QuickBooks Quiz - How Well Do You Know QuickBooks Accounting?
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This QuickBooks Quiz offers a comprehensive collection of questions for users just starting QuickBooks. How Well Do You Know QuickBooks Accounting? Take this quiz, answers its questions, and find out now.
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- 2.
What is the file you use when you are actually working with QuickBooks?
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.qbm
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.qbw
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.qbb
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.qbx
Correct Answer
A. .qbwExplanation
The file that is used when working with QuickBooks is the .qbw file. This file format is specifically designed for QuickBooks and contains all the data and information necessary for the software to function properly. It is the main file that is opened and accessed when using QuickBooks for tasks such as creating and managing financial records, generating reports, and performing other accounting functions.Rate this question:
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- 3.
A customer enters the shop and pays for cash for various retail items. What should I issue this customer?
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Invoice
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Estimate
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Cash Sales Receipt
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Purchase Order
Correct Answer
A. Cash Sales ReceiptExplanation
When a customer enters a shop and pays in cash for various retail items, the shop should issue a Cash Sales Receipt. This receipt serves as proof of the transaction and includes details such as the items purchased, their prices, the total amount paid, and the date of the transaction. It helps both the customer and the shop keep track of sales and serves as a record for future reference or in case of any disputes or returns.Rate this question:
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- 4.
Which list would I use to create a new bank account?
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Item List
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Chart of Accounts List
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Company Bank Account
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Inventory
Correct Answer
A. Chart of Accounts ListExplanation
To create a new bank account, you would use the Chart of Accounts List. The Chart of Accounts List is a comprehensive list of all the accounts used in a company's accounting system, including bank accounts. This list allows you to categorize and track different types of accounts, such as assets, liabilities, income, and expenses. By selecting the Chart of Accounts List, you can easily add a new bank account to your company's financial records and manage it accordingly.Rate this question:
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- 5.
You receive a check in the mail from a customer for payment of some goods that they purchased from you last week. Which form would you use to record this transaction?
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Cash receipts form
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Receive payments form
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Invoice form
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Check Payment form
Correct Answer
A. Receive payments formExplanation
The correct answer is "Receive payments form." When a customer sends a check for payment, you need to record this transaction using the receive payments form. This form allows you to document the payment received and update the customer's account accordingly. It helps you keep track of the payment and ensures accurate record-keeping for your financial records.Rate this question:
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- 6.
Which account shows how much is owed to your company?
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Accounts payable
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Accounts receivable
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Undeposited Funds
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Income Accounts
Correct Answer
A. Accounts receivableExplanation
Accounts receivable is the correct answer because it represents the amount of money that is owed to a company by its customers or clients for goods or services that have been provided on credit. It is an asset account that shows the company's outstanding invoices and the amount of money that is expected to be received in the future. This account is important for tracking and managing the company's cash flow and determining its overall financial health.Rate this question:
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- 7.
Which account is used to show what your company owes?
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Accounts Payable
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Accounts Receiveable
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Bank Accounts
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Undeposited Funds
Correct Answer
A. Accounts PayableExplanation
Accounts Payable is the correct answer because it is the account used to show what your company owes. This account represents the amount of money that your company owes to its creditors or suppliers for goods or services that have been purchased on credit. It is a liability account that reflects the company's outstanding debts and is typically used to track and manage payments to be made in the future.Rate this question:
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- 8.
A subcontractor is regarded as a
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Customer
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Vendor
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Employee
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Item
Correct Answer
A. VendorExplanation
A subcontractor is considered a vendor because they provide goods or services to a company as part of a larger project. They are not employees of the company, but rather independent entities that the company hires to complete specific tasks or projects. The company pays the subcontractor for their services, similar to how they would pay a vendor for goods or services rendered. Therefore, the correct answer is vendor.Rate this question:
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- 9.
How do you know in QB if the invoice was paid?
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Check in the Customer Center
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Check Bank Register
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Open the Invoice and see if "PAID" is stamped
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Phone the Customer
Correct Answer
A. Open the Invoice and see if "PAID" is stampedExplanation
To determine if an invoice was paid in QuickBooks, you can open the invoice and check if the word "PAID" is stamped on it. This indicates that the invoice has been marked as paid.Rate this question:
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- 10.
A customer comes into your store and purchases items on credit. What should I do to record this transaction?
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Create a credit memo
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Create an invoice
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Create a sales receipt
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Create a new charge account
Correct Answer
A. Create an invoiceExplanation
To record a customer's purchase on credit, you should create an invoice. An invoice is a document that outlines the details of the transaction, including the items purchased, their quantities, prices, and any applicable taxes or discounts. It serves as a record of the sale and provides the customer with a formal request for payment. By creating an invoice, you can accurately track the customer's outstanding balance and ensure timely payment.Rate this question:
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- 11.
Monies received from cash sales automatically go into which account?
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Savings Account
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Checking Account
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Expense Account
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Undeposited Funds Account
Correct Answer
A. Undeposited Funds AccountExplanation
When a business receives cash from sales, it is typically collected in a temporary holding account called the Undeposited Funds Account. This account serves as a temporary storage for cash until it is deposited into the bank. Once the cash is deposited, it will be transferred from the Undeposited Funds Account to the appropriate bank account, such as the Checking Account or Savings Account. Therefore, the correct answer is Undeposited Funds Account.Rate this question:
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- 12.
How can you verify whether a certain bill was paid by the company?
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Look in the Accounts Receiver ledger.
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Look in the items list.
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Look in the Enter Bills form.
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Look in the invoice form.
Correct Answer
A. Look in the Enter Bills form.Explanation
To verify whether a certain bill was paid by the company, you need to look in the Enter Bills form. This form contains all the bills that have been entered into the system, including the ones that have been paid. By checking this form, you can find the specific bill in question and determine whether it has been paid or not. The other options mentioned, such as the Accounts Receiver ledger, items list, and invoice form, may provide related information but may not specifically indicate whether the bill has been paid.Rate this question:
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- 13.
What should one eventually do with the monies in the undeposited funds accounts?
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Transfer the money into a bank account.
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Do a bank reconciliation.
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Leave the money in this account.
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Use the money to pay bills.
Correct Answer
A. Transfer the money into a bank account.Explanation
The correct answer is to transfer the money into a bank account. Undeposited funds accounts are temporary holding accounts where money is kept before it is deposited into a bank account. Therefore, it is necessary to eventually transfer the money from the undeposited funds account into a bank account for proper record-keeping and to ensure that the funds are secure and available for use.Rate this question:
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- 14.
When designing your Chart of Accounts, which of the following selection of accounts would all correctly have Cost of Goods Sold as the Account Type?
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Raw materials, factory consumables, subcontract labor, purchases.
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Advertising, wages, motor vehicle expenses, electricity.
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Legal costs, freight, bank charges, subcontract labor.
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Accounting fees, computer consumables, purchases, raw materials.
Correct Answer
A. Raw materials, factory consumables, subcontract labor, purchases. -
- 15.
When invoicing a customer, when do you use the Customer Message field, and when do you use the Memo field?
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Use Customer Messages for things you want your customer to read on the invoice, and use Memos for comments that you want to appear on customer statements.
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Use Customer Messages for things you want your customer to read on the invoice, and use Memos for internal office use only.
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Use Memos for things you want your customer to read on the invoice, and use Customer Messages for internal office use only.
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It depends on how you customize your templates, as you can get QuickBooks to print both Customer Messages and Memos on customer invoices.
Correct Answer
A. Use Customer Messages for things you want your customer to read on the invoice, and use Memos for comments that you want to appear on customer statements.Explanation
The Customer Message field is used to communicate information directly to the customer on the invoice, while the Memo field is used for internal comments that are meant to appear on customer statements. This allows for clear and effective communication with customers while also providing a space for internal notes and reminders. The answer suggests that it is important to differentiate between these two fields in order to effectively convey information to customers and keep internal records organized.Rate this question:
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Quiz Review Timeline (Updated): Mar 22, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Oct 18, 2012Quiz Created by
Anniesjk