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quickbooks quiz - added new questions #4829

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quickbooks quiz - added new questions #4829

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quickbooks quiz - added new questions
Oct 16, 2022
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quickbooks quiz - added new questions
Oct 16, 2022
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Merge branch 'main' into quickbooks-quiz-update
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2 changes: 1 addition & 1 deletion README.md
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Expand Up @@ -111,7 +111,7 @@ Want to contribute? Here is the source code https://github.com/linkedin-faq
| [PHP](php/php-quiz.md) | | | 89 | 79 | [@ruslanbes](https://github.com/ruslanbes), [@msteiner96](https://github.com/msteiner96) |
| [Pro Tools](pro-tools/pro-tools-quiz.md) | | | 2 | 2 | |
| [Python](python/python-quiz.md) | | | 136 | 136 | [@tik9](https://github.com/tik9), [@Amsal1](https://github.com/Amsal1), [@declarck](https://github.com/declarck), [@TSG405](https://github.com/tsg405) |
| [QuickBooks](quickbooks/quickbooks-quiz.md) | ❗needs updating | | 47 | 39 | |
| [QuickBooks](quickbooks/quickbooks-quiz.md) | ❗needs updating | | 67 | 39 | |
| [R](r/r-quiz.md) | | | 52 | 52 | [@gregglind](https://github.com/gregglind) |
| [React.js](react/reactjs-quiz.md) | | [<img src="assets/es.svg" width="22">](react/reactjs-quiz-es.md) | 100 | 100 | [@RobTables](https://github.com/RobTables) [@bandinopla](https://github.com/bandinopla) |
| [REST API](rest-api/rest-api-quiz.md) | | | 65 | 65 | |
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140 changes: 140 additions & 0 deletions quickbooks/quickbooks-quiz.md
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Expand Up @@ -321,3 +321,143 @@
- [ ] from the billable time entered on timesheets
- [ ] from you manually entering the line items on the invoice
- [x] from the billable time entered on timesheets and/or billable costs entered through checks and bills

#### Q47. How can you discount just one item on an invoice for a customer?

- [ ] Create a Discount item and use it on the line immediately after the item you want to discount.
- [ ] Click Add Discount at the top of the invoice and apply it to the correct item.
- [ ] Manually change the Amount field to the discounted total for the item.
- [ ] Create a Discount item and a Subtotal item. Apply the Subtotal, then immediately apply the Discount.

#### Q48. On the Home Page, which tab provides a snapshot of your company finances? And is this snapshot a data dashboard or a task list?

- [ ] Home Page; data dashboard
- [ ] Insights; task list
- [ ] Home Page; task list
- [ ] Insights; data dashboard

#### Q49. What is the preferred style of check to provide to employees on payday?

- [ ] There is no need to provide a pay stub if you are using direct deposit. Employees can ask if they need information in addition to their net pay amount.
- [ ] The standard check, with a paper check stub as backup.
- [ ] The payroll check, which is preprinted with earnings and taxes columns.
- [ ] The voucher check, so they have the net check amount plus all of the information regarding earnings, taxes, and withheld items.

#### Q50. When would you use Progress Invoicing?

- [ ] to invoice items marked as billable as they occur
- [ ] to invoice from an estimate as work is completed
- [ ] to convert a sales receipt to an invoice
- [ ] to automate company cash flow

#### Q51. What is a good way to handle prospective clients?

- [ ] Set the customer as inactive until they are an active customer.
- [ ] Use the Lead Center by clicking Customers > Lead Center.
- [ ] There is no way to differentiate a current customer from a potential customer.
- [ ] Use the Lead Center bv clicking Company > Lead Center.

#### Q52. You wrote a check and later discovered it was for an incorrect amount. What is the best way to handle this, if you know the check will not be cashed?

- [ ] In the account register, select the check and click Edit > Void Check.
- [ ] In the account register, select the check and then click Edit > Delete Check.
- [ ] Create a journal entry for the amount of the check to debit Cash and credit Undeposited Funds. Clear the journal entry and the check when reconciling, to correctly balance your cash account.
- [ ] In the account register, select the check, and then change the amount of the check to -0-

#### Q53. QuickBooks allows users to condense files when the company file becomes too large. What happens when you choose to remove transactions as of a specified date from the Condense Data window?

- [ ] The company start date is changed to the date on which you condensed your data. Make sure to run all reports prior to completing this process.
- [ ] All transactions are removed, allowing you to start fresh. You will need to print all reports before this process and enter beginning balances into your QuickBooks file.
- [ ] All transaction details are removed, but the summary totals are kept in the system, to allow financial statements to be run for prior periods.
- [ ] All transaction data, including payroll data, is removed. This process will correct any entry errors, leaving a clean data file.

#### Q54. How are cash inflows and outflows related to the company's primary business classified?

- [ ] as sales activities on the Profit and Loss report
- [ ] as financing activities on the Statement of Cash Flows
- [ ] as operating activities on the Profit and Loss report
- [ ] as operating activities on the Statement of Cash Flows

#### Q55. During the EasyStep Interview, which features can you turn on and off?

- [ ] Lists. Inventory, and Progress Invoicing
- [ ] Jobs, Payroll, and Lists
- [ ] Sales Taxes, Inventory, and Progress Invoicing
- [ ] Payroll, Lists, and Progress Invoicing

#### Q56. Which report can you use if you suspect someone has changed a transaction?

- [ ] User Entry report
- [ ] Audit Trail report
- [ ] Changed Transaction report
- [ ] Profit and Loss report's drill-down feature

#### Q57. You notice two or more similar names in the Vendor Center that reference the same vendor. What can you do to clean up the vendor list?

- [ ] Merge the similar names into one vendor by renaming the vendors, using the same name for each.
- [ ] Select the vendor in the Vendor Center and, in the lower-left corner, select the box to make the vendor inactive.
- [ ] Collapse the vendors in the Profit and Loss report.
- [ ] Delete the incorrect vendor names in the Vendor Center.

#### Q58. What changes in QuickBooks if you put in a bank account number or any other personally identifiable information?

- [ ] You are required to encrypt your QuickBooks file.
- [ ] You are required to use a more complex password.
- [ ] You are immediately prompted to back up the company file.
- [ ] The ability to use QuickBooks in multi-user mode is disabled.

#### Q59. What account does QuickBooks use to temporarily hold payments you receive from customers before you create your bank deposit?

- [ ] Customer Payments
- [ ] Checks Received
- [ ] Undeposited Funds
- [ ] Cash

#### Q60. Why would you hide or collapse subaccounts on a report?

- [ ] Doing so temporarily hides details, which enables you to focus on values in the parent accounts.
- [ ] Subaccounts cannot be hidden, as they will be lost once the report is collapsed.
- [ ] If you want to email the report, then subaccounts need to be collapsed.
- [ ] Reports can be sent to Excel only in the collapsed format.

#### Q61. A customer purchases goods or services with terms of net 30. How do you record this transaction in QuickBooks?

- [ ] Create a sales order and then create an invoice when payment is due.
- [ ] Create an invoice by going to your Home Page and, in the Customers section, selecting Create Invoices.
- [ ] Create a sales receipt by going to your Home Page and, in the Customers section, selecting Create Sales Receipt.
- [ ] Prepare a journal entry to debit Accounts Receivable and credit Sales, putting the customer name in the description.

#### Q62. What is an effective way to restrict a specific user from being able to change, delete, or add a transaction after reports have been run?

- [ ] Change the fiscal year in the Company Information window.
- [ ] Edit the user's access to restrict their ability to work with transactions.
- [ ] Select Restrict entry after this date for the user.
- [ ] Start a new company file after each fiscal year end.

#### Q63. What is the best way to record a sale when the customer pays at the time of the sale?

- [ ] sales receipt
- [ ] statement
- [ ] Cash Sale journal entry
- [ ] invoice

#### Q64. What sequence of steps is required to process payroll?

- [ ] Enter Time > Pay Employees > Pay Payroll Liabilities > Process Payroll Forms
- [ ] Pav Employees > Process Payroll Forms > Pav Payroll Liabilities
- [ ] Enter Time > Pav Payroll Liabilities > Process Payroll Forms > Print Liabilities Report
- [ ] Pay Employees > Process Payroll Forms > Print Payroll Report

#### Q65. Which accounts are affected when the timesheets function is used in QuickBooks to track employee hours?

- [ ] Employee Balance Detail would be affected.
- [ ] None, because timesheets are non-posting entries.
- [ ] Payroll Expense and Cash in Checking would be affected.
- [ ] Payroll Payable and Payroll Expense would be affected.

#### Q66. What is the purpose of the little diamonds located next to certain list entries?

- [ ] You can click and drag a diamond to move the list entry to a different location on the list.
- [ ] The diamond indicates that the list entry cannot be deleted because it is in use.
- [ ] The diamond indicates that the list entry has open transactions.
- [ ] The diamond indicates that the list entry cannot be moved or deleted because it has open transactions.