Quickbooks (Intuit) Certification Exam With 100% Accurate Answers

1) Shows assets, liabilities, and equity at one point in time 2) Used to understand changes in revenues and expenditures 3) Shows income, expenses, and net income during a specific time period 4) Provides information about the current financial health of a business -ANSWER -1) Balance sheet 2) Balance sheet 3) Profit & loss 4) Profit & loss You want to pass on some of your costs directly to customers in Quicbooks Online. You are able to assign a customer to a cost, but you cannot mark it as billable. You need to make costs billable in Quickbooks Online. What should you do? -ANSWER -C) In the account and settings area, on the Expenses tab, toggle on Make expenses and items billable. You are sending an invoice to a customer. You need to set up the payment terms. What does a payment term of "Net 15" mean? -ANSWER -A) The customer must pay the invoice in full within 15 days of the invoice date. Which lists can you import into Quickbooks Online Plus from the import Data screen? -ANSWER -A) Products and services 1) Quickbooks Payments allows you to accept payments directly from customers. 2) Quickbooks Paymentts accepts credit cards, debit cards, cash, checks, and ACH bank transfers. 3) Transaction fees for using Quickbooks Payments are changed on a separate monthly invoice from Intuit. -ANSWER -1) True 2) True 3) False For each statement about setting up payment terms for a new customer in Quickbooks Online, select True or False. 1) You can create new payment terms from the New Customer form. 2) You must specify payment terms when setting up a new customer 3) If you do not select payment terms for a customer, Quickbooks Online assigns the default invoice term. -ANSWER -1) True 2) False 3) True Which two statements describe the difference between recording expenses on checks and as credit card expenses? (Choose 2) -ANSWER -A) A check debits the expense account and credits the bank C) A check debits the expense account and credits Accounts Payable