QuickBooks Online Exam Test Bank Questions and Answers

Q: There are four types of products and services - ANSWER-A: Inventory, non-inventory, service, and bundle Q: You want to pass on some of your costs directly to customers in Quickbooks Online. You are able to assign a customer to a cost, but you cannot mark it billable. You need to make costs billable in Quickbooks Online. What should you do? - ANSWER-A: In the account and settings area on the expenses tab, toggle on Make expenses and items billable Q: Which two statements describe the difference between recording expenses on checks and as credit card expenses? - ANSWER-A: A check debits the expense account and credits Accounts Payable Q: On your bank's website, you transfer $5000 from your savings account to you checking account to pay bills. You are processing bank feed transactions. You need to record this transaction properly. Which two actions should you perform? - ANSWER-A: Match the saving account transactions to the checking account transactions A: Mark the checking account transactions as a Transfer Q: Track jobs and income? Q: Track transactions by city or region? Q: Track transactions by departments in a company? - ANSWER-A: Projects A: Locations A: Classes Q: 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? - ANSWER-A: Void the check Q: In Quickbooks online,what is the difference between voiding and deleting a check? - ANSWER-A: 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. Q: What is a reason for setting up products or services in Quickbooks Online? - ANSWER-A: To have standard terminology for customers on sale forms