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Learning QuickBooks® Pro and Premier Accountant 2012 (Brunsdon)
Chapter 2 QuickBooks Basics
1) The “where and when” of transaction posting is determined by the accountants.
Answer: TRUE
Diff: 1 Page Ref: 51
Objective: 2.1
2) The chart of accounts can be opened under the List icon.
Answer: FALSE
Diff: 1 Page Ref: 52
Objective: 2.1
3) The Chart of Accounts report is a useful report to refer to when posting transactions.
Answer: TRUE
Diff: 2 Page Ref: 54
Objective: 2.1
4) Understanding a company’s general ledger account framework helps you determine the
general ledger account to select on a transaction.
Answer: TRUE
Diff: 1 Page Ref: 56
Objective: 2.1
5) The account number on a general ledger account must be unique.
Answer: TRUE
Diff: 2 Page Ref: 57
Objective: 2.1
6) When the account type does not appear as a listed option in the Add New Account window,
use the dropdown list on Other Account Types to choose the type.
Answer: TRUE
Diff: 3 Page Ref: 59
Objective: 2.1
7) QBP does not allow you to create subaccounts.
Answer: FALSE
Diff: 2 Page Ref: 60
Objective: 2.1
8) Under the Reports & Graphs, My Preferences tab, you are able to set an option to refresh
reports and graphs automatically.
Answer: TRUE
Diff: 2 Page Ref: 65
Objective: 2.2
2
9) Under the General Preferences, My Preferences tab, you are able to select an option to
automatically place the decimal point on financial fields.
Answer: TRUE
Diff: 2 Page Ref: 64
Objective: 2.2
10) When exporting reports to Excel, you can choose export options that determine the fonts,
colors, and row heights exported to Excel.
Answer: TRUE
Diff: 2 Page Ref: 93
Objective: 2.4
11) One of the QBP features that offer significant advantages over a manual accounting system
is the ability to drilldown on a report to view underlying transactions.
Answer: TRUE
Diff: 2 Page Ref: 66
Objective: 2.5
12) The drilldown feature is available on all reports.
Answer: FALSE
Diff: 2 Page Ref: 70
Objective: 2.5
13) Setting a closing date will prevent accidental posting to prior accounting periods.
Answer: TRUE
Diff: 2 Page Ref: 100
Objective: 2.4
14) In the real world, companies do not have to set Closing Date Passwords to prevent users
from posting to a closed period without first entering an authorized password.
Answer: FALSE
Diff: 2 Page Ref: 101
Objective: 2.4
15) QBP does not warn users when they attempt to post an entry to a closed period.
Answer: FALSE
Diff: 2 Page Ref: 101
Objective: 2.4
16) Posting can be prevented to previously closed periods as well as future open periods.
Answer: FALSE
Diff: 2 Page Ref: 101
Objective: 2.4
3
17) According to the general ledger framework illustrated in the text, if the first digit in the
account number is a two, the account is a/an:
A) asset account.
B) equity account.
C) cost of goods sold account.
D) liability account.
Answer: D
Diff: 3 Page Ref: 55
Objective: 2.1
18) According to the general ledger framework used in the text, if the first digit in the account
number is a five, the account is a/an:
A) cost of goods sold account.
B) asset account.
C) liability account.
D) revenue account.
Answer: A
Diff: 2 Page Ref: 55
Objective: 2.1
19) According to the general ledger framework used in the text, if the first digit in an account
number is a three, the account is a/an:
A) cost of goods sold account.
B) asset account.
C) liability account.
D) equity account.
Answer: D
Diff: 2 Page Ref: 55
Objective: 2.1
20) QBP has an option for linking an account to a related account. Linked accounts show up as:
A) indented on the COA.
B) grouped on financial reports.
C) neither A nor B
D) both A and B
Answer: D
Diff: 2 Page Ref: 57
Objective: 2.1
4
21) On general ledger accounts, the optional ________ can be used to provide additional text
describing the account.
A) Description field
B) Notes field
C) Routing Number field
D) Change Opening Balance button
Answer: A
Diff: 1 Page Ref: 57
Objective: 2.1
22) For general ledger accounts assigned to the Bank Account type, the ________ is used to
store the bank account number.
A) Description field
B) Bank Acct. No. field
C) Routing Number field
D) Change Opening Balance button
Answer: B
Diff: 1 Page Ref: 57
Objective: 2.1
23) You would use the ________ on a general ledger account to enter the opening balance for
the account.
A) Description field
B) Bank Account Number field
C) Routing Number field
D) Change Opening Balance button
Answer: D
Diff: 2 Page Ref: 57
Objective: 2.1
24) The following accounts are all assets EXCEPT:
A) Bank.
B) Accounts Receivable.
C) Accounts Payable.
D) Fixed Assets.
Answer: C
Diff: 1 Page Ref: 58
Objective: 2.1
25) The following accounts are all liabilities EXCEPT:
A) Bank Loans.
B) Credit Cards.
C) Accounts Payable.
D) Fixed Assets.
Answer: D
Diff: 1 Page Ref: 58
Objective: 2.1
5
26) The following accounts are all Equity accounts EXCEPT:
A) Bank.
B) Income.
C) Cost of Goods Sold.
D) Expenses.
Answer: A
Diff: 2 Page Ref: 58
Objective: 2.1
27) To open the Account List, you can:
A) select Lists>>Chart of Accounts on the main menu.
B) click the Chart of Accounts icon on the Home page.
C) press Ctrl + A on the keyboard.
D) use all of the above.
Answer: D
Diff: 2 Page Ref: 59
Objective: 2.1
28) In QBP, the ________ field is unique and is used to describe the account.
A) Account Type
B) Account Description
C) Account Name
D) Account Number
Answer: C
Diff: 1 Page Ref: 58
Objective: 2.1
29) To add a new General Ledger Account from the Chart of Accounts list, you select:
A) List of Accounts>>New.
B) Account>>New Account.
C) List of Accounts>>Type>>New.
D) Account>>New.
Answer: D
Diff: 1 Page Ref: 59
Objective: 2.1
30) To open the Preferences window so you can customize the software, choose:
A) Edit>>Preferences on the main menu.
B) Correct>>Preferences on the main menu.
C) Change>>Preferences on the main menu.
D) File>>Preferences on the main menu.
Answer: A
Diff: 1 Page Ref: 61
Objective: 2.2
6
31) The two tabs within the Preferences window are:
A) My Preferences and Company Preferences.
B) Customer Preferences and Vendor Preferences.
C) Receivables Preferences and Payable Preferences.
D) Reports Preferences and Graphs Preferences.
Answer: A
Diff: 1 Page Ref: 62
Objective: 2.2
32) The tab in the Preferences window that affects all users is the:
A) My Preferences.
B) Report Preferences.
C) Company Preferences.
D) Graphs Preferences.
Answer: C
Diff: 2 Page Ref: 62
Objective: 2.2
33) The tab in the Preferences window that affects only an individual user is the:
A) My Preferences.
B) Report Preferences.
C) Company Preferences.
D) Graphs Preferences.
Answer: A
Diff: 2 Page Ref: 62
Objective: 2.2
34) The tab in the Preferences window that is stored with the company data file is the:
A) My Preferences.
B) Report Preferences.
C) Company Preferences.
D) Graphs Preferences.
Answer: C
Diff: 2 Page Ref: 62
Objective: 2.2
35) The settings on which tab in the Preferences window will be copied to your machine when
you load the sample database?
A) My Preferences
B) Report Preferences
C) Company Preferences
D) Graphs Preferences
Answer: C
Diff: 2 Page Ref: 62
Objective: 2.2
7
36) The settings on which tab in the Preferences window is not stored with the data file and must
be customized for each computer?
A) My Preferences.
B) Report Preferences.
C) Company Preferences.
D) Graphs Preferences.
Answer: A
Diff: 2 Page Ref: 62
Objective: 2.2
37) In the Preferences window, you can set options for several preference categories, which
include:
A) Checking.
B) Accounting.
C) Bills.
D) all of the above
Answer: D
Diff: 2 Page Ref: 62
Objective: 2.2
38) The preference category used to set the default checking account to use when posting
paychecks is the:
A) Checking Preferences.
B) Accounting Preferences.
C) Bills Preferences.
D) General Preferences.
Answer: A
Diff: 2 Page Ref: 62
Objective: 2.2
39) The preference category that shows if general ledger account numbers have been activated is
the:
A) Checking Preferences.
B) Accounting Preferences.
C) Bills Preferences.
D) General Preferences.
Answer: B
Diff: 2 Page Ref: 62
Objective: 2.2
8
40) The preferences category that shows how vendor purchase discounts are treated is the:
A) Checking Preferences.
B) Accounting Preferences.
C) Bills Preferences.
D) General Preferences.
Answer: C
Diff: 2 Page Ref: 62
Objective: 2.2
41) On the Checking preferences, My Preferences tab, the option that sets a default account for
writing checks is the:
A) Open the Write Checks option.
B) Open the Pay Bills with Checks option.
C) Open the Check Payments option.
D) Open the Make Payments option.
Answer: A
Diff: 2 Page Ref: 63
Objective: 2.2
42) On the Checking preferences, My Preferences tab, the option that sets a default account for
paying bills is the:
A) Open the Write Checks.
B) Open the Pay Bills.
C) Open the Check Payments.
D) Open the Make Payments.
Answer: B
Diff: 2 Page Ref: 63
Objective: 2.2
43) On the Checking preferences, My Preferences tab, the option that sets the default account for
paying sales tax is the:
A) Open the Write Checks.
B) Open the Pay Sales Tax.
C) Open the Pay Bills.
D) Open the Government Payments.
Answer: B
Diff: 2 Page Ref: 63
Objective: 2.2
9
44) On the Checking preferences, My Preferences tab, the option that sets the default account for
making deposits is the:
A) Open the Bank Account.
B) Open the Make Deposits.
C) Open the Receipts.
D) Open Customer Payments.
Answer: B
Diff: 2 Page Ref: 63
Objective: 2.2
45) The My Preferences tab under the General preference category allows you to:
A) automatically recall information within QBP.
B) use a default date for new transactions.
C) keep custom item information when changing item in transactions.
D) all of the above
Answer: D
Diff: 2 Page Ref: 64
Objective: 2.2
46) To access reports from the Main Menu select:
A) Reports.
B) Company.
C) View.
D) Format.
Answer: A
Diff: 2 Page Ref: 77
Objective: 2.3
47) To choose the Profit & Loss statement, you select Reports>>________ on the main menu.
A) Accountant & Taxes
B) Profit & Loss
C) Customers & Receivables
D) Company & Financial
Answer: D
Diff: 2 Page Ref: 77, 78
Objective: 2.3
48) In the Report center, the Accountant & Taxes category will let you run a/an ________ report.
A) Trial Balance
B) General Ledger
C) Audit Trail
D) all of the above
Answer: D
Diff: 3 Page Ref: 79
Objective: 2.3
10
49) The report that displays detailed information for transactions posted to the general ledger
accounts is called the ________ report.
A) Statement of Cash Flows
B) Balance Sheet
C) Profit & Loss Standard
D) General Ledger
Answer: D
Diff: 2 Page Ref: 79, 80
Objective: 2.3
50) When viewing information on the General Ledger report, you know that a transaction posted
to multiple accounts when you see the term ________.
A) -MULTIPLEB) -MOREC) -SPLITD) None of the above apply.
Answer: C
Diff: 2 Page Ref: 80
Objective: 2.3
51) When customizing the General Ledger report, you can set the date range on the ________
tab.
A) Display
B) Filters
C) Header/Footer
D) Fonts & Numbers
Answer: A
Diff: 2 Page Ref: 81
Objective: 2.3
52) When customizing the General Ledger report, you can choose the columns to display on the
report on the ________ tab.
A) Filters
B) Display
C) Fonts & Numbers
D) Header/Footer
Answer: B
Diff: 2 Page Ref: 82
Objective: 2.3
11
53) When customizing the General Ledger report, you can select the accounts to display on the
report by using the ________ tab.
A) Display
B) Fonts & Numbers
C) Filters
D) Header/Footer
Answer: C
Diff: 2 Page Ref: 83
Objective: 2.3
54) When customizing the General Ledger report, you can rename the report by using the
________ tab.
A) Header/Footer
B) Display
C) Fonts & Numbers
D) Filters
Answer: A
Diff: 2 Page Ref: 87
Objective: 2.3
55) When customizing the General Ledger report, you can make negative numbers appear as red
by selecting the ________ tab.
A) Display
B) Fonts & Numbers
C) Header/Footer
D) Filters
Answer: B
Diff: 2 Page Ref: 88
Objective: 2.3
56) You can save a customized report by clicking the ________ button on the report window.
A) Save
B) Save as
C) Memorize
D) Keep
Answer: C
Diff: 2 Page Ref: 89
Objective: 2.3
12
57) In the Report center, you can print the ________ report to document user activity in the
software.
A) Audit Trail
B) Voided/Deleted Transactions Summary
C) both A and B
D) neither A nor B
Answer: C
Diff: 2 Page Ref: 79
Objective: 2.3
58) On the Report menu, you can choose a submenu named:
A) Sales.
B) List.
C) Company & Financial.
D) all of the above
Answer: D
Diff: 2 Page Ref: 78
Objective: 2.3
59) Reports that you customize and save for later use are stored under the ________ category of
reports.
A) Memorized
B) Saved
C) Customized
D) Modified
Answer: A
Diff: 2 Page Ref: 77
Objective: 2.3
60) In the Report center, you can:
A) show or hide the categories pane.
B) change the view of reports in the center.
C) print reports.
D) all of the above
Answer: D
Diff: 2 Page Ref: 77
Objective: 2.3
61) After customizing a report, you click the ________ button to redisplay report information.
A) Update
B) Redisplay
C) Refresh
D) Renew
Answer: C
Diff: 2 Page Ref: 79
Objective: 2.3
13
62) In QuickBooks, you can view reports on the ________ basis.
A) accrual
B) cash
C) tax
D) both A and B
Answer: D
Diff: 2 Page Ref: 81
Objective: 2.3
63) You can use the ________ feature to locate posted transactions.
A) Locate
B) Search
C) Find
D) both B and C
Answer: D
Diff: 2 Page Ref: 73
Objective: 2.5
64) All the following are true when using the Search feature, EXCEPT:
A) the number of transactions found are displayed on the left.
B) the actual transactions found are displayed on the right.
C) customer transactions will not be displayed.
D) you can click a listed transaction to open it.
Answer: C
Diff: 2 Page Ref: 73
Objective: 2.5
65) All the following are true when using the Find feature, EXCEPT:
A) the window contains a Simple tab.
B) the window contains a Search tab.
C) the window contains an Advanced tab.
D) you can click a found transaction to reopen it.
Answer: B
Diff: 2 Page Ref: 74-75
Objective: 2.5
66) On the Advanced tab of the Find window, you can filter for:
A) a specific account.
B) a specific item.
C) a specific amount.
D) all of the above
Answer: D
Diff: 2 Page Ref: 76
Objective: 2.5
14
67) When exporting a report to Excel, you can:
A) create a new worksheet in a new workbook.
B) create a new worksheet in an existing workbook.
C) update an existing worksheet.
D) all of the above
Answer: D
Diff: 2 Page Ref: 90
Objective: 2.4
68) When viewing a report, you can:
A) e-mail the report.
B) export it to Excel.
C) e-mail the report as a PDF file.
D) all of the above
Answer: D
Diff: 2 Page Ref: 89-99
Objective: 2.4
69) When exporting a report to Excel, you can choose to freeze panes and autofit the exported
data by choosing these options in the:
A) Basic Excel Options window.
B) Advanced Excel Options window.
C) Export Worksheet tab.
D) Worksheet tab.
Answer: B
Diff: 2 Page Ref: 93
Objective: 2.4
70) All of the following are true when exporting a report to Excel, EXCEPT:
A) you can set options that preserve the report fonts in Excel.
B) you do not need Excel installed on your computer.
C) you can choose to show report headers on the screen in Excel.
D) you can choose the option to export a worksheet guide with the report.
Answer: B
Diff: 2 Page Ref: 90, 93
Objective: 2.4
71) When exporting reports, you can export Excel features such as:
A) AutoFit.
B) Freeze panes.
C) Show Gridlines.
D) all of the above
Answer: D
Diff: 2 Page Ref: 93
Objective: 2.4
15
72) If you do not have Excel on your machine, you can export to:
A) a comma separated values (.csv) file.
B) a PDF formatted file.
C) both A and B
D) neither A nor B
Answer: C
Diff: 2 Page Ref: 90, 98
Objective: 2.4
73) You can export a report to Excel by selecting:
A) the Excel icon in the report window.
B) File>>Send>>Excel.
C) Reports>>Send>>Excel.
D) Reports>Export>Excel.
Answer: A
Diff: 2 Page Ref: 90
Objective: 2.4
74) While viewing a QBP report, you can click an account or amount on the report and open
details on transactions posted to the account. This feature is called the:
A) training feature.
B) drilldown feature.
C) practice feature.
D) exercise feature.
Answer: B
Diff: 2 Page Ref: 66
Objective: 2.5
75) To view all accounts affected by a transaction, you can use the:
A) Transaction Journal report.
B) Transactions report.
C) General Journal report.
D) General Ledger Account report.
Answer: A
Diff: 1 Page Ref: 71
Objective: 2.5
76) If you know the customer and the invoice number, you can locate the invoice by using the:
A) Customer center.
B) Vendor center.
C) Lists center.
D) Invoice center.
Answer: A
Diff: 1 Page Ref: 72
Objective: 2.5
16
77) When viewing invoices on a customer’s account, double clicking an invoice number allows
you to:
A) return to the posted invoice transaction.
B) change the posted invoice transaction.
C) delete the posted invoice transaction.
D) do all of the above.
Answer: D
Diff: 1 Page Ref: 72
Objective: 2.5
78) The steps for finding a transaction are:
A) Edit>>Find.
B) Ctrl + F.
C) Ctrl + R.
D) only A and B
Answer: D
Diff: 2 Page Ref: 73
Objective: 2.5
79) The Advanced tab of the Find feature of QBP will allow you to filter by:
A) account, amount, or date.
B) item, or transaction type.
C) memo, name, or number.
D) all of the above
Answer: D
Diff: 2 Page Ref: 75
Objective: 2.5
80) The first digit of an account number is used in the chapter to identify the ________ of
account, such as asset, liability, equity, revenue, or expense account.
Answer: type
Diff: 2 Page Ref: 55
Objective: 2.1
81) The ________ determines where an account is placed on financial statements.
Answer: Account Type
Diff: 1 Page Ref: 57
Objective: 2.1
82) The field that is used to toggle an account from active to inactive is called the ________
field.
Answer: Account is inactive
Diff: 2 Page Ref: 57
Objective: 2.1
17
83) The ________ is a unique name to describe the account. The text used in this field must be
concise and properly spelled and capitalized.
Answer: Account Name
Diff: 2 Page Ref: 57
Objective: 2.1
84) ________ options are used to control transaction processing.
Answer: Preference
Diff: 2 Page Ref: 61
Objective: 2.2
85) To QuickBooks, the income statement is called a/an ________ report.
Answer: Profit & Loss
Diff: 2 Page Ref: 77
Objective: 2.2
86) After customizing a report, you should click the ________ button to redisplay the results.
Answer: Refresh
Diff: 2 Page Ref: 79
Objective: 2.2
87) In QuickBooks, you can export a report to a comma separate values (.csv) file or a/an
________ file.
Answer: Excel
Diff: 2 Page Ref: 90
Objective: 2.4
88) QuickBooks will work with Microsoft ________ to e-mail reports.
Answer: Outlook
Diff: 2 Page Ref: 98
Objective: 2.4
89) One of the QBP features that offers significant advantages over a manual accounting system
is called the ________ feature.
Answer: drilldown
Diff: 2 Page Ref: 51
Objective: 2.5
90) When creating a new general ledger account, you would choose the ________ account type
to create an office supply expense account.
Answer: Expense
Diff: 2 Page Ref: 59
Objective: 2.5
18
91) To select a report date, you can either type in the date or use the ________ feature.
Answer: calendar
Diff: 2 Page Ref: 68-69
Objective: 2.5
92) On the Customer Center, you can use the ________ tab to locate a sales invoice without
knowing the customer’s name.
Answer: Transactions
Diff: 1 Page Ref: 72
Objective: 2.5
93) You know the drilldown feature is present when you hold your cursor over an amount or
balance on a report and the cursor changes to a/an ________ with a Z inside.
Answer: magnifying glass
Diff: 2 Page Ref: 69
Objective: 2.5
94) The Find feature contains two tabs called Simple and ________.
Answer: Advanced
Diff: 2 Page Ref: 74
Objective: 2.5
95) You should always ________ an accounting period after finalizing transactions and issuing
financial reports.
Answer: close
Diff: 2 Page Ref: 101
Objective: 2.4
96) An accounting period is closed by changing the ________ in the Set Closing Date and
Password window.
Answer: date
Diff: 2 Page Ref: 101
Objective: 2.4
