INTUIT BOOKKEEPING EXAM QUESTIONS AND CORRECT ANSWERS LATEST UPDATE

What do the diamonds mean on certain lists (for example, the diamonds to the left of each Customer: Job)?
You can click on the diamond and move the list entry to a different location on the list.

What is the maximum number of names that can be included on the Names lists in QuickBooks Pro or Premier?
14,500

What are the 5 Account Types?
- Assets
- Liabilities
- Equity
- Revenue
- Expenses

What is the accounting formula?
Assets = Liabilities + Equity + Revenue - Expenses

What does DEA/LER stand for?
- Debit
Expenses and Assets
- Credit
Liabilities
Equity
Revenue

What are the 6 steps of the Accounting-Cycle?
- Collect and Analyze Transactions
- Record/Post transactions to the ledger
- Prepare and unadjusted trial balance
- Prepare adjusting entries at the end of the period
- Prepare an adjusted trial balance
- Prepare financial statements

What are the 4 Types of financial statements?
- The income statement
- The balance sheet
- The statement of equity
- The statement of cash flow

What item type should you use for inventory that you assemble from other items and then sell?
Inventory Assembly

Which of the following statements is true concerning items?
You can use one item to represent different services or goods, Items allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss, and To create an invoice, you must use an item.

When should you create an invoice in QuickBooks?
When a customer purchases goods or services but does not pay you at the time of the sale

When should you use a Sales Receipt in QuickBooks?
To record a customer payment at the time of sale

How do you track accounts payable in QuickBooks?
Enter a bill, and then use the Pay Bills window.

What transaction/form do you begin with to enter a vendor credit?
Enter Bill