Quickbooks Online Exam Questions with 100% Correct Answers.

Can a Profit and Loss show profit when there's no money in the bank? If yes, why? Correct Answer Yes because your customers haven't paid you yet What are the major parts of the Balance Sheet? Correct Answer assets, liabilities, and net worth or equity What part of the balance sheet would Accounts Receivable fall under? Correct Answer assets Should users make journal entries without the help of an accountant? Correct Answer No because if they don't properly know how to make journal entries you could mess it up How can you hide sensitive info? Correct Answer You turn on the private mode switch. What information does QuickBooks not require when setting up your account? Correct Answer Service items and inventory items Why does QuickBooks ask your industry when you are setting up your account? Correct Answer So it can set up a chart of an account and you can't change industry type later Is it possible to edit a chart of accounts once it is set up? Correct Answer Yes it is possible How do you find Company settings? Correct Answer The gear button on the top right hand side How do you hide sub-accounts? Correct Answer Collapse Standard user Correct Answer this customizes a user's access rights. Company admin Correct Answer these users have all access rights within QBO and other services your company is subscribed to. Reports only Correct Answer read only access Time tracking only Correct Answer see special versions that contain only time sheets and time reports for themselves. Have no access to any other features. Accountant Correct Answer every company is allowed one Accountant user.