QUICK-BOOKS ONLINE CERTIFICATION
TEST CHEAT EXAM QUESTIONS AND
ANSWERS
Your Employer wants to see profit in department A separate from department B. What is
the best way to set this up? - Answer-Turn on Classes and set up each department as
its own class.
You have a customer who hires you to work on several projects. How do you keep the
sales and expenses for each project separate so you run reports to see how profitable
each project is? - Answer-Select the "Track separately" checkbox on the invoices for
each job.
Which of the following statements about Users is TRUE? - Answer-You can have as
many Reports Only and Time Tracking Only users as you want.
Which of the following could explain why a Profit and Loss shows a profit, but the
business owner does not have any money in the bank? - Answer-The profit and loss
was run on the Accrual Basis instead of the Cash Basis
To speed up the set up process you can import certain lists into QuickBooks. Which of
the following CAN be imported? - Answer-Chart of Accounts, Products and Services,
Customers and Vendors
How do you hide all subaccounts on a report? - Answer-Click the Collapse button.
You entered a check in QuickBooks to record a purchase of office supplies. Later, you
realize this was a credit card purchase. How do you handle this? - Answer-Change the
Check number to CREDIT
You paid an insurance premium online with an electronic fund transfer (EFT). How
would you record this transaction in QuickBooks? - Answer-Click the Global Create
button, plus sign, and select Expense. Fill out the expense and create/select EFT as the
payment method. Save the transaction.
You were hired to set up QuickBooks for a consulting company. The owner asks you to
set up the chart of accounts for that industry. This is easy because... - Answer-
QuickBooks automatically creates a chart of accounts for you based on the industry.
And you can edit this list later to remove accounts you do not need or add ones that you
do.
Which of the following IS a list in QuickBooks Online? - Answer-Other Names
, What limitations does QuickBooks have when it comes to browser access? - Answer-
None of the above.
You just BOUGHT something from a CUSTOMER. How do you set this customer up as
a VENDOR in QuickBooks? - Answer-Navigate to the Vendors lists and create a new
vendor. In the "Display Name As" field, enter customer's name, but add something
unique, like "(vendor)' at the end of the name
You are setting up a product or service. What happens if you select the box next to "I
purchase this product/service from a vendor"? - Answer-QuickBooks provides fields so
you can track purchases of that product/service (in addition to sales)
Where should you begin the process of importing lists from Excel to QuickBooks -
Answer-Click the Gear icon
Why would you recommend recording sales with invoices or Sales Receipts instead of
recording the sale with Journal Entry or on the Record Deposit screen? - Answer-- The
sales will appear on sales reports (they don't if you use the "Record Deposit" or Journal
entry screen)- -- You can e-mail or print the sale for customers.
- You can run reports that show your sales by product or service
You're tired of using your mouse to record transactions. You decide to start using
shortcuts. How can you see a list of keyboard shortcuts in QuickBooks? - Answer-Hold
down the "CTRL", "ALT", and "?" keys at the same time
What account do you use to record an expense purchased made with your Visa DEBIT
CARD - Answer-Checking/Current
Which transaction can be made recurring? - Answer-- General Journal Entry
- Check
- Expense
Available in the company settings, what are two options for categorizing sales and
expenses into different locations and departments of a business? - Answer-Classes and
Locations
Select the statement that's true about using the QuickBooks app on a mobile device -
Answer--There is a QuickBooks app for Android and Apple (IOS) devices
-You can NOT perform all the functions of QuickBooks on the mobile app.
-The mobile app uses built in functionality of your device (e.g. the camera to take
pictures of receipts or other documents to attach transactions)
You created an estimate for a customer, When does the customer's balance go up? -
Answer-When you invoice based on the estimate
TEST CHEAT EXAM QUESTIONS AND
ANSWERS
Your Employer wants to see profit in department A separate from department B. What is
the best way to set this up? - Answer-Turn on Classes and set up each department as
its own class.
You have a customer who hires you to work on several projects. How do you keep the
sales and expenses for each project separate so you run reports to see how profitable
each project is? - Answer-Select the "Track separately" checkbox on the invoices for
each job.
Which of the following statements about Users is TRUE? - Answer-You can have as
many Reports Only and Time Tracking Only users as you want.
Which of the following could explain why a Profit and Loss shows a profit, but the
business owner does not have any money in the bank? - Answer-The profit and loss
was run on the Accrual Basis instead of the Cash Basis
To speed up the set up process you can import certain lists into QuickBooks. Which of
the following CAN be imported? - Answer-Chart of Accounts, Products and Services,
Customers and Vendors
How do you hide all subaccounts on a report? - Answer-Click the Collapse button.
You entered a check in QuickBooks to record a purchase of office supplies. Later, you
realize this was a credit card purchase. How do you handle this? - Answer-Change the
Check number to CREDIT
You paid an insurance premium online with an electronic fund transfer (EFT). How
would you record this transaction in QuickBooks? - Answer-Click the Global Create
button, plus sign, and select Expense. Fill out the expense and create/select EFT as the
payment method. Save the transaction.
You were hired to set up QuickBooks for a consulting company. The owner asks you to
set up the chart of accounts for that industry. This is easy because... - Answer-
QuickBooks automatically creates a chart of accounts for you based on the industry.
And you can edit this list later to remove accounts you do not need or add ones that you
do.
Which of the following IS a list in QuickBooks Online? - Answer-Other Names
, What limitations does QuickBooks have when it comes to browser access? - Answer-
None of the above.
You just BOUGHT something from a CUSTOMER. How do you set this customer up as
a VENDOR in QuickBooks? - Answer-Navigate to the Vendors lists and create a new
vendor. In the "Display Name As" field, enter customer's name, but add something
unique, like "(vendor)' at the end of the name
You are setting up a product or service. What happens if you select the box next to "I
purchase this product/service from a vendor"? - Answer-QuickBooks provides fields so
you can track purchases of that product/service (in addition to sales)
Where should you begin the process of importing lists from Excel to QuickBooks -
Answer-Click the Gear icon
Why would you recommend recording sales with invoices or Sales Receipts instead of
recording the sale with Journal Entry or on the Record Deposit screen? - Answer-- The
sales will appear on sales reports (they don't if you use the "Record Deposit" or Journal
entry screen)- -- You can e-mail or print the sale for customers.
- You can run reports that show your sales by product or service
You're tired of using your mouse to record transactions. You decide to start using
shortcuts. How can you see a list of keyboard shortcuts in QuickBooks? - Answer-Hold
down the "CTRL", "ALT", and "?" keys at the same time
What account do you use to record an expense purchased made with your Visa DEBIT
CARD - Answer-Checking/Current
Which transaction can be made recurring? - Answer-- General Journal Entry
- Check
- Expense
Available in the company settings, what are two options for categorizing sales and
expenses into different locations and departments of a business? - Answer-Classes and
Locations
Select the statement that's true about using the QuickBooks app on a mobile device -
Answer--There is a QuickBooks app for Android and Apple (IOS) devices
-You can NOT perform all the functions of QuickBooks on the mobile app.
-The mobile app uses built in functionality of your device (e.g. the camera to take
pictures of receipts or other documents to attach transactions)
You created an estimate for a customer, When does the customer's balance go up? -
Answer-When you invoice based on the estimate
