Fresh Quickbook Interview Questions & Answers:

1. When would you enter a journal entry?
a. to correct errors (if you have a strong accounting background)
b. for year-end adjustments
c. to enter depreciation
d. all of the above?

d

2. What is equity?
a. What you own in the business
b. Assets minus (-) liabilities
c. What you owe to others in the business
d. Assets plus (+) liabilities

b. Assets minus (-) liabilities

3. What options (tabs) do you have to change a report when you click Modify Report?
a. Display
b. Filters
c. Header/Footer and Fonts & Numbers
d. All of the above

d. All of the above

4. When reconciling your bank account in QuickBooks, what must the beginning balance match?
a. The beginning balance should always equal the net amount of all uncleared bank transactions.
b. It should always match the opening balance on the paper bank statement.
c. It should always match the original account opening balance when the account was created.
d. The beginning balance should always be zero.

b. It should always match the opening balance on the paper bank statement.

5. How do you edit a collections letter?
a. You can't edit the default collection letters. You must create your own template from scratch.
b. You must click Subaccount of when you set up the new account. If you fail to mark the account as a subaccount during setup, you cannot make it a subaccount at a later time.
c. Choose Company > Prepare Letters with Envelopes > Customize Letter Templates.
d. When QuickBooks opens the letter in Word, click the Edit Template button at the top of the QuickBooks letter.

c. Choose Company > Prepare Letters with Envelopes > Customize Letter Templates.

6. You notice that multiple accounts should actually be subaccounts. How can you quickly make these accounts subaccounts of another account?

a. Click on the diamond to the left of the account, drag it below the appropriate parent account, and release the mouse button. Then click on the diamond again, drag it to the right, and release the mouse button.
b. Click on an account to select it. Then click the Lists menu and select Chart of Accounts > Make subaccount.
c. You must click Subaccount of when you set up the new account. If you fail to mark the account as a subaccount during setup, you cannot make it a subaccount at a later time.
d. To make a subaccount, right-click on the account and choose Make subaccount.

a. Click on the diamond to the left of the account, drag it below the appropriate parent account, and release the mouse button. Then click on the diamond again, drag it to the right, and release the mouse button.

7. How do you customize QuickBooks by changing the color scheme and adding or removing icons from the Home page?
a. You cannot change the color scheme of QuickBooks.
b. Click Change the look of QuickBooks on the Home page.
c. Right-click on an icon on the Home page to remove it or replace it. Right-click on the Home page in a blank space to change the color scheme.
d. Choose Edit > Preferences > Desktop View.

d. Choose Edit > Preferences > Desktop View.

8. Suppose you customized an invoice in QuickBooks. You really like how it looks and want your estimates to look similar. How do you do this?
a. You cannot duplicate the look and feel of one form to another in QuickBooks.
b. Choose Lists > Templates. Select the form you want to duplicate. Then click the Templates button and select Duplicate. Then select the type of template you want to create with the same look, in this case, estimate.
c. Choose Customers > Create Estimate > Duplicate form. You then select the type of template you want to duplicate, in this case, estimate.
d. Open the customized invoice and click the Duplicate button. You then select the type of template you want to duplicate, in this case, estimate.

b. Choose Lists > Templates. Select the form you want to duplicate. Then click the Templates button and select Duplicate. Then select the type of template you want to create with the same look, in this case, estimate.

9. Which of these functions can only be performed by the Administrator?
a. Merge entries on lists
b. Add new users and change their access privileges
c. Memorize custom reports
d. Back up the data file

b. Add new users and change their access privileges

10. You notice that when you print an invoice, the information in a field is cut off (that is, it doesn't fit). How can you fix this?
a. Use the Layout Designer to make the field wider.
b. Use a different Invoice template.
c. This can't happen in QuickBooks, as field sizes are automatically adjusted to fit whatever you type.
d. Send the invoice to Word and use that form instead.

a. Use the Layout Designer to make the field wider.

11. You don't like how a form (for example, an invoice) looks when you print it. How can you change it?
a. Export the form to Word and edit it there
b. Save it as a PDF and use PDF editing software
c. Export the form to Excel and edit it there
d. Click Customize at the top of the form

d. Click Customize at the top of the form

12. Suppose you have to track a specific piece of information about your customers that QuickBooks does NOT track. What is the best way to do this?
a. Export the customer list to Excel, add the information there, and re-import the list.
b. Use the Notes feature for each customer.
c. Edit a customer and click the "Additional Info" tab. Click Define Fields to create a Custom Field to track anything you want.
d. You can't create new fields or rename fields in QuickBooks.

c. Edit a customer and click the "Additional Info" tab. Click Define Fields to create a Custom Field to track anything you want.

13. You've customized an invoice and are ready to use it. But when you open the invoice, QuickBooks displays the default Intuit Invoice. How do you change it?
a. Choose Lists > Templates and delete the default invoice from the list of templates.
b. On the invoice, click the Template drop-down arrow and select your customized invoice.
c. Choose Edit > Preferences and select the Sales and Customers Preferences. Under the Company Tab, click "Set default invoice to use."
d. Choose Lists > Templates and double-click your customized Invoice. Select "Use as default" in the top left of the window. You can also do this step when you customize the invoice.

b. On the invoice, click the Template drop-down arrow and select your customized invoice.

14. How do you set up multiple users in QuickBooks Pro or Premier?
a. Choose Company > Set Up Users and Passwords > Set Up Users.
b. Choose Edit > Preferences and select the Authorized Users Preferences
c. You can't set up multiple users in QuickBooks Pro or Premier but only in QuickBooks Enterprise Solutions and QuickBooks Online.
d. During the loading screen when you install QuickBooks on that user's machine.

a. Choose Company > Set Up Users and Passwords > Set Up Users.

15. You need to enter the same transaction each month (for example, an insurance payment). How can you automate this process in QuickBooks?
a. While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction).
b. Choose File > Automate Transactions and use the wizard to set up the automated checks or other transactions.
c. From Preferences, choose General and click Set Up Automated Transactions.
d. While the transaction is on the screen, click the Recur button.

a. While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction).

16. Suppose your address information appears on the upper left of your invoice and you want to move it to the lower right. How would you do this?
a. Use the QuickBooks Print Engine Editor
b. Use the Layout Designer
c. Open the Financial Statement Designer
d. Use the Custom Form Designer

b. Use the Layout Designer

17. What are the main sections of the Profit & Loss?
a. Income, Expenses, and Liabilities
b. Income, Cost of Goods Sold, and Expenses
c. Income, Assets, and Owner's Equity
d. Assets, Liabilities, and Equity

b. Income, Cost of Goods Sold, and Expenses

18. You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice that the beginning balance calculated by QuickBooks is different from the beginning balance according to the bank. How can this happen?
a. It can't happen.
b. Someone changed the beginning balance amount
c. Someone changed or deleted a cleared transaction.
d. The bank transposed some numbers on a check or deposit.

c. Someone changed or deleted a cleared transaction.

19. What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports?
a. Balance Sheet, Profit and Loss
b. Balance Sheet, Statement of Operations
c. Profit and Loss, Statement of Operations
d. Statement of Operations, Statement of Financial Position

a. Balance Sheet, Profit and Loss

20. When you run Financial Statements in QuickBooks, what bookkeeping basis can you use to view the report?
a. Cash Basis
b. Accrual Basis
c. You can switch the bookkeeping basis if you want
d. All of the above

d. All of the above.

21. How can you stop yourself and others from deleting, editing, or adding transactions in a closed period?
a. Start a new company file each period (fiscal year)
b. Change the fiscal year in the Company Information window
c. Set a closing date
d. Edit the user's profile and enter a date in the "Restrict entry after this date" field.

c. Set a closing date

22. You suspect that someone has changed a transaction. What report should you run?
a. Audit Trail Report
b. User Entry Report
c. Modified Transactions Report
d. Changed Transactions Report

a. Audit Trail Report

23. What is the purpose of the Chart of Accounts?
a. It allows accountants to view accounting records remotely.
b. It is how you categorize financial transactions.
c. To see a graphical chart of income and expenses.
d. To categorize items.

b. It is how you categorize financial transactions.

24. 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.

b. There are always at least two accounts involved in every financial transaction.

25. What is one way that QuickBooks uses the Account Type?
a. To track revenue and expense by office or business segment
b. For financial ratios in the Analysis module
c. To change the color of different sections on the financial statements
d. To identify where the account appears on the financial statements

d. To identify where the account appears on the financial statements

26. How do you move columns on a report?
a. Click Modify Report, and in the Display tab under Columns, click the diamond to the left of the column and drag it to the desired position.
b. You can't do this in QuickBooks. You have to export the report to Excel first.
c. Click the diamond to the right of the column and drag it to the desired position.
d. Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position.

d. Move your cursor over the column heading, and when it becomes a hand, click and drag the column to the desired position.

27. What happens when you QuickZoom on a number in a report?
a. QuickBooks shows more detail about the number on the report.
b. QuickBooks shows you the Journal Entry it makes "behind the scenes" for that number.
c. QuickBooks displays who entered and modified the transaction.
d. QuickBooks magnifies the number so it is easier to read.

a. QuickBooks shows more detail about the number on the report.

28. Which of the following reports answers the question "What transactions make up the current balance I owe each Vendor?"
a. A/P Aging Summary
b. Accounts Payable graph
c. Vendor Balance Detail
d. Expenses by Vendor Detail

c. Vendor Balance Detail

29. What can you do in the Reports & Graphs Preferences (Edit > Preferences)?
a. Change the summary basis (Accrual or Cash) for all reports
b. Change Format options like font color and size
c. Set which date to use for aging reports
d. All of the above

d. All of the above

30. If you set up and track Sales Tax in QuickBooks, which category of reports contains Sales Tax reports?
a. Sales Reports
b. Vendors and Payables
c. Sales Tax
d. Tax Liability

b. Vendors and Payables

31. You have customized and then memorized a report. What does QuickBooks save when memorizing a report?
a. Report header, filters, and transactions
b. Transactions only
c. Report header, filters, and columns but not the actual transactions
d. Everything. A memorized report is like a photographic snapshot of a report.

c. Report header, filters, and columns but not the actual transactions

32. What happens if you double-click a diamond on a report column?
a. QuickBooks opens a detailed report about just that column.
b. QuickBooks automatically adjusts the column width to fit the data in the column.
c. QuickBooks hides the column.
d. None of the above.

d. None of the above.

33. What happens if you click Collapse on a report?
a. QuickBooks minimizes the report on the Home Page.
b. QuickBooks only shows data for the current month.
c. QuickBooks hides Subaccounts and only shows Parent accounts.
d. QuickBooks displays the report smaller so you can see other things on your screen.

c. QuickBooks hides Subaccounts and only shows Parent accounts.

34. How do you display or print a batch/group of reports quickly?
a. The only way is to create a memorized group of reports.
b. Choose Reports > Process Multiple Reports.
c. You can't do this in QuickBooks.
d. On the Home Page, click Batch Reports.

b. Choose Reports > Process Multiple Reports.

35. What is the easiest way to organize your memorized reports?
a. Track your memorized reports in Excel.
b. Create a report group.
c. Delete reports from your Memorized Report List quarterly to keep the list manageable
d. You are only allowed to create 5 memorized reports, so there is no need to organize your reports.

b. Create a report group.