Quickbooks - Online
Practice Tests (1 & 2)
Questions and Complete
Solutions Graded A+
Which two user types below would be able to write a check in Quickbooks Online. (Choose 2) - Answer: -
Company Admin
- Standard user with vendor access only
Select two benefits of using Quickbooks Online. - Answer: - 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) -
Answer: - 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. - Answer: Step 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. - Answer: 1: 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) - Answer: - 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) - Answer: - 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. - Answer: -
True
An unscheduled recurring transaction must have a set end date. - Answer: - False
A remind recurring transaction will process automatically at the set interval of recurrence. - Answer: -
False
Select three statements that are correct about journal entries. (Choose 3) - Answer: - 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? - Answer: -
Quickbooks will not allow you to record the transaction.
Practice Tests (1 & 2)
Questions and Complete
Solutions Graded A+
Which two user types below would be able to write a check in Quickbooks Online. (Choose 2) - Answer: -
Company Admin
- Standard user with vendor access only
Select two benefits of using Quickbooks Online. - Answer: - 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) -
Answer: - 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. - Answer: Step 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. - Answer: 1: 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) - Answer: - 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) - Answer: - 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. - Answer: -
True
An unscheduled recurring transaction must have a set end date. - Answer: - False
A remind recurring transaction will process automatically at the set interval of recurrence. - Answer: -
False
Select three statements that are correct about journal entries. (Choose 3) - Answer: - 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? - Answer: -
Quickbooks will not allow you to record the transaction.
