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41. Which item type has information in the Current Availability window? a. Discount b. Non-Inventory Part c.

Inventory Part 42. Which of the following reports shows how a specific month's actual results compare with the budget for that month; how the year-to-date actual results compare with the year-to-date budget; and how much of the annual budget has been achieved? a. Budget Overview b. Budget Comparison c. Profit & Loss Budget Performance d. All of the above 43. If a company wants a quick look at their financial performance for the month, what report would be best to run? a. Profit & Loss Detailed b. Profit & Loss Standard c. Balance Sheet Standard d. Profit & Loss by Job Summary 44. What item type should you set up to track customer down payments? a. Deposit item b. Discount item c. Payment item d. Service item 45. You hire someone as a 1099 contractor. Which module would you enter the person to track what is paid to him/her? a. Vendors b. Employees c. Customers d. Company 46. In the Working Trial Balance, what does 0.00 for each column indicates? a. The Working Trial Balance report basis is set to Cash b. There was no activity for that account in the current period c. Total debits equal total credits d. None of the above 47. Which of the following cannot be recorded by using a journal entry? a. Bank account transactions b. Inventory quantities c. Fixed assets d. Lines of credit

48. In order to get which of the following reports must we use items to track both income and expenses? a. General ledger report b. Income tax details report c. Item profitability report d. Profit and loss by job report 49. Which of the following tasks is not allowed while working in the accountant's copy? a. Entering general journal transactions. b. Adding new items to the Payroll Item list. c. Creating new reports. d. Making adjusting entries. 50. Which of the following does the client-ready 941/940 report not show? a. Wages b. Tax payments c. Payroll expenses d. Accrued taxes 51. In QuickBooks, what is the main tool you can use to monitor the accrual and payment of state and local sales taxes? a. Open invoice report b. Quick reports c. Sales tax liability report d. Item listing report 52. Which of the following can be used to enter opening balances in QuickBooks? a. Journal entries b. Forms c. Lists d. All of the above 53. To which of the following items you cannot assign the units of measure? a. Discount b. Group c. Service d. Inventory Assembly 54. Which of the following describes a method for handling shared payroll expenses? a. Link the employee deduction payroll item to an expense account. Then record the employee and employer-paid portions on a regular bill or check. b. Add the company-paid portion to the payroll liability check. c. Both a and b d. None of the above

55. Which of the following Premier editions doesn't allow setting up of billing rate levels for different employees? a. Accountant Edition b. Contractor Edition c. Professional Services Edition d. Retail Edition 56. Which of the following questions should be asked to determine whether QuickBooks is the right software for a client? a. How many items, vendors, and customers does the company track? b. Does the company require an inventory method other than the average cost method such as FIFO or LIFO? c. How many people should be able to access the company data file simultaneously? d. All of the above 57. How can you set up QuickBooks: Pro or higher so that time data for salaried employees is transferred to the payroll automatically? a. Select the "Use time data to create paycheck" checkbox on the Payroll tab of the employee's record b. Set up employee defaults c. Use the Select Billable Time and Costs window d. All of the above 58. Under which of these circumstances would a Journal Entry be most appropriate? a. While expensing the monthly prepaid expenses b. While entering a new invoice c. While giving a customer a credit d. While booking an adjustment for the bank reconciliation 59. A base unit in QuickBooks is usually defined as: a. the smallest unit of measure used in business while buying, tracking, and selling an item b. the smallest unit of measure for an item to be tracked in inventory c. the most common unit of measure used in business d. the largest unit of measure used in business 60. You hire an employee who will work as a staff member, but also provide outside services to your company unrelated to his/her job. How is this best handled in Quickbooks? a. Create an employee and segregate what he/she does as an employee and as a contractor b. Create a vendor and enter separate invoices for employee and for contractor c. Create 2 vendors, one for employee wages and one for contract work d. Create an employee for his/her regular wages, and a Vendor for his/her contract work 61. Which of the following reports can be used to find checks in numeric order? a. Cash disbursement journal report b. Missing checks report c. Transaction journal report

62. What must happen to make the Budgets & Forecasts category of reports most useful? a. The month has to be closed b. The company needs a year of sales history c. A budget and/or forecast has/have to be established d. Bank reconciliations must be complete 63. What might cause a difference to show up between a client's Sales Tax Payable liability account and the sales tax payable amount showing on the Pay Sales Tax window? a. The company purchased a large taxable item on credit. b. Sales tax was adjusted retroactively when you marked items taxable that a client had mistakenly marked as not taxable. c. The client erroneously paid the wrong tax agency. d. The client is paying sales tax with regular checks and posting the payment to the sales tax payable account instead of using the Pay Sales Tax window to create the payment. 64. Why is it important to include the customers' email address in their Customer set up? a. So you do not have to keep record in your email program b. It enables Quickbooks to email a statement, invoice, credit memo or other document to the customer c. It is not possible for you to proceed without an email address in the profile 65. While setting up payroll schedules, which of the following is true? a. The IRS bases the tax liability on the pay period end date. b. The IRS bases the tax liability on the check date. c. The IRS bases the tax liability on the pay period start date. d. None of the above. 66. Why would you export a customer list to Excel when you can manage it within Quickbooks? a. Working with Excel is easier b. The list can always be uploaded back to Quickbooks after editing in Excel c. It looks better in Excel d. You need to provide the information to someone who does not have Quickbooks and/or you do not want to provide them with the full Quickbooks data file