Quickbook Certification Exam pt 4

You are adding a new customer to Quickbooks Online. You are working in the New You own Customer Information form. For each statement about the Display name as a field, write True or False:

The display name is optional.

True

You are adding a new customer to Quickbooks Online. You are working in the New You own Customer Information form. For each statement about the Display name as a field, write True or False:

2-The display name must be unique.

False

You are adding a new customer to Quickbooks Online. You are working in the New You own Customer Information form. For each statement about the Display name as a field, write True or False:

3-The display name is used to sort customer lists.

True

You are reviewing downloaded bank and credit card transactions. You need to select the correct action for each transaction.
( Add,Match,Split,View)

Creates a new transaction

Add

You are reviewing downloaded bank and credit card transactions. You need to select the correct action for each transaction.
( Add,Match,Split,View)

Categorize parts of a transaction differently

Split

You are reviewing downloaded bank and credit card transactions. You need to select the correct action for each transaction.
( Add,Match,Split,View)

Links the new transaction with an existing transaction

Match

You are reviewing downloaded bank and credit card transactions. You need to select the correct action for each transaction.
( Add,Match,Split,View)

Displays multiple transactions that might match an existing transaction

View

You own a retail clothing store. You are setting up QuickBooks Online for your store. You are adding items that you buy or sell to QuickBooks Online Products and Services. For each item you buy or sell, indicate whether it is an Inventory item or Non-inventory item.

Hangers on which you display shirts

Non-Inventory

You own a retail clothing store. You are setting up QuickBooks Online for your store. You are adding items that you buy or sell to QuickBooks Online Products and Services. For each item you buy or sell, indicate whether it is an Inventory item or Non-inventory item.

Shirts you regularly stock and sell to customers

Inventory

You own a retail clothing store. You are setting up QuickBooks Online for your store. You are adding items that you buy or sell to QuickBooks Online Products and Services. For each item you buy or sell, indicate whether it is an Inventory item or Non-inventory item.

A shirt you order for specific customer but do not usually sell

Inventory

Which three actions can you perform from the QuickBooks Online business dashboard?

Review last month's profit and loss data
Add a new customer
Record mileage for a business trip

For which three reasons would you install QuickBooks online apps

To tailor QuickBooks online for specific
To automate task such as data entry
To add additional data tracking and reporting capabilities

For each statement about QuickBooks Online default user types, write True or False.

Standard users can enter timesheets, add users, update company info, or manage subscriptions

False

For each statement about QuickBooks Online default user types, write True or False.

Time tracking-only and Reports-only user types do not count toward user limits.

True

For each statement about QuickBooks Online default user types, write True or False.

The Mast Admin user is a permanent user account and its controls cannot be transferred or assigned to a new user.

True

An existing vendor decides to purchase products from your company. In QuickBooks Online , you set up a customer account for the Vendor. For each Field , Highlight Yes if the vendor and customer account entries must be unique or No if they can be identical.

First name

No

An existing vendor decides to purchase products from your company. In QuickBooks Online , you set up a customer account for the Vendor. For each Field , Highlight Yes if the vendor and customer account entries must be unique or No if they can be identical.

Last Name

No

An existing vendor decides to purchase products from your company. In QuickBooks Online , you set up a customer account for the Vendor. For each Field , Highlight Yes if the vendor and customer account entries must be unique or No if they can be identical.

Display name

No

An existing vendor decides to purchase products from your company. In QuickBooks Online , you set up a customer account for the Vendor. For each Field , Highlight Yes if the vendor and customer account entries must be unique or No if they can be identical.

Company

Yes

For each statement about Managing unbilled expenses in QuickBooks Online, write True or False.

The Unbilled Costs by Job report displays the unbilled expenses.

True

For each statement about Managing unbilled expenses in QuickBooks Online, write True or False.

If you Clear the Billable checkBox for cost, it is no longer a business expense.

False

For each statement about Managing unbilled expenses in QuickBooks Online, write True or False.

You can change the billable status of cost by selecting or clearing the Billable checkbox on the check.

True

For Which two reasons should you connect your online bank accounts to QuickBooks Online?

To help prevent data errors
To ensure that your data remains secure

Which QuickBooks Online transactions can be made recurring?

Check and Journal Entry

For each statement related to customers and sales tax QuickBooks Online, Write True or False.

The default tax status for new customers is Taxable

True

For each statement related to customers and sales tax QuickBooks Online, Write True or False.

Taxability of a product or service can be changed on the invoice or sales receipt

False

For each statement related to customers and sales tax QuickBooks Online, Write True or False.


If you sell a taxable service to a taxable customer,QuickBooks Online calculate sales tax and adds it to the invoice

True

For each statement related to customers and sales tax QuickBooks Online, Write True or False.

If you sell a taxable service to a non-taxable customer, QuickBooks Online calculates sales tax and add it to the invoice

False

What is a reason for setting up products or services in QuickBooks Online?

To automatically message customers when items are in stocks

Which two statements about credit memos are True?

A credit memo immediately reduces a customer's current open balance.
A Credit memo can be used by customers as payment for an invoice

What information does an Accounts Receivable Aging report present?

Unpaid balances for each customer , grouped by days past due

Highlight each feature to tool from the list for its correct purpose
( Classes, Locations, Projects)

Track job costs and income

Projects

Highlight each feature to tool from the list for its correct purpose
( Classes, Locations, Projects)

Track transactions by city or region

Locations

Highlight each feature to tool from the list for its correct purpose
( Classes, Locations, Projects)

Track transactions by departments in a company

Classes

During a business trip, you pay for expenses using the company credit card. After the trip, you need to upload your expense receipts to QuickBooks. Which two methods can you use? Each answer is a complete solution

Scan each receipt to a PDF file and email the files to QuickBooks Online.
From the QuickBooks Online, take a picture of each receipt by using a webcam.

In What way does the QuickBooks payments feature differ from the traditional payments?

Payments received via QuickBooks Payments can be deposited into QuickBooks Cash Bank Account.

In Quickbooks Online, What is the difference between voiding and deleting a check?

Voiding a check keeps it in reports but reduces its value to zero. Deleting a check removes it from reports other than the Audit Log.

You are entering Journal entries in QuickBooks Online. For each statement about the required information, write true or false

You Must select Save and close to record the journal entry

True

You are entering Journal entries in QuickBooks Online. For each statement about the required information, write true or false

QuickBooks Online automatically inserts the date and the next available journal entry number

True

You are entering Journal entries in QuickBooks Online. For each statement about the required information, write true or false

After you enter the account for the debit transaction, QuickBooks Online automatically enters the account for credit transaction

False

For each statement about creating invoices in QuickBooks Online write True or False

The customer address is required for invoices but optional for Sales Receipts

True

For each statement about creating invoices in QuickBooks Online write True or False

When a customer will pay you sometime after they make a purchase you should create an invoice.

True

For each statement about creating invoices in QuickBooks Online write True or False

You can use Save and Send to save an invoice and attach it to an email message directly fromQuickBooks Online.

True

Which lists can you import into QuickBooks Online Plus from the Import Data screen?

Products and Services

You are setting up products and services in QuickBooks Online.For which items is the "Income account used when recording a sale" field available?

Inventory items and Service items

You need to share a report. For each method, select YES if you can share reports by using this method or NO if you cannot.

Email

Yes

You need to share a report. For each method, select YES if you can share reports by using this method or NO if you cannot.

Save as PDF

Yes

You need to share a report. For each method, select YES if you can share reports by using this method or NO if you cannot.

Export to Google Sheets

Yes

You Pay a bill by using a check. You record the transaction in QuickBooks Online. The check is damaged before the vendor can deposit it. You write a new check. What should you do with the original check in QuickBooks Online?

Void the check

A credit card expense debits the credit card receivable and credits the expense account

A check debits the expenses account and credit the bank.

During a business trip, you pay for expenses using the company credit card. After the trip, you upload the receipts to QuickBooks. Your Import the transactions from the linked credit card account. You need to assign the expense to the appropriate accounts. What should you do?

Display the account in QuickBooks Online and select the correct receipts.

Which two statements about the DISPLAY NAME as filed are TRUE when adding a customer in QuickBooks online?

It is the only required field in the Add Customer Window
It is the unique name you use to track each customer's balance and other information.

A vendor currently has payment terms of Net 10. The terms change to Net 15 starting today for all future bills. This is a new term that you have not used before. Which two actions must you complete to support this change?

On the ACCOUNTANT AND SETTINGS area, set the preferred invoice terms to NET 15.
Edit the vendor record IN the TERMS list, select NET 15.

What is a bank rule?

A list of criteria QuickBooks Online uses to automatically categorize transactions for you

You need to connect financial accounts to QuickBooks Online. For each account type, select YES if QuickBooks Online can connect to that type of financial account or NO if it cannot

Brokerage

No

You need to connect financial accounts to QuickBooks Online. For each account type, select YES if QuickBooks Online can connect to that type of financial account or NO if it cannot

Credit Card

Yes

You need to connect financial accounts to QuickBooks Online. For each account type, select YES if QuickBooks Online can connect to that type of financial account or NO if it cannot

PayPal

Yes

You need to connect financial accounts to QuickBooks Online. For each account type, select YES if QuickBooks Online can connect to that type of financial account or NO if it cannot

Savings

Yes

Write each financial report from the list to the correct description. You may use each financial statement report once, more than once, or not at all. Highlight the answer, (Balance Sheet, Profit and Loss Statement)

Shows assets, liabilities, and equity at one point in time

Balance Sheet

Write each financial report from the list to the correct description. You may use each financial statement report once, more than once, or not at all. Highlight the answer, (Balance Sheet, Profit and Loss Statement)

Used to understand changes in revenues and expenditures

Proft and Loss Statement

Write each financial report from the list to the correct description. You may use each financial statement report once, more than once, or not at all. Highlight the answer, (Balance Sheet, Profit and Loss Statement)

Shows income, expenses, and net income during a specific time period. (

Proft and Loss Statement

Write each financial report from the list to the correct description. You may use each financial statement report once, more than once, or not at all. Highlight the answer, (Balance Sheet, Profit and Loss Statement)

Provides information about the current financial health of a business.

Balance Sheet

You need to record a new transaction from a sales receipt. In which order should you perform the actions? Place numbers next to the statements for correct order of steps. Select the receipt to make corrections or add missing information (1,2,3)
Create a new expense (1,2,3)
Upload an image of the receipt to QuickBooks Online.(1,2,3)

2,
1,
3

What are the four types of products and services that can appear on QuickBooks sales forms?

Bundle, Inventory, Non-inventory, and Service

You own a retail clothing store. You order three dozen shirts from a vendor. Two shirts arrive with obvious manufacturing errors. You contact the vendor, who offers you a credit. In Quickbooks Online, what is the effect of the vendor credit?

Credit the cost of the damaged shirts to the Vendor Credits and Refunds income account

You need to connect financial accounts to QuickBooks Online. For each account type, highlight YES if QuickBooks Online can connect to that type of financial account or NO if it cannot.

A money market account

Yes

You need to connect financial accounts to QuickBooks Online. For each account type, highlight YES if QuickBooks Online can connect to that type of financial account or NO if it cannot.

A business saving account

Yes

You need to connect financial accounts to QuickBooks Online. For each account type, highlight YES if QuickBooks Online can connect to that type of financial account or NO if it cannot.

A personal credit card accounts

No

You need to determine which vendors charge the most for the goods and services they provide to your company. Which report should you run?

Expenses by Vendor

Which three tasks can you perform when using Bank Feeds in the Banking area?

Match transactions entered in QuickBooks to the bank information as they clear the bank.
Create a Receive Payment transaction if invoices are open in QuickBooks and one or more payments have cleared the bank.
Unreconcile a previously cleared transaction

Which two Statements describe the difference between recording expenses on checks and as credit card expenses

A check debits the expense account and credits the bank.
A credit card expense debits the expense account and credits the credit card payable

For each statement about the risks and benefits of extending functionality through apps, write TRUE or FALSE.

Your QuickBooks Online account includes free use of all App Store apps

False

For each statement about the risks and benefits of extending functionality through apps, write TRUE or FALSE.

The QuickBooks App Store is available directly from QuickBooks Online Plus.

True

For each statement about the risks and benefits of extending functionality through apps, write TRUE or FALSE.

Apps that are not fully compliant with intuit requirements will not connect to or sync with QuickBooks Online Company account.

True

You are setting up products and services in QuickBooks Online. For which items is the Initial quantity on hand field available?

Inventory items only

For each statement about the Cash Flow Statement, write TRUE or FALSE

It shows a business's assets, liabilities, and equity

False

For each statement about the Cash Flow Statement, write TRUE or FALSE

It summarizes the cash flowing in and out of the business

True

For each statement about the Cash Flow Statement, write TRUE or FALSE

It is divided into three sections, operations, investments, and financing

True

For each statement about the Cash Flow Statement, write TRUE or FALSE

It is another name for an income statement for companies that use accrual accounting

False

What are three recurring transaction types in Quickbooks Online?

Unscheduled
Scheduled
Reminder

For each statement about setting up payment terms for a new customer in QuickBooks Online, write True or False

You can create new payment terms from the New Customer form

True

For each statement about setting up payment terms for a new customer in QuickBooks Online, write True or False

You must specify payment terms when setting up a new customer

True

For each statement about setting up payment terms for a new customer in QuickBooks Online, write True or False

If you do not select payment terms for a customer,QuickBooks Online assigns the default invoice terms

True

You want to reduce the amount your loyal customer owes you on each invoice by 10 percent. Which feature should you use?

Vendor Credits

You are sending an invoice to a customer You news to set up the payment terms. What does a payment term of "Net 15" mean?

The customer must pay the invoice in full within 15 days of the invoice date.

Which two methods can you use to upload a receipt to QuickBooks Online?

Upload an image directly from Dropbox
Upload an image directly from your Google Drive.

For each statement about QuickBooks Payments in QuickBooks Online, write True or False.

QuickBooks Payments allows you to accept payments directly from customers

True

For each statement about QuickBooks Payments in QuickBooks Online, write True or False.

QuickBooks Payments accepts credit cards, debit cards, cash, checks, and ACH bank transfers.(

True

For each statement about QuickBooks Payments in QuickBooks Online, write True or False.

Transaction fees for using QuickBooks Payments are charged on a seperate monthly invoice from Intuit.

False

What does the audit log display?

Transactions that affect your company file, including the time and associated user

For each statement about merging vendor accounts write True or False.

After two vendors are merged, the action cannot be undone.

True

For each statement about merging vendor accounts write True or False.

To begin merging two vendors, edit the vendor record you want to keep.

True

For each statement about merging vendor accounts write True or False.

To merge one vendor record with another, change the Company Name or the First and Last names to match the other vendor.

False

For each statement about QuickBooks Online Plus write, True or False

QuickBooks Online Plus provides inventory tracking

True

For each statement about QuickBooks Online Plus write, True or False

QuickBooks Online Plus allows up to 5 users licenses

True

For each statement about QuickBooks Online Plus write, True or False

QuickBooks Online Plus provides project profitability tracking

True

For each statement about QuickBooks Online Plus write, True or False

QuickBooks Online Plus includes Payroll support at no additional cost

True

On your bank's website, you transfer $5000 from your savings account to your checking account to pay bills. You are processing bank feed transactions. You need to record this transaction properly. Which two actions should you perform?

Mark the checking account transaction as a Transfer.

Match the savings account transaction to the checking account transaction

You want to pass on some of your costs directly to customers in QuickBooks Online. You are able to assign a customer to cost, but you cannot mark it as billable. You need to make costs billable in QuickBooks Online. What should you do?

In the Account and Settings area, on the Expenses tab toggle on Track expenses and items by customer.

Which statement describes 1099 workers?

1099 workers are independent contractors