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Learning QuickBooks Pro 2009 (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) Printing a COA report gives you a 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 to select the correct
general ledger accounts on a transaction.
Answer: TRUE
Diff: 1 Page Ref: 56
Objective: 2.1
5) The account number on a general ledger account is unique and is assigned to the account by
referring to the general ledger account framework.
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: 61
Objective: 2.1
8) Under My Preferences you are able to refresh reports and graphs automatically.
Answer: TRUE
Diff: 2 Page Ref: 65
Objective: 2.2
2
9) Under Company Preferences you are able to set graphs to be drawn in 2D, which is a faster
setting.
Answer: FALSE
Diff: 2 Page Ref: 65
Objective: 2.2
10) When exporting reports to Excel, you can export header information and row labels for each
page.
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: 68
Objective: 2.5
13) Accounting transactions should only be posted to the current accounting period.
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: 100
Objective: 2.4
3
17) According to the general ledger framework illustrated in the text, the second digit in the
account number for an asset account indicates:
A) current assets.
B) long-term assets.
C) short-term assets.
D) either A or B.
Answer: D
Diff: 3 Page Ref: 55
Objective: 2.1
18) According to the general ledger framework used in the text, the second digit in the account
number assigned to current assets and current liabilities will be:
A) 0 through 4.
B) 0 through 3.
C) 0 through 5.
D) 0 through 6.
Answer: A
Diff: 2 Page Ref: 55
Objective: 2.1
19) According to the general ledger framework used in the text, the second digit on the account
number assigned to noncurrent assets and long-term liabilities will be:
A) 5 through 7.
B) 5 through 8.
C) 4 through 8.
D) 5 through 9.
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 Account type of Bank, the ________ is used to
store the bank account number.
A) Description field
B) Bank Account Number 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 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 after opening a data file to be saved on the current machine:
A) My Preferences.
B) Report Preferences.
C) Company Preferences.
D) Graphs Preferences.
Answer: A
Diff: 2 Page Ref: 62
Objective: 2.2
37) Company Preferences areas include:
A) Checking.
B) Accounting.
C) Bills.
D) all the above.
Answer: D
Diff: 2 Page Ref: 62
Objective: 2.2
38) The Company Preferences area that shows the checking account used for 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 Company Preferences area 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
40) The Company Preferences area 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
8
41) The preference on the My Preferences tab that sets the default account used when writing
checks is the:
A) Open the Write Checks.
B) Open the Pay Bills with Checks.
C) Open the Check Payments.
D) Open the Make Payments.
Answer: A
Diff: 2 Page Ref: 63
Objective: 2.2
42) The preference on the My Preferences tab that selects the default accounts 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) The preference on the My Preferences tab that selects default accounts 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
44) The preference on the My Preferences tab that selects default accounts 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
9
45) The My Preferences tab under General 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 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) In the Report center, to view an income statement showing how much the company earned
over a specific period of time, select:
A) Standard.
B) Detail.
C) YTD Comparison.
D) all of the above.
Answer: D
Diff: 2 Page Ref: 77
Objective: 2.3
48) In the Report center, to see an income statement that shows the year-to-date transactions for
each income and expense account select:
A) Standard.
B) Detail.
C) YTD Comparison.
D) Prev. Year Comparison.
Answer: B
Diff: 3 Page Ref: 77
Objective: 2.3
49) In the Report center, to see an income statement that specifies how much net income or loss
was made this year compared to last year select:
A) Standard.
B) Detail.
C) YTD Comparison.
D) Prev. Year Comparison.
Answer: D
Diff: 2 Page Ref: 77
Objective: 2.3
10
50) In the Report center, to view an income statement that shows net income or loss for the
company in a recent time period compared to the entire fiscal year select:
A) Standard.
B) Detail.
C) YTD Comparison.
D) Prev. Year Comparison.
Answer: C
Diff: 2 Page Ref: 77
Objective: 2.3
51) In the Report center, to view an income statement that shows how much income or loss is
being made on a job, select:
A) By Job.
B) By Class.
C) Unclassed.
D) Prev. Year Job.
Answer: A
Diff: 2 Page Ref: 77
Objective: 2.3
52) In the Report center, to view an income statement that shows how much income or loss is
being made by each business segment tracked through QBP classes select:
A) By Job.
B) By Class.
C) Unclassed.
D) Prev. Year Job.
Answer: B
Diff: 2 Page Ref: 77
Objective: 2.3
53) In the Report center, to view an income statement that shows how much income or loss is
being made by each business segment that is not tracked through QBP classes select:
A) By Job.
B) By Class.
C) Unclassed.
D) Prev. Year Job.
Answer: C
Diff: 2 Page Ref: 77
Objective: 2.3
11
54) In the Report center, to view the report that shows gross profit by customer without
displaying transactions, select:
A) Income by Customer Summary.
B) Income by Customer Detail.
C) Expenses by Vendor Summary.
D) Income and Expense Graph.
Answer: A
Diff: 2 Page Ref: 77
Objective: 2.3
55) In the Report center, to view the report that shows gross profit by customer along with
transactions, select:
A) Income by Customer Summary.
B) Income by Customer Detail.
C) Expenses by Vendor Summary.
D) Income and Expense Graph.
Answer: B
Diff: 2 Page Ref: 77
Objective: 2.3
56) In the Report center, to view the report that shows only total expenses for each vendor select:
A) Income by Customer Summary.
B) Income by Customer Detail.
C) Expenses by Vendor Summary.
D) Income and Expense Graph.
Answer: C
Diff: 2 Page Ref: 77
Objective: 2.3
57) In the Report center, to view the report that shows expense transactions along with total
expenses for each vendor select:
A) Income by Customer Summary.
B) Income by Customer Detail.
C) Expenses by Vendor Summary.
D) Expenses by Vendor Detail.
Answer: D
Diff: 2 Page Ref: 77
Objective: 2.3
12
58) In the Report center, the report that will give you a picture on how company income
compares to expense is the:
A) Standard.
B) Detail.
C) Summary.
D) Income and Expense Graph.
Answer: D
Diff: 2 Page Ref: 77
Objective: 2.3
59) In the Report center, the Balance Sheet report that shows the total value for company assets,
liabilities, and equity and lists individual balances for each account is called:
A) Standard.
B) Detail.
C) Summary.
D) Income and Expense Graph.
Answer: A
Diff: 2 Page Ref: 77
Objective: 2.3
60) In the Report center, the Balance Sheet report that shows the total value for company assets,
liabilities, and equity and lists transactions with starting and ending balances for each account is
called:
A) Standard.
B) Detail.
C) Summary.
D) Income and Expense Graph.
Answer: B
Diff: 2 Page Ref: 77
Objective: 2.3
61) In the Report center, the Balance Sheet report that shows only the value of company assets,
liabilities, and equity by account type is called the:
A) Standard.
B) Detail.
C) Summary.
D) Income and Expense Graph.
Answer: C
Diff: 2 Page Ref: 77
Objective: 2.3
13
62) In the Report center, the reporting area that focuses on account activity and income tax
preparation is the:
A) Budgets.
B) Accountant and Taxes.
C) Banking.
D) Employees and Payroll.
Answer: B
Diff: 2 Page Ref: 79
Objective: 2.3
63) In the Report center, the reporting area that focuses on the audit trail of a posted transaction
is the:
A) Budgets.
B) Accountant and Taxes.
C) General Ledger.
D) Employees and Payroll.
Answer: C
Diff: 2 Page Ref: 79
Objective: 2.3
64) In the General Ledger, the column that displays if a transaction was posted to multiple
accounts is called the:
A) Split column.
B) Memo column.
C) Type column.
D) Name column.
Answer: A
Diff: 2 Page Ref: 80
Objective: 2.3
65) To customize the General Ledger report, select:
A) Adjust report.
B) Modify report.
C) Amended report.
D) Change report.
Answer: B
Diff: 2 Page Ref: 82-83
Objective: 2.3
66) When filtering the General Ledger report, you can change:
A) fonts and numbers.
B) header and footer.
C) filters and displays.
D) all the above.
Answer: D
Diff: 2 Page Ref: 87
Objective: 2.3
14
67) When exporting reports, you can use the Basic tab to:
A) export to a new Excel workbook.
B) export to a comma separated values file.
C) export to an existing Excel workbook.
D) all of the above.
Answer: D
Diff: 2 Page Ref: 89
Objective: 2.4
68) When viewing a report, you can export the information to an existing Excel workbook by
selecting:
A) Report.
B) Export.
C) Worksheet.
D) Layout.
Answer: B
Diff: 2 Page Ref: 89-90
Objective: 2.4
69) When exporting a report, you can activate the Excel freeze pane and auto-filter features in
the exported worksheet by selecting the:
A) Basic tab.
B) Advanced tab.
C) Export worksheet tab.
D) Worksheet tab.
Answer: B
Diff: 2 Page Ref: 93
Objective: 2.4
70) When exporting reports, you can export QBP’s formatting options under the:
A) Basic tab.
B) Advanced tab.
C) Export worksheet tab.
D) Worksheet tab.
Answer: B
Diff: 2 Page Ref: 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 the above.
Answer: D
Diff: 2 Page Ref: 93
Objective: 2.4
15
72) When exporting reports, you can export one as a/an:
A) Excel workbook or Excel Macro-Enabled workbook.
B) Excel Binary workbook.
C) Excel 97-2003 workbook.
D) Excel 3 workbook.
Answer: C
Diff: 2 Page Ref: 95
Objective: 2.4
73) You can export a report to Excel by selecting:
A) the Excel icon.
B) File>>Send>>Excel.
C) Reports>>Send>>Excel.
D) Reports>Export>Excel.
Answer: A
Diff: 2 Page Ref: 96
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 transactions in a general ledger account, 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) 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 the above.
Answer: D
Diff: 2 Page Ref: 75
Objective: 2.5
80) The first segment of the account numbers used in the chapter identifies the category for the
________ of account, such as asset, liability, equity, revenue, or expense account.
Answer: type
Diff: 2 Page Ref: 55
Objective: 2.1
81) ________ determine where an account is placed on financial statements.
Answer: Account Type
Diff: 1 Page Ref: 57
Objective: 2.1
82) A field that toggles the account from active to inactive is called the ________ field. QBP will
deny transaction posting to inactive accounts.
Answer: Account is Inactive
Diff: 2 Page Ref: 57
Objective: 2.1
17
83) The ________ is a unique name to describe the account. The name is concise, properly
spelled, and capitalized.
Answer: Accounting Name
Diff: 2 Page Ref: 57
Objective: 2.1
84) Under ________ you are able to modify report options before opening a report.
Answer: My Preferences
Diff: 2 Page Ref: 65
Objective: 2.2
85) A common name for a Profit & Loss statement is the ________.
Answer: Income Statement
Diff: 2 Page Ref: 77
Objective: 2.2
86) Gross Profit equals Sales minus ________.
Answer: Cost of Goods Sold
Diff: 2 Page Ref: 77
Objective: 2.2
87) The four ways to send a copy of a report to other people are by E-mail, E-mail as a PDF, Email as XPS, and as an ________.
Answer: Internet Fax
Diff: 2 Page Ref: 97
Objective: 2.4
88) The program that works with QBP to send and receive messages for e-mails is ________.
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) In the Chart of Accounts you can use the drilldown feature to find a report by selecting the
________ icon.
Answer: Accnt
Diff: 2 Page Ref: 66
Objective: 2.5
18
91) To select a report date, you can click the ________ feature.
Answer: calendar
Diff: 2 Page Ref: 67
Objective: 2.5
92) On the Customer center, using the ________ tab will help you locate a sales invoice without
knowing the customer’s name.
Answer: Transactions
Diff: 1 Page Ref: 69
Objective: 2.5
93) You know the drilldown feature is present when you hold your mouse over an amount or
balance and the mouse changes to a ________ with a Z inside.
Answer: magnifying glass
Diff: 2 Page Ref: 69
Objective: 2.5
94) The Find feature of QBP include two tabs called Simple and ________.
Answer: Advanced
Diff: 2 Page Ref: 73
Objective: 2.5
95) You should always close an accounting period after ________ transactions and issuing
financial reports.
Answer: finalizing
Diff: 2 Page Ref: 101
Objective: 2.4
96) An accounting period is closed by changing the ________ in the closing Date field of
Company Preferences.
Answer: date
Diff: 2 Page Ref: 100
Objective: 2.4
