QUICKBOOKS EXAM SECTION #5
QUESTIONS AND ANSWERS
When can an Accountant user use the Write off invoices tool? - Answer-When a
customer has outstanding invoices that will not be paid
Which tool in the Accountant Tools helps you clean up uncollectible balances from
customers? - Answer-Write off invoices
At year end, what 2 reports can be used to verify that all bank and credit card accounts
on the balance sheet have been reconciled? - Answer-Reconciled Transaction Detail by
Account
Balance Sheet Detail
IRS guidelines require specific information to substantiate deductible automobile
expenses.
Which 3 items are included in the substantiation requirements? - Answer-Vehicle type,
date placed in service, and total mileage (including business, commuting, and personal)
You have set a closing date with a password.
Can your client make changes, and if so, how would you track any changes to
transactions within the closed period? - Answer-Yes, but only if they know the
password. Changes are flagged in the Exceptions to Closing Date report
How can you find the Exceptions to Closing Date report? - Answer-Reports > For my
accountant
Where can you see the number of tags and tag groups created? - Answer-Banking >
Tags
Which report summarizes the amount of financial activity associated with each income
or expense account for a specific period of time? - Answer-Balance Sheet
Which 2 user types can access the Performance Center in QuickBooks Online? -
Answer-Accountant users in any subscription level of QuickBooks Online
Client users in QuickBooks Online Advanced
Which report would you use to show top-selling and/or worst selling products? -
Answer-Sales by Product/Service Summary
QUESTIONS AND ANSWERS
When can an Accountant user use the Write off invoices tool? - Answer-When a
customer has outstanding invoices that will not be paid
Which tool in the Accountant Tools helps you clean up uncollectible balances from
customers? - Answer-Write off invoices
At year end, what 2 reports can be used to verify that all bank and credit card accounts
on the balance sheet have been reconciled? - Answer-Reconciled Transaction Detail by
Account
Balance Sheet Detail
IRS guidelines require specific information to substantiate deductible automobile
expenses.
Which 3 items are included in the substantiation requirements? - Answer-Vehicle type,
date placed in service, and total mileage (including business, commuting, and personal)
You have set a closing date with a password.
Can your client make changes, and if so, how would you track any changes to
transactions within the closed period? - Answer-Yes, but only if they know the
password. Changes are flagged in the Exceptions to Closing Date report
How can you find the Exceptions to Closing Date report? - Answer-Reports > For my
accountant
Where can you see the number of tags and tag groups created? - Answer-Banking >
Tags
Which report summarizes the amount of financial activity associated with each income
or expense account for a specific period of time? - Answer-Balance Sheet
Which 2 user types can access the Performance Center in QuickBooks Online? -
Answer-Accountant users in any subscription level of QuickBooks Online
Client users in QuickBooks Online Advanced
Which report would you use to show top-selling and/or worst selling products? -
Answer-Sales by Product/Service Summary
