Quickbooks Online 2025 Practice Exam
1- ACCOUNTING 150 EXAM
Which are two benefits of the close the books feature in quickbooks online?
correct answersit generates a closing date detail report, users cannot
change transactions in a closed period
Categorize each of the following statements as either cash or accrual
accounting method
companies makes a sale and records expected revenue as
accounts receivable transaction
company makes sale but revenue is not realized until
invoice is paid
provides accurate picture of profitability of a company because it
includes accounts recievables and payments
Common method of accounting correct answersaccrual accounting
method:
companies makes a sale and records expected revenue as accounts
receivable transaction
provides accurate picture of profitability of a company because it
includes accounts recievables and payments
Cash Basis Accounting
company makes sale but revenue is not realized until
invoice is paid common method of accounting
Which three tasks can be automated? correct answerspayroll, financial
reporting, overdue payment reminders
Buyers names, contanct information, billing addresses, and payment
terms are found the correct answersCustomer list
suppliers names name, contact information, billing addresses, and
payment terms are found on the.... correct answersvendor list
All of the accounts to track financial information, such as accounts payable,
accounts receivable, opening balance equity, payroll expense, payroll
liability, retained earnings, etc. are on the..... correct answerscharts of
accounts
, Product or Service name, description, price, SKU, and any custom fields are
found on the..... correct answersItem list
Which three are reasons to make transactions recurring in Quickbooks
Online? correct answerssaves time, minimizes human error, reduces late
payments
Which is the best way to automate credit card payments with recurring
sales reciept? correct answerscreate a template
Where you should you go to get intuit approved apps quickbooks
online? correct answersquickbooks app store
Which two are benefits of extending quickbooks online functionality
through apps? correct answersapps can automate workflows, bookkeeping,
invoicing, data entry, and more
apps allow business owners to access their quickbooks online data from
mobile devices You are customizing Sales form in quickbooks online.
Which types of product and services can appear on your Sales forms? correct
answersbundle, services
inventory, non-inventory
Which feature should you activate to reward loyal customers with a
reduction 5% on their invoices? correct answersdiscounts
Which two are money-in forms quickbooks online can issue to
customers? correct answersinvoices
sales receipt
Move the quickbooks online license on the left to the business
requirements it best meets listed on the right.
self-
employed
simple start
plus
advanced
esssential
Best for small business owners reporting business income on schedule
c of their personal tax return have no employees and only issue a few
invoices per week
Best for small service businesses that have employees and issues
invoices regularly
1- ACCOUNTING 150 EXAM
Which are two benefits of the close the books feature in quickbooks online?
correct answersit generates a closing date detail report, users cannot
change transactions in a closed period
Categorize each of the following statements as either cash or accrual
accounting method
companies makes a sale and records expected revenue as
accounts receivable transaction
company makes sale but revenue is not realized until
invoice is paid
provides accurate picture of profitability of a company because it
includes accounts recievables and payments
Common method of accounting correct answersaccrual accounting
method:
companies makes a sale and records expected revenue as accounts
receivable transaction
provides accurate picture of profitability of a company because it
includes accounts recievables and payments
Cash Basis Accounting
company makes sale but revenue is not realized until
invoice is paid common method of accounting
Which three tasks can be automated? correct answerspayroll, financial
reporting, overdue payment reminders
Buyers names, contanct information, billing addresses, and payment
terms are found the correct answersCustomer list
suppliers names name, contact information, billing addresses, and
payment terms are found on the.... correct answersvendor list
All of the accounts to track financial information, such as accounts payable,
accounts receivable, opening balance equity, payroll expense, payroll
liability, retained earnings, etc. are on the..... correct answerscharts of
accounts
, Product or Service name, description, price, SKU, and any custom fields are
found on the..... correct answersItem list
Which three are reasons to make transactions recurring in Quickbooks
Online? correct answerssaves time, minimizes human error, reduces late
payments
Which is the best way to automate credit card payments with recurring
sales reciept? correct answerscreate a template
Where you should you go to get intuit approved apps quickbooks
online? correct answersquickbooks app store
Which two are benefits of extending quickbooks online functionality
through apps? correct answersapps can automate workflows, bookkeeping,
invoicing, data entry, and more
apps allow business owners to access their quickbooks online data from
mobile devices You are customizing Sales form in quickbooks online.
Which types of product and services can appear on your Sales forms? correct
answersbundle, services
inventory, non-inventory
Which feature should you activate to reward loyal customers with a
reduction 5% on their invoices? correct answersdiscounts
Which two are money-in forms quickbooks online can issue to
customers? correct answersinvoices
sales receipt
Move the quickbooks online license on the left to the business
requirements it best meets listed on the right.
self-
employed
simple start
plus
advanced
esssential
Best for small business owners reporting business income on schedule
c of their personal tax return have no employees and only issue a few
invoices per week
Best for small service businesses that have employees and issues
invoices regularly
