QUICKBOOKS ONLINE EXAM
QUESTIONS WITH CORRECT ANSWERS
For each statement about QuickBooks Payments in QuickBooks Online, select True or
False
1) Quickbooks payment allows you to accept payments directly from customers
2) Quickbooks payment accepts credit cards, debit cards,cash, checks, and ACH bank
transfers.
3)Transaction fees for using Quickbooks payments are changed on a seperate monthly
invoice from Intuit. - Answer-1) True
2) True
3) False
For each statement about setting up payment terms for a new customer in Quickbooks
Online, select True or False
1) You can create new payment terms from the New Customers form
2) You must specify payment terms when setting up a new customer
3) If you do not select payment terms for a customer, QuickBooks Online assigns the
default invoice terms. - Answer-1) True
2) False
3) True
For each statement about the Cash Flow Statement, select True or False
1) if shows a business's assets, liabilities, and equity
2) It summarizes the cash flowing in and out of a business
3) It is divided intro three sections: Operations, Investments, and Financing
4) It is another name for an income statement for companies that use accrual
accounting - Answer-1) False
2) True
3) True
4) False
For each statement about the risks and benefits of extending functionally through apps,
select True or False
1) Your QuickBooks Online account includes free use of all App Store apps.
2) The QuickBooks App Store is available directly from QuickBooks Online Plus
3) Apps that are not fully compliant with intuit requirements will not connect to or sync
with your QuickBooks Online company account. - Answer-1) True
2) False
3) True
For which two reasons should you connect your online bank accounts to Quickbooks
Online? (Choose 2) - Answer-A. To ensure that your data remains secure
B. To help prevent data entry errors
, For which two reasons should you set up the services and products you sell in
QuickBooks Online? (Choose 2) - Answer-B) So you can track sales by product and
service
C) So you can add each product and service to invoices ,sales receipt, expenses, and
other sales forms
In quickbooks online, which item should you marks as billable? - Answer-D) Expenses
for which a customer should reimburse you
Move each feature or foot from the list on the left to its purpose on the right
1) Track jobs costs and income
2) Track transactions by city or region
3) Track transactions by departments in a company - Answer-1) Projects
2) Locations
3) Classes
Move each financial report from the list on the left to the correct description on the right.
1) Show assets, liabilities, and equity at one point in time.
2) Used to understand changes in revenues and expenditures
3) Shows income, expenses, and net income during a specific time period.
4) Provides information about the current financial health of a business. - Answer-1)
Balance sheet
2) Profit and loss statement
3) Profit and loss statement
4) Balance sheet
On your banks 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. Match the two actions you should perform? - Answer-B) Match the
savings account transaction to the checking account transaction
C) Mark the checking account transaction as a transfer.
Quickbooks online, what is the difference between voiding and deleting a check? -
Answer-D. 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.
Select the correct option from each drop down list
1) To compare products to determine which sell better, use the report
2) To compare customers to determine who buys more from you, use this report -
Answer-1) Sales by products/service
2) Sales by customer
What are the four types of products and services that can appear on QuickBooks sales
form? - Answer-D. Bundle, Inventory, Non-inventory, and Service
QUESTIONS WITH CORRECT ANSWERS
For each statement about QuickBooks Payments in QuickBooks Online, select True or
False
1) Quickbooks payment allows you to accept payments directly from customers
2) Quickbooks payment accepts credit cards, debit cards,cash, checks, and ACH bank
transfers.
3)Transaction fees for using Quickbooks payments are changed on a seperate monthly
invoice from Intuit. - Answer-1) True
2) True
3) False
For each statement about setting up payment terms for a new customer in Quickbooks
Online, select True or False
1) You can create new payment terms from the New Customers form
2) You must specify payment terms when setting up a new customer
3) If you do not select payment terms for a customer, QuickBooks Online assigns the
default invoice terms. - Answer-1) True
2) False
3) True
For each statement about the Cash Flow Statement, select True or False
1) if shows a business's assets, liabilities, and equity
2) It summarizes the cash flowing in and out of a business
3) It is divided intro three sections: Operations, Investments, and Financing
4) It is another name for an income statement for companies that use accrual
accounting - Answer-1) False
2) True
3) True
4) False
For each statement about the risks and benefits of extending functionally through apps,
select True or False
1) Your QuickBooks Online account includes free use of all App Store apps.
2) The QuickBooks App Store is available directly from QuickBooks Online Plus
3) Apps that are not fully compliant with intuit requirements will not connect to or sync
with your QuickBooks Online company account. - Answer-1) True
2) False
3) True
For which two reasons should you connect your online bank accounts to Quickbooks
Online? (Choose 2) - Answer-A. To ensure that your data remains secure
B. To help prevent data entry errors
, For which two reasons should you set up the services and products you sell in
QuickBooks Online? (Choose 2) - Answer-B) So you can track sales by product and
service
C) So you can add each product and service to invoices ,sales receipt, expenses, and
other sales forms
In quickbooks online, which item should you marks as billable? - Answer-D) Expenses
for which a customer should reimburse you
Move each feature or foot from the list on the left to its purpose on the right
1) Track jobs costs and income
2) Track transactions by city or region
3) Track transactions by departments in a company - Answer-1) Projects
2) Locations
3) Classes
Move each financial report from the list on the left to the correct description on the right.
1) Show assets, liabilities, and equity at one point in time.
2) Used to understand changes in revenues and expenditures
3) Shows income, expenses, and net income during a specific time period.
4) Provides information about the current financial health of a business. - Answer-1)
Balance sheet
2) Profit and loss statement
3) Profit and loss statement
4) Balance sheet
On your banks 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. Match the two actions you should perform? - Answer-B) Match the
savings account transaction to the checking account transaction
C) Mark the checking account transaction as a transfer.
Quickbooks online, what is the difference between voiding and deleting a check? -
Answer-D. 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.
Select the correct option from each drop down list
1) To compare products to determine which sell better, use the report
2) To compare customers to determine who buys more from you, use this report -
Answer-1) Sales by products/service
2) Sales by customer
What are the four types of products and services that can appear on QuickBooks sales
form? - Answer-D. Bundle, Inventory, Non-inventory, and Service
