QuickBooks Online Certification Exam – Practice Questions & Answer Explanations (2026
Updated)
Write down the true statements regarding how to make changes to the QuickBooks Chart of
Accounts and how to link products and services to the chart of accounts? - correct answer
✔✔We have to access the chart of accounts to add a new account. And then, click on New to
launch the Account window.
When you have turned on the inventory, the default account will be the Sales of Product
Income account.
The category type decides on which financial statement the new account will appear
while adding a new account.
Once you have set up Products and Services, they will be linked it to the chart of
accounts by specifying sales price.
It is recommended to delete an account from the chart of accounts if is irrelevant to the
business.
You should look into the sales tax requirements of your clients for their business and locality, as
part of understanding the client's requirements.
What information will be required to set sales tax up in QuickBooks Online? (Only for home-
state
business) - correct answer ✔✔The company address
Starting date of their current tax.
How often do they file a tax return?
Starting date of collecting sales tax for the agency.
What are the unique features of QuickBooks Enterprise that no other version has? - correct
answer ✔✔User limit: 5 to 30
, A limitless items amount vs. 14500 max with Pro/Premier
Powerful Inventory features
Runs faster in a network multi-user environment
Individual user access per area
What is the main difference between QuickBooks Pro and Premier? - correct answer ✔✔You
can create P.O.'s directly from sales orders, change
orders, and manage industry-specific reports such as Retail, Wholesale and Manufacturer, Non-
Profit,
Professional, Contractor, and services. Whereas, QuickBooks Pro doesn't contain this feature.
What are the main tips for a beginner to speed up the work in QuickBooks? - correct answer
✔✔Verify the date: The wrong dates will always give the wrong reports.
Utilize Tab rather than Enter: Enter inclines to the opposite of what you want.
Practice shortcuts: Speeding up the data entry procedure, particularly with dates. And,
reconcile accounts along with discarding the duplicate transactions.
Use the Home page in case of finding out a lost page.
Follow Accounting Rules such as expense matching and revenue recognition.
Which financial reports are to be prepared at the end of the year for the tax preparation or
other
type of financial reporting? - correct answer ✔✔Profit and Loss, balance sheet A/R Aging, A/P
Aging, Summary of Inventory Valuation, Profit by
job, etc. are to be prepared at the end of the year for the tax preparation.
What is the difference between a Custom Transaction Detail Report and a Custom Summary
Report? - correct answer ✔✔Detail: Transaction by transaction, Line by line, detailed
transaction.
Updated)
Write down the true statements regarding how to make changes to the QuickBooks Chart of
Accounts and how to link products and services to the chart of accounts? - correct answer
✔✔We have to access the chart of accounts to add a new account. And then, click on New to
launch the Account window.
When you have turned on the inventory, the default account will be the Sales of Product
Income account.
The category type decides on which financial statement the new account will appear
while adding a new account.
Once you have set up Products and Services, they will be linked it to the chart of
accounts by specifying sales price.
It is recommended to delete an account from the chart of accounts if is irrelevant to the
business.
You should look into the sales tax requirements of your clients for their business and locality, as
part of understanding the client's requirements.
What information will be required to set sales tax up in QuickBooks Online? (Only for home-
state
business) - correct answer ✔✔The company address
Starting date of their current tax.
How often do they file a tax return?
Starting date of collecting sales tax for the agency.
What are the unique features of QuickBooks Enterprise that no other version has? - correct
answer ✔✔User limit: 5 to 30
, A limitless items amount vs. 14500 max with Pro/Premier
Powerful Inventory features
Runs faster in a network multi-user environment
Individual user access per area
What is the main difference between QuickBooks Pro and Premier? - correct answer ✔✔You
can create P.O.'s directly from sales orders, change
orders, and manage industry-specific reports such as Retail, Wholesale and Manufacturer, Non-
Profit,
Professional, Contractor, and services. Whereas, QuickBooks Pro doesn't contain this feature.
What are the main tips for a beginner to speed up the work in QuickBooks? - correct answer
✔✔Verify the date: The wrong dates will always give the wrong reports.
Utilize Tab rather than Enter: Enter inclines to the opposite of what you want.
Practice shortcuts: Speeding up the data entry procedure, particularly with dates. And,
reconcile accounts along with discarding the duplicate transactions.
Use the Home page in case of finding out a lost page.
Follow Accounting Rules such as expense matching and revenue recognition.
Which financial reports are to be prepared at the end of the year for the tax preparation or
other
type of financial reporting? - correct answer ✔✔Profit and Loss, balance sheet A/R Aging, A/P
Aging, Summary of Inventory Valuation, Profit by
job, etc. are to be prepared at the end of the year for the tax preparation.
What is the difference between a Custom Transaction Detail Report and a Custom Summary
Report? - correct answer ✔✔Detail: Transaction by transaction, Line by line, detailed
transaction.
