QUICKBOOKS EXAM QUESTIONS AND
ANSWERS
Where can you go to Quickbooks Online to import a lists of products and services? -
Answer-Select the gear icon and under the Tools column, select Import Data, then
Products and services
What is the difference between the "Profit and Loss Report" and the "Balance Sheet
Report"? - Answer-- P&L shows activities: income and expenses to arrive at Net Income
(Profit) for a specific time period
-The Balance Sheet shows values: Assests and Liabilities to arrive at Equity (Net
Worth) as of a specific date
-The Net Income from the P&L pass through the equity section in the balance sheet
The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of
the following statements are true about the Chart of Accounts, how to make changes to
the Chart of Accounts, and how products and services are linked to the Chart of
Accounts? - Answer--To add a new account, you open the Chart of Accounts by
selecting Accounting from the left navigation, then select New to open the Account
window
-The Sales of Product Income account is a default account when inventory is turned on
Uncategorized Income and uncategorized Expense are default accounts for online
banking activity
-If you add a new account, the category type determines on which financial statement
this account will show
-Delete an account from the Chart of Accounts if it is not relevant to your business
If you want to give one or more of your employee's accesses to Your Practice, what
types of user permissions can be set up? - Answer-Regular or custom user, Company
administrator, Reports only and Time Tracking only.
Look at the following 2 statements:
Statement 1: "QuickBooks Online ________ is the do-it-for-me option; a complete
payroll service with a team of US-based payroll experts to take care of payroll for your
client."
Statement 2: "You can also link up _________ with Quick-books to simplify workflow
and save yourself a significant amount of time. You'll benefit from a seamless, end-to
end experience that translates a client's Quick books Online books into a tax return." -
Answer-Statement 1: Full-Service Payroll
Statement 2: Pro-Connect Tax Online
, Your client wants to transfer $500 from their checking account into a savings account to
cover tax liabilities for sales made last month. Where should they start the process? -
Answer-Navigate to the Quick Create icon, then find the Transfer link.
Look at the two sentences about Undeposited Funds:
1. By posting to Undeposited Funds, you can create a single bank deposit for multiple
payments, making it easy ________.
2. When receiving a payment, make sure __________. - Answer-1. To match your bank
register with your bank statement
2. the Deposit to account is Undeposited Funds
You have a client business who uses invoicing, the Accounts Receivable workflow and
they use the Banking screen to record a customer payment received. They select an
income account and select Add. What 2 problems will this cause? - Answer-- Their
Accounts Receivable balance will not be accurate
- The income account will show duplicate income
When would you use the Add other funds to this deposit grid in a Deposit Transaction?
Identify the 3 correct options below. - Answer-- When an employee reimburses the
company
- You receive a tax refund from the IRS
- When a company doesn't record income using sales transactions (invoices or sales
receipts), and wants to record deposits directly to income accounts
Which 2 of the transactions and tools in the list are Posting transactions? - Answer--
Credit memos
- Vendor credits
Which option has the correct information about how a delayed charge is used, and how
it is created and linked to an invoice? - Answer-Use a delayed charge to record a fee
that you want to invoice in the future. The first step is to select a Delayed charge from
the Quick Create menu, and then add to an invoice later by selecting Add when the
customer invoice is created.
What 3 types of customer statements can be generated by QuickBooks Online? -
Answer-- Statements that show a balance forward and then all activity between two
specified dates
- Statements that show invoices created between two specified dates and their related
payments
- Statements that show just open transactions
Clients can take payments from their customers' credit cards via Online Invoicing if they
have QuickBooks Payments set up. How does the customer interact with the invoice to
access credit card payment features? - Answer-They select the Pay Now button.
ANSWERS
Where can you go to Quickbooks Online to import a lists of products and services? -
Answer-Select the gear icon and under the Tools column, select Import Data, then
Products and services
What is the difference between the "Profit and Loss Report" and the "Balance Sheet
Report"? - Answer-- P&L shows activities: income and expenses to arrive at Net Income
(Profit) for a specific time period
-The Balance Sheet shows values: Assests and Liabilities to arrive at Equity (Net
Worth) as of a specific date
-The Net Income from the P&L pass through the equity section in the balance sheet
The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of
the following statements are true about the Chart of Accounts, how to make changes to
the Chart of Accounts, and how products and services are linked to the Chart of
Accounts? - Answer--To add a new account, you open the Chart of Accounts by
selecting Accounting from the left navigation, then select New to open the Account
window
-The Sales of Product Income account is a default account when inventory is turned on
Uncategorized Income and uncategorized Expense are default accounts for online
banking activity
-If you add a new account, the category type determines on which financial statement
this account will show
-Delete an account from the Chart of Accounts if it is not relevant to your business
If you want to give one or more of your employee's accesses to Your Practice, what
types of user permissions can be set up? - Answer-Regular or custom user, Company
administrator, Reports only and Time Tracking only.
Look at the following 2 statements:
Statement 1: "QuickBooks Online ________ is the do-it-for-me option; a complete
payroll service with a team of US-based payroll experts to take care of payroll for your
client."
Statement 2: "You can also link up _________ with Quick-books to simplify workflow
and save yourself a significant amount of time. You'll benefit from a seamless, end-to
end experience that translates a client's Quick books Online books into a tax return." -
Answer-Statement 1: Full-Service Payroll
Statement 2: Pro-Connect Tax Online
, Your client wants to transfer $500 from their checking account into a savings account to
cover tax liabilities for sales made last month. Where should they start the process? -
Answer-Navigate to the Quick Create icon, then find the Transfer link.
Look at the two sentences about Undeposited Funds:
1. By posting to Undeposited Funds, you can create a single bank deposit for multiple
payments, making it easy ________.
2. When receiving a payment, make sure __________. - Answer-1. To match your bank
register with your bank statement
2. the Deposit to account is Undeposited Funds
You have a client business who uses invoicing, the Accounts Receivable workflow and
they use the Banking screen to record a customer payment received. They select an
income account and select Add. What 2 problems will this cause? - Answer-- Their
Accounts Receivable balance will not be accurate
- The income account will show duplicate income
When would you use the Add other funds to this deposit grid in a Deposit Transaction?
Identify the 3 correct options below. - Answer-- When an employee reimburses the
company
- You receive a tax refund from the IRS
- When a company doesn't record income using sales transactions (invoices or sales
receipts), and wants to record deposits directly to income accounts
Which 2 of the transactions and tools in the list are Posting transactions? - Answer--
Credit memos
- Vendor credits
Which option has the correct information about how a delayed charge is used, and how
it is created and linked to an invoice? - Answer-Use a delayed charge to record a fee
that you want to invoice in the future. The first step is to select a Delayed charge from
the Quick Create menu, and then add to an invoice later by selecting Add when the
customer invoice is created.
What 3 types of customer statements can be generated by QuickBooks Online? -
Answer-- Statements that show a balance forward and then all activity between two
specified dates
- Statements that show invoices created between two specified dates and their related
payments
- Statements that show just open transactions
Clients can take payments from their customers' credit cards via Online Invoicing if they
have QuickBooks Payments set up. How does the customer interact with the invoice to
access credit card payment features? - Answer-They select the Pay Now button.
