QUICKBOOKS ONLINE CERTIFICATION
STUDY GUIDE EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
What is the first step in migrating data? - Answer-Select settings and then import
desktop data
What is the second step in migrating data? - Answer-Select online migration tool then
get started.
What is the third step in migrating data? - Answer-Elect my files, temporary files, then
elect your file and refresh.
What type of information will not migrate to QuickBooks online? - Answer-Multi currency
functions, transaction line item lists of over 350k , memorized or port transactions.
How does one reconcile accounts to ensure the data transfer was successful? -
Answer-Run a profit and loss report and balance sheet report for both your desktop and
online accounts to make sure they balance.
What type of accounting should one use for the reconciliation process? - Answer-
Accrual Accounting
Name three types of user roles that do not count toward the QBO user limit. - Answer-
Reports only, time tracking only, and take payment only.
Which user role has complete access to see and do everything with an account? -
Answer-Admin User
Can only one user be assigned the company admin role? - Answer-yes
Which user role does not have complete access to an account but can enter invoices,
sales, and expenses, and work with costumer and vendor lists? - Answer-Standard
Users
Name two types of user roles that count towards the Quick books user limit. - Answer-
Standard user and admin user
Which user role allows employees to track their hours? - Answer-Time tracking
What can a standard user do? - Answer-Invoices, sales, expenses. They can work with
a customer and vendor lists to manage subscriptions. Update company info. Also enter
time sheet data.
, What can take payments only person do? - Answer-Can take payments with the
QuickBooks Go Payment app, but can't access the rest of your QuickBooks company.
What can Reports only person do? - Answer-See all reports except one that shows
payroll or contact info.
What can time tracking person only do? - Answer-They can add their own time sheets.
What can a company admin do? - Answer-They can see and do anything this includes
sending money and changing passwords.
What is an Employer identification number (EIN)? - Answer-A SSN for your business for
the IRS to track your revenue.
Should companies change their EIN frequently? - Answer-No
What icon do users select to edit company information sections? - Answer-The pencil
icon in the certain section.
How can users ensure that only certain people can change the books after closing
them? - Answer-By closing the books in advanced settings and changing it to
passwords only where it gives a warning and only accessed by Admin.
What is accrual accounting method? - Answer-Reports income and expenses as they
happen.
What accounting method is used mainly by individuals and small businesses and why? -
Answer-Cash accounting, they use it because they don't always have the cashflow to
cover a payment they haven't yet received.
What accounting method gives the most accurate assessment of a companies financial
health? - Answer-Accural Accounting
Is it a good idea to switch back and forth between accounting methods frequently? -
Answer-No
Name three examples of class segments for a business. - Answer-they are broken
down into departments, divisions, products, or any other business segment.
What is another way to track transactions besides class and projects? - Answer-
Locations
What updates accordingly as income and expenses are added to a project? - Answer-
Income costs and profit numbers
STUDY GUIDE EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
What is the first step in migrating data? - Answer-Select settings and then import
desktop data
What is the second step in migrating data? - Answer-Select online migration tool then
get started.
What is the third step in migrating data? - Answer-Elect my files, temporary files, then
elect your file and refresh.
What type of information will not migrate to QuickBooks online? - Answer-Multi currency
functions, transaction line item lists of over 350k , memorized or port transactions.
How does one reconcile accounts to ensure the data transfer was successful? -
Answer-Run a profit and loss report and balance sheet report for both your desktop and
online accounts to make sure they balance.
What type of accounting should one use for the reconciliation process? - Answer-
Accrual Accounting
Name three types of user roles that do not count toward the QBO user limit. - Answer-
Reports only, time tracking only, and take payment only.
Which user role has complete access to see and do everything with an account? -
Answer-Admin User
Can only one user be assigned the company admin role? - Answer-yes
Which user role does not have complete access to an account but can enter invoices,
sales, and expenses, and work with costumer and vendor lists? - Answer-Standard
Users
Name two types of user roles that count towards the Quick books user limit. - Answer-
Standard user and admin user
Which user role allows employees to track their hours? - Answer-Time tracking
What can a standard user do? - Answer-Invoices, sales, expenses. They can work with
a customer and vendor lists to manage subscriptions. Update company info. Also enter
time sheet data.
, What can take payments only person do? - Answer-Can take payments with the
QuickBooks Go Payment app, but can't access the rest of your QuickBooks company.
What can Reports only person do? - Answer-See all reports except one that shows
payroll or contact info.
What can time tracking person only do? - Answer-They can add their own time sheets.
What can a company admin do? - Answer-They can see and do anything this includes
sending money and changing passwords.
What is an Employer identification number (EIN)? - Answer-A SSN for your business for
the IRS to track your revenue.
Should companies change their EIN frequently? - Answer-No
What icon do users select to edit company information sections? - Answer-The pencil
icon in the certain section.
How can users ensure that only certain people can change the books after closing
them? - Answer-By closing the books in advanced settings and changing it to
passwords only where it gives a warning and only accessed by Admin.
What is accrual accounting method? - Answer-Reports income and expenses as they
happen.
What accounting method is used mainly by individuals and small businesses and why? -
Answer-Cash accounting, they use it because they don't always have the cashflow to
cover a payment they haven't yet received.
What accounting method gives the most accurate assessment of a companies financial
health? - Answer-Accural Accounting
Is it a good idea to switch back and forth between accounting methods frequently? -
Answer-No
Name three examples of class segments for a business. - Answer-they are broken
down into departments, divisions, products, or any other business segment.
What is another way to track transactions besides class and projects? - Answer-
Locations
What updates accordingly as income and expenses are added to a project? - Answer-
Income costs and profit numbers
