client TrustLiabilities” account.

    • D. 

      (D) It is used to view the individual transactions that have been attributed to the “Client TrustChecking” account.

  • 11. 
    3. From the following list, select the purpose of the Trust Account Liability Proof Report?
    • A. 

      (A) It is used to ensure the balance in the trust account is never overdrawn when paying theinvoices from the law firm.

    • B. 

      (B) It is used to show you the liability balances for all clients.

    • C. 

      (C) It is used to view the individual transactions that have been attributed to the “Client TrustLiabilities” account.

    • D. 

      (D) It is used to view the individual transactions that have been attributed to the “Client TrustChecking” account.

  • 12. 
    4. From the following list, select the purpose of the Client Ledger Report?
    • A. 

      (A) It is used to ensure the balance in the trust account is never overdrawn when paying theinvoices from the law firm.

    • B. 

      (B) It is used to show you the liability balances for all clients.

    • C. 

      (C) It is used to view the individual transactions that have been attributed to the “Client TrustLiabilities” account.

    • D. 

      (D) It is used to view the individual transactions that have been attributed to the “Client TrustChecking” account.