When setting up a new company through the Advanced Setup, some company information is optional and some is absolutely required. Which of the following pieces of information does QuickBooks require you to enter during the EasyStep Interview? All of the above How do you set up multiple businesses in QuickBooks assuming each business files a separate tax return? Purchase a separate QuickBooks license for each company you need to set up. Use the Advanced Setup to go through the EasyStep interview for the oldest c. Use the Advanced Setup to go through the EasyStep interview for each company d. During the Advanced Setup, how do you setup a new account that is not on the default list of accounts during the EasyStep Interview? You can't add accounts that are not on the QuickBooks default list. Finish the interview and add the accounts directly to the Chart of Accounts. Click Add new account in the EasyStep Interview. Click Edit Account during the EasyStep Interview. Select Import My Chart of Accounts during the EasyStep Interview. You've been hired by a company that started in 1911. They've never used QuickBooks. There is no Start Date in the EasyStep Interview. The date the company bought QuickBooks. The date you want to begin tracking the company's finances in QuickBooks. How do you restore a company file from a backup copy? Then click the Restore from Backup button. Select Restore a backup copy and click Next. Choose Local or Online Backup and click Next. Select the file to restore and click Open. Choose where to restore the file to and click Save. Click the Restore icon on the Home page. Why would you restore a data file from the backup file? You wish to review the company data as it stood at an earlier date. The company data file on your hard drive is damaged and cannot be used. You reloaded QuickBooks, and now you are ready to open the company file. All of the above. Removes all payroll transactions that occurred on that date. This is a great way to fix the mistakes a new person made on a particular day. Removes all transactions while leaving lists, preferences, and service subscriptions intact. Changes the company's start date. Deletes all transactions, as well as user passwords and access privileges. When you start a company or are hired as a bookkeeper, it is important to know which edition of QuickBooks you are using. What are the major QuickBooks editions? QuickBooks Online, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise Solutions b. QuickBooks Online, QuickBooks Basic, QuickBooks Pro c. QuickBooks Basic, QuickBooks Pro d. QuickBooks Premier, QuickBooks Enterprise Solutions When entering a journal entry, what happens if the debits don't equal the credits? QuickBooks sends the difference to an adjustment account. QuickBooks will not allow you to record the transaction. QuickBooks records the transaction as is. What do the diamonds mean on certain lists for example, the diamonds to the left of each Customer:Job? You are not allowed to delete that entry. You can click on the diamond and move the list entry to a different location on the list. There are open transactions related to the list entry. You cannot move the list entry. If you moved a list entry up or down, what happens when you add a new entry to the list? QuickBooks adds new list entries to the bottom of the list, regardless of alphabetic order b. QuickBooks adds new list entries in alphabetic order. QuickBooks adds new list entries to the top of the list, regardless of alphabetic order d. QuickBooks asks you how to sort new list entries. How do you combine or merge two list entries? Rename the unwanted list entry to match the name of the list entry you want to merge into. Open the list entry you want to get rid of and click Merge. From the bottom of the list, click the Activities menu and select Combine Entries. You cannot combine or merge two list entries. Can you delete a list entry for example, an item? Yes, if the list entry is not used in any transactions or is not part of another list entry for example, a group item. No, if the list entry is used in any transactions or is part of another list entry for example, a group item. Both A and B are correct. No, you can never delete a list entry. Which of the following statements is true concerning items? You can use one item to represent different services or goods. To create an invoice, you must use an item. All of the above. What are other benefits of using items? You can track the actual quantity of goods or services you sell. They can save you time by automatically entering a description and price on forms. They allow you to track a lot of detail without cluttering your Chart of Accounts. All of the above. You've just been hired by a bakery that sells delicious cup cakes. When they buy ingredients flour, eggs, milk, and sugar , they use the Expense tab and assign the costs to a Cost of Goods Sold account. You need to set up an item for cakes. What item type should you use? Non-inventory Part If you associate a service item with two accounts, how
