QUICKBOOKS ONLINE TEST 1 EXAM
QUESTIONS WITH CORRECT ANSWERS
When would you enter a journal entry? - Answer-All of the answers are correct.
What is the purpose of the Audit Log report? - Answer-To track any changes and
deletions to transactions as well as track which user makes the change or deletion
What is the primary reason for setting a Closing Date in QuickBooks? - Answer-To
restrict users from deleting, editing, or adding transactions to a closed period, such as a
previous fiscal year
Your boss wants to know where the business stands overall. On the Balance Sheet, the
company has 100,000 in assets and 30,000 in liabilities. What is the company's equity?
- Answer-70,000
If you have a customized report that you use each month, what feature lets you run the
report with updated data each month? - Answer-Save customizations
The owner of the business asks you to set up QuickBooks to automatically email him a
specific report on a regular basis (e.g., weekly or monthly). How would you do this? -
Answer-Run the report you want to email. Click Save Customizations. Select Reports
and go to My Custom Reports. Select the line of the report on the list and click Edit. Set
the email schedule in this window.
What type of accounts must you have to collapse the Profit and Loss report? - Answer-
Subaccounts
You sent a QuickBooks report to excel and made some changes. How do you import
the changes back to QuickBooks? - Answer-You can't import changes in Excel back to
QuickBooks.
Which form cannot be customized in QuickBooks? - Answer-Bill
You need to create a recurring invoice. How do you do this QuickBooks Online? -
Answer-Open the transaction form (invoice in this case) and click Make recurring.
Your company has 2 departments: landscaping and a greenhouse. You'd like to see
how your business is doing overall and how each department is doing individually. This
means you need to tag each transaction as wither landscaping, greenhouse, or split to
both. What is the best way to set this up in QuickBooks? - Answer-Turn on Classes and
set up the greenhouse and landscaping each as their own class.
, Your employer asked you to track the service person assigned to each sale. She wants
to see their name on the invoice. How can you track the sales person on the sales
forms? - Answer-Navigate to company settings, and in the Sales category of settings,
create a custom field for sales reps.
True or False: Because QuickBooks Online is in the cloud, you don't need to manually
back it up. - Answer-True
Your new employer is on the road a lot and would like to view overdue customers so
she can phone them and possibly visit them to collect payment. How can she do this? -
Answer-Download and use the free QuickBooks online app that's available for iOS
(Apple) and Android.
What does the Apps tab do in QuickBooks? - Answer-Use the Apps tab to find other
apps a business needs (or is already using) for their business (e.g., webstores, CRM,
project management, etc.).
You need to add the inventory list to your QuickBooks Online. Put the steps for
activating inventory in the correct order. - Answer-Step 1: Select Company Menu
Step 2: Select Company Settings
Step 3: Select Sales
Step 4: Select Products and services
Step 5: Select Track inventory quantity on hand
What statement is true about setting up new QuickBook Online accounts? - Answer-
Accounts are automatically created based upon your industry type. However, you can
add more accounts later.
What three lists can you import from Excel into QuickBooks Online? (Choose three) -
Answer-Customers, products and services, chart of accounts
You need to change your company address in QuickBooks Online. Put the steps for
changing the company address in the correct order. Not all steps will be used. - Answer-
Step 1: Click the settings icon on the home page.
Step 2: Select Account and Settings.
Which is not a QuickBooks Online user type? - Answer-Accounting
What is the purpose of the gear icon? - Answer-Accesses settings, lists, and tools
You need to find an invoice, but all you know is the total amount. You can't remember
the customer or even what you sold. How can you find the invoice? Put the steps for
finding an invoice using the amount of the transaction in the correct order. Not all steps
will be used. - Answer-Step 1: Press the Search icon and search for the specific
amount.
Step 2: Enter the transaction amount.
QUESTIONS WITH CORRECT ANSWERS
When would you enter a journal entry? - Answer-All of the answers are correct.
What is the purpose of the Audit Log report? - Answer-To track any changes and
deletions to transactions as well as track which user makes the change or deletion
What is the primary reason for setting a Closing Date in QuickBooks? - Answer-To
restrict users from deleting, editing, or adding transactions to a closed period, such as a
previous fiscal year
Your boss wants to know where the business stands overall. On the Balance Sheet, the
company has 100,000 in assets and 30,000 in liabilities. What is the company's equity?
- Answer-70,000
If you have a customized report that you use each month, what feature lets you run the
report with updated data each month? - Answer-Save customizations
The owner of the business asks you to set up QuickBooks to automatically email him a
specific report on a regular basis (e.g., weekly or monthly). How would you do this? -
Answer-Run the report you want to email. Click Save Customizations. Select Reports
and go to My Custom Reports. Select the line of the report on the list and click Edit. Set
the email schedule in this window.
What type of accounts must you have to collapse the Profit and Loss report? - Answer-
Subaccounts
You sent a QuickBooks report to excel and made some changes. How do you import
the changes back to QuickBooks? - Answer-You can't import changes in Excel back to
QuickBooks.
Which form cannot be customized in QuickBooks? - Answer-Bill
You need to create a recurring invoice. How do you do this QuickBooks Online? -
Answer-Open the transaction form (invoice in this case) and click Make recurring.
Your company has 2 departments: landscaping and a greenhouse. You'd like to see
how your business is doing overall and how each department is doing individually. This
means you need to tag each transaction as wither landscaping, greenhouse, or split to
both. What is the best way to set this up in QuickBooks? - Answer-Turn on Classes and
set up the greenhouse and landscaping each as their own class.
, Your employer asked you to track the service person assigned to each sale. She wants
to see their name on the invoice. How can you track the sales person on the sales
forms? - Answer-Navigate to company settings, and in the Sales category of settings,
create a custom field for sales reps.
True or False: Because QuickBooks Online is in the cloud, you don't need to manually
back it up. - Answer-True
Your new employer is on the road a lot and would like to view overdue customers so
she can phone them and possibly visit them to collect payment. How can she do this? -
Answer-Download and use the free QuickBooks online app that's available for iOS
(Apple) and Android.
What does the Apps tab do in QuickBooks? - Answer-Use the Apps tab to find other
apps a business needs (or is already using) for their business (e.g., webstores, CRM,
project management, etc.).
You need to add the inventory list to your QuickBooks Online. Put the steps for
activating inventory in the correct order. - Answer-Step 1: Select Company Menu
Step 2: Select Company Settings
Step 3: Select Sales
Step 4: Select Products and services
Step 5: Select Track inventory quantity on hand
What statement is true about setting up new QuickBook Online accounts? - Answer-
Accounts are automatically created based upon your industry type. However, you can
add more accounts later.
What three lists can you import from Excel into QuickBooks Online? (Choose three) -
Answer-Customers, products and services, chart of accounts
You need to change your company address in QuickBooks Online. Put the steps for
changing the company address in the correct order. Not all steps will be used. - Answer-
Step 1: Click the settings icon on the home page.
Step 2: Select Account and Settings.
Which is not a QuickBooks Online user type? - Answer-Accounting
What is the purpose of the gear icon? - Answer-Accesses settings, lists, and tools
You need to find an invoice, but all you know is the total amount. You can't remember
the customer or even what you sold. How can you find the invoice? Put the steps for
finding an invoice using the amount of the transaction in the correct order. Not all steps
will be used. - Answer-Step 1: Press the Search icon and search for the specific
amount.
Step 2: Enter the transaction amount.
