QuickBooks Online Certification Level 1 exam with answers.

QuickBooks Online Certification Level 1 |\ |\ |\ |\ |\




exam with answers |\ |\




Which type of transaction cannot be referenced with a tag
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in QuickBooks? - CORRECT ANSWERS ✔✔Journal Entry
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When might a client want to manually record an expense,
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rather than categorizing it when it comes in through the
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bank feed? - CORRECT ANSWERS ✔✔When a large
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expense is incurred & when the expense needs to appear
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in a company report immediately
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You generally need to submit a 1099 to the IRS at year
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end when you pay more than how much for services from
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a vendor who is an independent contractor or freelancer?
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- CORRECT ANSWERS ✔✔$600
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Which of the following statements best describe tags in
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QuickBooks?


- Tags are customizable labels that you can add to
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transactions that affect the profit and loss statement. |\ |\ |\ |\ |\ |\ |\

,- Tags are the best way to generate reports to analyze
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financial data based on location, to make informed|\ |\ |\ |\ |\ |\ |\ |\



decisions about each location's performance. |\ |\ |\ |\




- Tags are highly structured and typically used for high-
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level categorization, such as departments, product lines,
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or business units.
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- Tags are integrated into all standard reports, and offer
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advanced filtering and sorting capabilities. - CORRECT |\ |\ |\ |\ |\ |\ |\



ANSWERS ✔✔Tags are customizable labels that you can |\ |\ |\ |\ |\ |\ |\ |\



add to transactions that affect the profit and loss
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statement.


Using Purchase Orders - CORRECT ANSWERS ✔✔It's a
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nonaccounting (also known as nonposting) transaction, |\ |\ |\ |\ |\ |\



which means it doesn't affect any balances in your
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client's accounts. They are a good way to help clients
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keep track of their cash flow by keeping an eye on
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intended future purchases. |\ |\




How do purchase orders help in QuickBooks Online? -
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CORRECT ANSWERS ✔✔*Makes orders easier to track*: |\ |\ |\ |\ |\ |\ |\



Creating purchase orders streamlines order tracking, and
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when the order arrives, it's easy to check whether the
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correct items and quantities have been sent.
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, *Ensures clear communication*: Since purchase orders
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are highly detailed, they ensure your client and the
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vendor are in agreement about what's expected.
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*Makes life easier for vendors*: A purchase order helps
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vendors generate your client's order and successfully
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deliver it to them. |\ |\ |\




*Helps manage cash flow*: Purchase orders help provide
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control over spending and give insight on future
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expenditures


Uploading receipts and bills - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\



✔✔QuickBooks Online enables clients to upload them |\ |\ |\ |\ |\ |\ |\



from a computer or mobile device, or email them to a
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custom email address. |\ |\




What happens when your client receives a bill and
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records it in QuickBooks? |\ |\ |\




Debits the expense account
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Increases expenses on the profit and loss |\ |\ |\ |\ |\ |\




Credits accounts payable|\ |\