QuickBooks Online Certification Exam- Section 1 Questions &Answers

What type of business relies on knowing their inventory at all times? -ANSWER - B2B Wholesale businesses *** Managing inventory and avoiding out-of-stock situations is critical to the success of what type of business, as well as understanding cash flow and balance sheets? -ANSWER - Retail and e-commerce businesses What are the three different ways to get information into QuickBooks Online? -ANSWER - 1. Convert data in existing QuickBooks Desktop software 2. Import customers, vendors, Chart of Accounts, and products and services lists from Excel 3. Enter all data manually What are the five different subscription plans available on QuickBooks Online? -ANSWER - Self-Employed, Simple Start, Essentials, Plus, and Advanced What is considered the backbone of accounting software? -ANSWER - The Chart of Accounts, including all assets, liabilities, income and expenses In wholesale billing, who is billed monthly for the subscription of QBO? -ANSWER - the Accountant How much does the Accountant user pay for wholesale billing? -ANSWER - 50% wholesale discount What is a perk of wholesale billing? -ANSWER - The Accountant user decides how the clients will be billed. What are three others advantages of wholesale billing? -ANSWER - bundling expenses, easy tracking, and switch anytime How do you add a new client? -ANSWER - 1. Go to Client Dashboard in QuickBooks Online Accountant 2. Select Add Client 3. Enter the business info How do existing users add you as you as their Accountant on QBO? -ANSWER - 1. Tell them to go to My Accountant in the left hand navigational panel 2. Send email 3. Accept invite 4. Sign in using QBO account inf