Twenty original scenario questions organized the way Intuit organizes the Level 1 certification — its five official courses: Getting Started, Sales and Customers, Expenses and Vendors, Banking, and Period End. Answer them all and get a readiness score for each domain, plus exactly which of our modules to study for your weak spots.
Setting up a company file correctly: choosing a start date and getting opening balances right, configuring Account and Settings to match the business (turning off what's unused), building a chart of accounts with sub-accounts for reporting detail, and managing users with appropriate access levels. The theme is foundation quality — a file set up wrong stays wrong. Study with Modules 5, 6 & 7.
The money-in workflow and when each form applies: invoices for pay-later sales, sales receipts for paid-now sales, Receive Payment to close invoices (never a second sales receipt), credit memos and customer credits for overpayments and returns, and Undeposited Funds for grouping payments into deposits that match the bank. The trap this domain tests: recording income twice. Study with Module 8.
The money-out workflow: bills for pay-later (creating accounts payable) versus expenses and checks for paid-now, Pay Bills to settle them, recurring transactions for predictable costs, and 1099 tracking for contractors. The trap here mirrors sales: paying a bill and then adding the bank-feed item as a new expense — the double-count in the other direction. Study with Module 9.
Bank feeds and reconciliation: Match versus Add (and why Add duplicates), bank rules for automating repeat categorization, monthly reconciliation to a statement, what a beginning-balance mismatch means (a reconciled transaction was disturbed), and how to treat stale outstanding items — investigate, never force-adjust. Study with Module 11, and keep our free reconciliation checklist handy.
Reading and protecting the books: which report answers which question (P&L for profitability over a period, balance sheet for position at a moment, A/R aging for collections), cash versus accrual on reports, and closing the books with a closing date and password once a period is final. Study with Modules 12 & 14, with Module 4 underneath it all.
Your score above tells you where to focus. Create a free account (no card required), start with Module 1, and work the domains you missed — our practice exams, scenarios, and games drill exactly these concepts until they're reflexes.