Below is a sample of the questions on the test - actual questions vary by test. All questions are multiple choice or true/false.
The gross profit on sales for a period is determined by:
- Subtracting the cost of goods sold from the sales.
- Subtracting the sales returned and the discount on sales from the gross sales.
- Subtracting the sales from the purchases for the period.
- Calculating the difference between the inventory at the beginning of the period and the inventory at the end of the period.
The Profit and Loss Statement doesn't show:
- The cost of goods sold.
- Depreciation of fixed assets.
- Payroll taxes expenses.
- The net worth of the business.
ABC Company has assets of $14,000 and liabilities of $2,000. The company's net worth is $16,000.
What form do you use to file FUTA tax?
How often is the 941 filed?
- When the amount due exceeds $500.
When beginning a Bank Reconciliation, QuickBooks will ask you to enter all of the following information except:
- The ending bank balance.
- The statement closing date.
- The checkbook balance.
- The bank service charges.
How do you determine if a check has been reconciled in QuickBooks?
- A checkmark is displayed in the bank account register.
- The word "Reconciled" appears on the check in QuickBooks.
- All of the above.
- Look at the bank reconciliation in QuickBooks.
If you regularly invoice a customer for the same items or services, you can save time by:
- Entering multiple invoices at once.
- Copying the original invoice.
- Memorizing the original invoice.
- Using Statement Charges.
When entering a bill from a vendor using "Enter Bills", the bill must be paid:
- Using Pay Liabilities.
- Using Write Checks.By entering the payment in the check register.
- Using Pay Bills.
When paying payroll taxes, you must:
- Use Write Checks.
- Enter the payment in the check register.
- Use Pay Bills.
- Use Pay Liabilities.