Accounting Basics for QuickBooks® Proficiency Test (D)

Accounting Basics for QuickBooks® Proficiency Test

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Accounting Basics for QuickBooks® Proficiency Test

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1. What does the term "Double entry accounting" mean?
2. Literally, "Debit" means what?
3. Which certain types of accounts increase when you debit them?
4. Which statement is a financial “picture” of your company?
5. Which of the following is one of the six accounting principles?
6. What question does the Revenue principle answer?
7. What are the three factors to determine whether or not accounting information is Reliable?
8. Why is it important to choose the correct account type when setting up the chart of accounts?
9. The Balance Sheet is like which of the following?
10. In what two ways does QuickBooks use Account Type?
11. When you double-click on a balance sheet account in the Chart of Accounts, what does QuickBooks display?
12. When receiving payments in QuickBooks, you must specify which of the following?
13. What is the QuickBooks term for an invoice you've received from a vendor?
14. Why might you use a journal entry?
15. If your accounting records are incorrect, where in QuickBooks can you look to help solve the problem?
16. What is one tool or method outside of QuickBooks that can help support your financial data IN QuickBooks?
17. What is one way to verify the Accounts Payable balance on the Balance Sheet?
18. What is "Expert Analysis"?
19. Why is it not always meaningful to compare trends?
20. When analyzing trends in variable expenses, how should you display expenses to get accurate trend data?
21. When scheduling an unattended backup, why would you choose a time frame like 1AM?
22. Which of the following is NOT a suggested weekly accounting task?
23. What two Customer reports should you run every month?
24. How often should you back up your QuickBooks data file?
25. What should you remember to do before creating an accountant's copy of your data file?
26. What report do you start with to create the Entry Journal?
27. When an accountant is working within an accountant's copy of a company file, what does QuickBooks display in the title bar?
28. What is the Accountants Review?
29. Which menu would you access to create a new company budget?
30. What menu would you access to turn on Classes?
31. What does a budget offer in QuickBooks that a forecast does NOT offer?
32. What does it mean if you report transactions on an accrual basis?
33. By default, Net Income for the prior year flows into which account in the next year?
34. Which of the following is NOT a step for the improved closing entry?
35. When executing the Improved Closing Entry, what account type should you choose for the new Retained Earnings account?
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