QuickBooks Online Certification
Primary admin correct answersCan manage all
users Created the QuickBooks account
Company Admin correct answersthis role is
only available in QBO Advanced
Custom user correct answersThis role is only available in QBO
Advanced Has specific access to areas in QBO
Standard user correct answersIn all versions of QBO, this role can be set
to specific levels of access
Close the Books feature's two benefits correct answersUsers
cannot change transactions in a closed period
It generates a closing Date Detail report
Accrual Accounting correct answersA company makes a sale and records the
expected revenue as an AR transaction
Provides a more accurate picture of the profitability of a company because
it includes AR and payables
Cash Basis Accounting correct answersA company makes a sale, but
revenue is not realized until the invoice is paid
The most common method of accounting
Tasks the can be automated in QBO correct answersOverdue Payment
reminders payroll
financial reporting
QBO creates a chart of accounts based on the industry you
selected correct answerstrue
You can add, edit, and remove accounts after starting a new company in
QB correct answersTrue
New accounts can only be added during the new company startup
process correct answersFalse
only income and expense accounts can be added after starting a new
company correct answersFalse
Three reasons to make transactions recurring in QBO correct answersSaves
time
Primary admin correct answersCan manage all
users Created the QuickBooks account
Company Admin correct answersthis role is
only available in QBO Advanced
Custom user correct answersThis role is only available in QBO
Advanced Has specific access to areas in QBO
Standard user correct answersIn all versions of QBO, this role can be set
to specific levels of access
Close the Books feature's two benefits correct answersUsers
cannot change transactions in a closed period
It generates a closing Date Detail report
Accrual Accounting correct answersA company makes a sale and records the
expected revenue as an AR transaction
Provides a more accurate picture of the profitability of a company because
it includes AR and payables
Cash Basis Accounting correct answersA company makes a sale, but
revenue is not realized until the invoice is paid
The most common method of accounting
Tasks the can be automated in QBO correct answersOverdue Payment
reminders payroll
financial reporting
QBO creates a chart of accounts based on the industry you
selected correct answerstrue
You can add, edit, and remove accounts after starting a new company in
QB correct answersTrue
New accounts can only be added during the new company startup
process correct answersFalse
only income and expense accounts can be added after starting a new
company correct answersFalse
Three reasons to make transactions recurring in QBO correct answersSaves
time
