Quickbooks - Online Practice
Which two user types below would be able to write a check in
Quickbooks Online. (Choose 2) correct answers- Company Admin
- Standard user with vendor access only
Select two benefits of using Quickbooks Online. correct answers- Companies
can easily invite their outside accountant to access the QBO company file
remotely.
-QBO is in the cloud and can be accessed from anywhere as long as
you have an internet connection.
Which two statements below are correct as it relates to the Close the Books
feature. (Choose 2) correct answers- When setting a closing date you can
choose to warn users or require a password for any transactions that are
attempted to be edited, deleted or added prior to the closing date.
-If a warning is used instead of a password the user is not stopped from
making the change.
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. correct answersStep 1: Click the "GEAR" icon on the home
page.
Step 2: Select Account and Settings.
You need to track your company sales and expenses by department. Put the
following steps in order for tracking transactions for departments in the
correct order. Not all steps will be used. correct answers1: Turn on Classes in
company settings.
2: Create your departments on the Class List.
3: On sales and expense transactions, select the class(es) associated
with each transaction.
4: Run the Profit and Loss by Class report.
5: Turn on Departmental Tracking in company
settings. 6: Click the Tracking button.
The company that just hired you uses Quickbooks Online. You notice there
are many duplicate entries on lists, such as the same customer or account
entered twice with slightly different spellings. You've decided to merge the
duplicates. Which three statements are true about merging list entries?
(Choose three) correct answers- You cannot merge a customer with a
vendor entry.
- You cannot merge expenses and items.
- You can only merge a names from the same Type.
, You need to create a recurring invoice. Select two statements that are
true about creating a recurring invoice. (Choose 2) correct answers-
You can set a recurring invoice to run for a fixed number of times.
-To create the recurring invoice, open or create the invoice, and then
click Make recurring.
A scheduled recurring transaction will process automatically at the set
interval or recurrence. correct answers- True
An unscheduled recurring transaction must have a set end date.
correct answers- False
A remind recurring transaction will process automatically at the set
interval of recurrence. correct answers- False
Select three statements that are correct about journal entries. (Choose
3) correct answers- Total debits must equal total credits on a journal
entry.
- The accounts used on a journal entry come from the chart of
accounts.
- A journal entry must have a date.
When entering a journal entry, what happens if the debits don't equal
the credits? correct answers- Quickbooks will not allow you to record
the transaction.
What does the Apps tab on the left-hand navigation do in Quickbooks?
(Choose 2) correct answers- Allows you to open and use apps you are
connected to.
- Allows you to search for new apps to use.
A company uses Quickbooks, but they need another program or app to
manage all the interactions they have with their customers (this is usually
called a relationship management or CRM application). They don't want to
enter every customer twice (once into Quickbooks and once into the CRM
application). What do you suggest they do? correct answers- Use the Apps
tab in Quickbooks to find a CRM app.
You're setting up a new customer. How do you tell Quickbooks that this
customer's invoices should be due 30 days after they're issued? correct
answers- Set the customer's Terms to Net30.
You must set up the sub-customer before the parent-customer. correct
answers- False
If Bill with Parent option is selected on the sub-customer, you can see the
activity of the sub-customer in the parent customer account. correct
answers- True
If Bill with Customer option is selected on the sub-customer, then
payments received must be applied to the parent customer. correct
answers- False
Sub-customers could be used when one customer has multiple shipping
locations where you ship product. correct answers- True
Which two user types below would be able to write a check in
Quickbooks Online. (Choose 2) correct answers- Company Admin
- Standard user with vendor access only
Select two benefits of using Quickbooks Online. correct answers- Companies
can easily invite their outside accountant to access the QBO company file
remotely.
-QBO is in the cloud and can be accessed from anywhere as long as
you have an internet connection.
Which two statements below are correct as it relates to the Close the Books
feature. (Choose 2) correct answers- When setting a closing date you can
choose to warn users or require a password for any transactions that are
attempted to be edited, deleted or added prior to the closing date.
-If a warning is used instead of a password the user is not stopped from
making the change.
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. correct answersStep 1: Click the "GEAR" icon on the home
page.
Step 2: Select Account and Settings.
You need to track your company sales and expenses by department. Put the
following steps in order for tracking transactions for departments in the
correct order. Not all steps will be used. correct answers1: Turn on Classes in
company settings.
2: Create your departments on the Class List.
3: On sales and expense transactions, select the class(es) associated
with each transaction.
4: Run the Profit and Loss by Class report.
5: Turn on Departmental Tracking in company
settings. 6: Click the Tracking button.
The company that just hired you uses Quickbooks Online. You notice there
are many duplicate entries on lists, such as the same customer or account
entered twice with slightly different spellings. You've decided to merge the
duplicates. Which three statements are true about merging list entries?
(Choose three) correct answers- You cannot merge a customer with a
vendor entry.
- You cannot merge expenses and items.
- You can only merge a names from the same Type.
, You need to create a recurring invoice. Select two statements that are
true about creating a recurring invoice. (Choose 2) correct answers-
You can set a recurring invoice to run for a fixed number of times.
-To create the recurring invoice, open or create the invoice, and then
click Make recurring.
A scheduled recurring transaction will process automatically at the set
interval or recurrence. correct answers- True
An unscheduled recurring transaction must have a set end date.
correct answers- False
A remind recurring transaction will process automatically at the set
interval of recurrence. correct answers- False
Select three statements that are correct about journal entries. (Choose
3) correct answers- Total debits must equal total credits on a journal
entry.
- The accounts used on a journal entry come from the chart of
accounts.
- A journal entry must have a date.
When entering a journal entry, what happens if the debits don't equal
the credits? correct answers- Quickbooks will not allow you to record
the transaction.
What does the Apps tab on the left-hand navigation do in Quickbooks?
(Choose 2) correct answers- Allows you to open and use apps you are
connected to.
- Allows you to search for new apps to use.
A company uses Quickbooks, but they need another program or app to
manage all the interactions they have with their customers (this is usually
called a relationship management or CRM application). They don't want to
enter every customer twice (once into Quickbooks and once into the CRM
application). What do you suggest they do? correct answers- Use the Apps
tab in Quickbooks to find a CRM app.
You're setting up a new customer. How do you tell Quickbooks that this
customer's invoices should be due 30 days after they're issued? correct
answers- Set the customer's Terms to Net30.
You must set up the sub-customer before the parent-customer. correct
answers- False
If Bill with Parent option is selected on the sub-customer, you can see the
activity of the sub-customer in the parent customer account. correct
answers- True
If Bill with Customer option is selected on the sub-customer, then
payments received must be applied to the parent customer. correct
answers- False
Sub-customers could be used when one customer has multiple shipping
locations where you ship product. correct answers- True
