Accounting Certification Test with all Correct & 100%
Verified Answers |Already Graded A+
You're setting up a new customer. How do you tell QuickBooks that this customer's invoices should
be due 30 days after they're issued? ✔Correct Answer-Set the customer's Terms to Net30
Your boss wants to know if there are any overdue bills. What report would you run to give him this
information? ✔Correct Answer-Accounts Payable Aging Report
What is the purpose of the Audit Log report? ✔Correct Answer-To track any changes and deletions
to transactions, as well as track which user makes the change or deletion
Which three statements are true about settings up a product or service in QuickBooks Online?
(Choose three) ✔Correct Answer-1. You can use one product/service to represent different
services or goods.
2. Products/Services allow you to track your sales in more detail without cluttering your Chart of
Accounts or Profit & Loss.
3. To create an invoice, you can use either a product or a service.
When should you not delete a check? ✔Correct Answer-You printed a check, and the check
number has been used.
Which of the following statements are true regarding vendor credits? (Choose 2) ✔Correct
Answer-1. Vendor credit memos decrease what you owe to the vendor.
2. If an inventory item is entered in the product/service field of the item details section of the vendor
credit, the inventory quantity on hand balance would decrease.
Select three statements that are correct about journal entries. (Choose 3) ✔Correct Answer-1. A
journal entry must have a date.
2. The accounts used on a journal entry come from the chart of accounts.
3. Total debits must equal total credits on a journal entry.
You boss wants to know what the balance is for total assets, liabilities and equity. What financial
report would you use to find this information? ✔Correct Answer-Balance sheet
On a standard balance sheet or profit and loss report identify if you can customize the feature or
report area described below. Select Yes if you can customize the feature or select No if you cannot
customize this feature. ✔Correct Answer-Yes: Header, accounting method, display only non-zero
columns
No: Font color for report title
For each statement about the chart of accounts, identify if the statement is True or False.
✔Correct Answer-True: Accounts numbers can be used, but do not have to be
False: All accounts must have a type. Detail types are optional, Accounts with a type "Fixed Assets"
would appear on the profit and loss report
Evaluate each of the following statements as they relate to billable expenses and determine if each
statement is True or False. ✔Correct Answer-True: For an expense to appear on an invoice sidebar
the expense must be marked billable
Verified Answers |Already Graded A+
You're setting up a new customer. How do you tell QuickBooks that this customer's invoices should
be due 30 days after they're issued? ✔Correct Answer-Set the customer's Terms to Net30
Your boss wants to know if there are any overdue bills. What report would you run to give him this
information? ✔Correct Answer-Accounts Payable Aging Report
What is the purpose of the Audit Log report? ✔Correct Answer-To track any changes and deletions
to transactions, as well as track which user makes the change or deletion
Which three statements are true about settings up a product or service in QuickBooks Online?
(Choose three) ✔Correct Answer-1. You can use one product/service to represent different
services or goods.
2. Products/Services allow you to track your sales in more detail without cluttering your Chart of
Accounts or Profit & Loss.
3. To create an invoice, you can use either a product or a service.
When should you not delete a check? ✔Correct Answer-You printed a check, and the check
number has been used.
Which of the following statements are true regarding vendor credits? (Choose 2) ✔Correct
Answer-1. Vendor credit memos decrease what you owe to the vendor.
2. If an inventory item is entered in the product/service field of the item details section of the vendor
credit, the inventory quantity on hand balance would decrease.
Select three statements that are correct about journal entries. (Choose 3) ✔Correct Answer-1. A
journal entry must have a date.
2. The accounts used on a journal entry come from the chart of accounts.
3. Total debits must equal total credits on a journal entry.
You boss wants to know what the balance is for total assets, liabilities and equity. What financial
report would you use to find this information? ✔Correct Answer-Balance sheet
On a standard balance sheet or profit and loss report identify if you can customize the feature or
report area described below. Select Yes if you can customize the feature or select No if you cannot
customize this feature. ✔Correct Answer-Yes: Header, accounting method, display only non-zero
columns
No: Font color for report title
For each statement about the chart of accounts, identify if the statement is True or False.
✔Correct Answer-True: Accounts numbers can be used, but do not have to be
False: All accounts must have a type. Detail types are optional, Accounts with a type "Fixed Assets"
would appear on the profit and loss report
Evaluate each of the following statements as they relate to billable expenses and determine if each
statement is True or False. ✔Correct Answer-True: For an expense to appear on an invoice sidebar
the expense must be marked billable
