National Association of Certified Public Bookkeepers. Accounting Basics for QuickBooks Proficiency Test

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1 National Association of Certified Public Bookkeepers Accounting Basics for QuickBooks Proficiency Test

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3 Accounting Basics for QuickBooks Proficiency Test Table of Contents Accounting Basics for QuickBooks Proficiency Test 2 Accounting Basics for QuickBooks Proficiency Test Answers 7

4 Accounting Basics for QuickBooks Proficiency Test Please circle your answer. 1. What does the term "Double entry accounting" mean? a. That the Income and Expense accounts are always part of every transaction b. There are always at least two accounts involved in every financial transaction c. That the Cost of Goods Sold account and the Liabilities account are always part of a transaction d. The Equity and Asset accounts are always involved in a transaction 2. Literally, "Debit" means what? a. The Expense account of a transaction b. The Equity account of a transaction c. The left side of a transaction d. The right side of a transaction 3. Which certain types of accounts increase when you debit them? a. Liabilities, equity, and income b. Checking, expenses, and income c. Assets, cost of goods sold, and expenses d. Income, assets, and liabilities 4. Which statement is a financial picture of your company? a. The General Ledger b. The Revenue & Income Summary c. The Chart of Accounts d. The Balance Sheet 5. Which of the following is one of the six accounting principles? a. The Even/Odd principle b. The T square principle c. The Matching principle d. The Square principle 6. What question does the Revenue principle answer? a. What is revenue? b. How do you measure revenue? c. When do you record revenue? 7. What are the three factors to determine whether or not accounting information is Reliable? a. Valid, Verifiable, and Positive b. Valid, Verifiable, and Neutral National Association of Certified Public Bookkeepers 2

5 c. Valid, Verifiable, and Negative d. Valid, Reliable, and Assumable 8. Why is it important to choose the correct account type when setting up the chart of accounts? a. If the type is incorrect, then financial statements will be wrong b. The account type determines how QuickBooks uses the account c. The account type determines which financial statement the account appears on 9. The Balance Sheet is like which of the following? a. A statement from the beginning of the fiscal year b. A financial movie showing how your business is doing over a period of time c. A snapshot or picture of how your business looks at a certain time d. None of the above 10. In what two ways does QuickBooks use Account Type? a. To determine which financial statement the account appears on, and which principle the account falls under b. To determine which financial statement the account appears on, and how QuickBooks uses the account c. To determine how QuickBooks uses the account, and which principle the account follows d. Any of the above 11. When you double-click on a balance sheet account in the Chart of Accounts, what does QuickBooks display? a. The Account Register b. The Edit Account window c. The Add New Account window d. The Make Inactive window 12. When receiving payments in QuickBooks, you must specify which of the following? a. Which Labor account the payment will decrease b. What account the payment comes from c. Where the payment goes (Undeposited Funds, Checking, etc) d. What company is in the Pay to the order of field 13. What is the QuickBooks term for an invoice you've received from a vendor? a. Purchase Order b. Invoice c. Bill d. Debit 14. Why might you use a journal entry? a. To enter transactions that you cannot enter with a built-in form b. To correct errors National Association of Certified Public Bookkeepers 3

6 c. For year-end adjustments 15. If your accounting records are incorrect, where in QuickBooks can you look to help solve the problem? a. Reports: Customers & Receivables: Open Invoices b. Reports: Inventory: Inventory Valuation Summary c. Reports: Vendors & Payables: Unpaid Bills Detail d. Any of the above 16. What is one tool or method outside of QuickBooks that can help support your financial data IN QuickBooks? a. A statement from your accountant b. Documents from vendors and customers, like bills and cleared checks c. A documented phone call from your banker d. Handwritten records from conversations with vendors 17. What is one way to verify the Accounts Payable balance on the Balance Sheet? a. Click Inventory: Inventory Valuation Summary to review the value of all inventory b. Click Reports: Vendors & Payables: Unpaid Bills Detail to review to whom you owe money c. Click Reports: Company & Financial: Profit and Loss Standard to review the Profit and Loss d. Click Reports: Vendors & Payables: Summary Report 18. What is "Expert Analysis"? a. It is a tool QuickBooks offers to help you understand and use many of the ratios accountants use b. It is a tool bankers use to analyze your financial data c. It is a tool QuickBooks uses to analyze financial data d. It is a tool accountants use while analyzing your financial data 19. Why is it not always meaningful to compare trends? a. Variable costs might increase in numbers from year to year, but decrease as percentage of income b. Sometimes there is a large increase in sales c. You may have a large increase in costs from one year to the next d. Income may be lower from one year to the next 20. When analyzing trends in variable expenses, how should you display expenses to get accurate trend data? a. As Percent of Expense b. As Percent of Income c. As Percent of Row d. As Percent of Column 21. When scheduling an unattended backup, why would you choose a time frame like 1AM? a. QuickBooks must be closed for the backup to work b. The computer must be turned off c. The QuickBooks company file must be open, but you cannot do any work in the file at the time of the backup National Association of Certified Public Bookkeepers 4

7 d. The QuickBooks company file must be closed, but the computer must be turned on 22. Which of the following is NOT a suggested weekly accounting task? a. Back up data file to hard drive b. Pay bills c. Print checks d. Review unpaid bills 23. What two Customer reports should you run every month? a. The Open Invoices report and the Item Price List b. The Open Invoices report and the Collections Report c. The Collections Report and the Item Price List d. The Sales by Customer Summary report and the Open Invoices report 24. How often should you back up your QuickBooks data file? a. Once a week b. Once a day c. Once a month d. Only when you set the closing date 25. What should you remember to do before creating an accountant's copy of your data file? a. Remove all users except the Administrator b. Set a closing date c. Have all employees get out of the data file d. Set up the chart of accounts 26. What report do you start with to create the Entry Journal? a. Balance Sheet Standard b. Journal report c. Make General Journal Entry window d. Custom Transaction Detail Report 27. When an accountant is working within an accountant's copy of a company file, what does QuickBooks display in the title bar? a. "Accountant's Copy" b. "Accountant's Copy Exists" c. "Your Company File" d. The title bar is the same, whether or not an accountant's copy exists 28. What is the Accountants Review? a. A form your accountant fills out to enter and edit notes on your finances b. An agreement with your accountant formalizing each party s responsibilities c. A feature that allows the accountant to review and make adjustments to your financial numbers National Association of Certified Public Bookkeepers 5

8 29. Which menu would you access to create a new company budget? a. The Edit menu b. The File menu c. The Company menu d. The List menu 30. What menu would you access to turn on Classes? a. Edit: Duplicate b. Edit: Copy c. Edit: Classes d. Edit: Preferences 31. What does a budget offer in QuickBooks that a forecast does NOT offer? a. More options for class reports b. They offer the same options c. More reporting options d. Fewer reporting options 32. What does it mean if you report transactions on an accrual basis? a. You report all income that has been earned and all expenses that have been incurred, regardless if the money has been received or paid b. You only report income if the money has been received c. You only report expenses if they have been paid d. Both b. and c. 33. By default, Net Income for the prior year flows into which account in the next year? a. Retained Earnings b. Assets c. Liabilities d. Accounts Receivable 34. Which of the following is NOT a step for the improved closing entry? a. Change the name of the Retained Earnings account b. Create a new Retained Earnings account c. Delete the Retained Earnings account d. Transfer each year's income or loss into the new Retained Earnings account 35. When executing the Improved Closing Entry, what account type should you choose for the new Retained Earnings account? a. Retained Earnings b. Fixed Asset c. Equity d. Other Current Liability National Association of Certified Public Bookkeepers 6

9 NBA Accounting Basics for QuickBooks Proficiency Test Answers 1. What does the term "Double entry accounting" mean? b. There are always at least two accounts involved in every financial transaction 2. Literally, "Debit" means what? c. The left side of a transaction 3. Which certain types of accounts typically increase when you debit them? c. Assets, cost of goods sold, and expenses 4. Which statement is a financial picture of your company? d. The Balance Sheet 5. Which of the following is one of the six accounting principles? c. The Matching principle 6. What question does the Revenue principle answer? 7. What are the three factors to determine whether or not accounting information is Reliable? b. Valid, Verifiable, and Neutral 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? c. A snapshot or picture of how your business looks at a certain time 10. In what two ways does QuickBooks use Account Type? b. To determine which financial statement the account appears on, and how QuickBooks uses the account 11. When you double-click on a balance sheet account in the Chart of Accounts, what does QuickBooks display? a. The Account Register 12. When receiving payments in QuickBooks, you must specify which of the following? National Association of Certified Public Bookkeepers 7

10 c. Where the payment goes (Undeposited Funds, Checking, etc) 13. What is the QuickBooks term for an invoice you've received from a vendor? c. Bill 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? d. Any of the above 16. What is one tool or method outside of QuickBooks that can help support your financial data IN QuickBooks? b. Documents from vendors and customers, like bills and cleared checks 17. What is one way to verify the Accounts Payable balance on the Balance Sheet? b. Click Reports: Vendors & Payables: Unpaid Bills Detail to review to whom you owe money 18. What is "Expert Analysis"? a. It is a tool QuickBooks offers to help you understand and use many of the ratios accountants use 19. Why is it not always meaningful to compare trends? a. Variable costs might increase in numbers from year to year, but decrease as percentage of income 20. When analyzing trends in variable expenses, how should you display expenses to get accurate trend data? b. As Percent of Income 21. When scheduling an unattended backup, why would you choose a time frame like 1AM? d. The QuickBooks company file must be closed, but the computer must be turned on 22. Which of the following is NOT a suggested weekly accounting task? a. Back up data file to hard drive 23. What two Customer reports should you run every month? b. The Open Invoices report and the Collections Report 24. How often should you back up your QuickBooks data file? b. Once a day 25. What should you remember to do before creating an accountant's copy of your data file? National Association of Certified Public Bookkeepers 8

11 b. Set a closing date 26. What report do you start with to create the Entry Journal? d. Custom Transaction Detail Report 27. When an accountant is working within an accountant's copy of a company file, what does he or she see on the QuickBooks display in the title bar? a. "Accountant's Copy" 28. What is the Accountants Review? c. A feature that allows the accountant to review and make adjustments to your financial numbers 29. Which menu would you access to create a new company budget? c. The Company menu 30. What menu would you access to turn on Classes? d. Edit: Preferences 31. What does a budget offer in QuickBooks that a forecast does NOT offer? c. More reporting options 32. What does it mean if you report transactions on an accrual basis? a. You report all income that has been earned and all expenses that have been incurred, regardless if any money has been received or paid 33. By default, Net Income for the prior year flows into which account in the next year? a. Retained Earnings 34. Which of the following is NOT a step for the improved closing entry? c. Delete the Retained Earnings account 35. When completing the Improved Closing Entry, what account type should you choose for the new Retained Earnings account? c. Equity National Association of Certified Public Bookkeepers 9

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