Quickbooks Online Exam Questions & Answers 100% Correct

When entering a credit card for use for purchases, which piece of information is typically not entered? - ANSWER-Credit card number Which vendor report shows what is owed to each vendor? - ANSWER-Unpaid bills When entering a bill, what can pop up on the right side of the screen when a vendor is entered for a bill? - ANSWER-Purchase orders Which best defines a vendor? - ANSWER-Any entity to which one pays money Which list needs to be accessed in order to pay outstanding bills? - ANSWER-Vendors Which ways can debit card transactions be entered? Two answers - ANSWER-As an expense with the word Debit in the Ref number field or as a check with the word, Debit, in the check number field. What is the best way to make products purchased available to put on customer invoices? - ANSWER-Make the products billable Which formula accurately describes a balance sheet? - ANSWER-Assets= Liabilities + Owner's equity Which options are available to set for changing transactions that occurred prior to a closing date? Choose two answers. - ANSWER-Change after a warning/ change after entering a password Which accounting method reports transactions as they happen? - ANSWER-Accrual Which formula accurately describes gross profit? - ANSWER-Gross profit= Income- cost of goods sold When is the best time to use the journal to make a journal entry? - ANSWER-When asked to do so by an accountant.