QuickBooks Online Certification Level 1 |\ |\ |\ |\ |\
exam with answers |\ |\
Which type of transaction cannot be referenced with a tag
|\ |\ |\ |\ |\ |\ |\ |\ |\
in QuickBooks? - CORRECT ANSWERS ✔✔Journal Entry
|\ |\ |\ |\ |\ |\ |\
When might a client want to manually record an expense,
|\ |\ |\ |\ |\ |\ |\ |\ |\
rather than categorizing it when it comes in through the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
bank feed? - CORRECT ANSWERS ✔✔When a large
|\ |\ |\ |\ |\ |\ |\ |\
expense is incurred & when the expense needs to appear
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in a company report immediately
|\ |\ |\ |\
You generally need to submit a 1099 to the IRS at year
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
end when you pay more than how much for services from
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a vendor who is an independent contractor or freelancer?
|\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔$600
|\ |\ |\ |\
Which of the following statements best describe tags in
|\ |\ |\ |\ |\ |\ |\ |\ |\
QuickBooks?
- Tags are customizable labels that you can add to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
transactions that affect the profit and loss statement. |\ |\ |\ |\ |\ |\ |\
,- Tags are the best way to generate reports to analyze
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
financial data based on location, to make informed|\ |\ |\ |\ |\ |\ |\ |\
decisions about each location's performance. |\ |\ |\ |\
- Tags are highly structured and typically used for high-
|\ |\ |\ |\ |\ |\ |\ |\ |\
level categorization, such as departments, product lines,
|\ |\ |\ |\ |\ |\ |\
or business units.
|\ |\
- Tags are integrated into all standard reports, and offer
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
advanced filtering and sorting capabilities. - CORRECT |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Tags are customizable labels that you can |\ |\ |\ |\ |\ |\ |\ |\
add to transactions that affect the profit and loss
|\ |\ |\ |\ |\ |\ |\ |\ |\
statement.
Using Purchase Orders - CORRECT ANSWERS ✔✔It's a
|\ |\ |\ |\ |\ |\ |\ |\
nonaccounting (also known as nonposting) transaction, |\ |\ |\ |\ |\ |\
which means it doesn't affect any balances in your
|\ |\ |\ |\ |\ |\ |\ |\ |\
client's accounts. They are a good way to help clients
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
keep track of their cash flow by keeping an eye on
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
intended future purchases. |\ |\
How do purchase orders help in QuickBooks Online? -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔*Makes orders easier to track*: |\ |\ |\ |\ |\ |\ |\
Creating purchase orders streamlines order tracking, and
|\ |\ |\ |\ |\ |\ |\
when the order arrives, it's easy to check whether the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
correct items and quantities have been sent.
|\ |\ |\ |\ |\ |\
, *Ensures clear communication*: Since purchase orders
|\ |\ |\ |\ |\ |\
are highly detailed, they ensure your client and the
|\ |\ |\ |\ |\ |\ |\ |\ |\
vendor are in agreement about what's expected.
|\ |\ |\ |\ |\ |\
*Makes life easier for vendors*: A purchase order helps
|\ |\ |\ |\ |\ |\ |\ |\ |\
vendors generate your client's order and successfully
|\ |\ |\ |\ |\ |\ |\
deliver it to them. |\ |\ |\
*Helps manage cash flow*: Purchase orders help provide
|\ |\ |\ |\ |\ |\ |\ |\
control over spending and give insight on future
|\ |\ |\ |\ |\ |\ |\ |\
expenditures
Uploading receipts and bills - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\
✔✔QuickBooks Online enables clients to upload them |\ |\ |\ |\ |\ |\ |\
from a computer or mobile device, or email them to a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
custom email address. |\ |\
What happens when your client receives a bill and
|\ |\ |\ |\ |\ |\ |\ |\ |\
records it in QuickBooks? |\ |\ |\
Debits the expense account
|\ |\ |\
Increases expenses on the profit and loss |\ |\ |\ |\ |\ |\
Credits accounts payable|\ |\
exam with answers |\ |\
Which type of transaction cannot be referenced with a tag
|\ |\ |\ |\ |\ |\ |\ |\ |\
in QuickBooks? - CORRECT ANSWERS ✔✔Journal Entry
|\ |\ |\ |\ |\ |\ |\
When might a client want to manually record an expense,
|\ |\ |\ |\ |\ |\ |\ |\ |\
rather than categorizing it when it comes in through the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
bank feed? - CORRECT ANSWERS ✔✔When a large
|\ |\ |\ |\ |\ |\ |\ |\
expense is incurred & when the expense needs to appear
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in a company report immediately
|\ |\ |\ |\
You generally need to submit a 1099 to the IRS at year
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
end when you pay more than how much for services from
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a vendor who is an independent contractor or freelancer?
|\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔$600
|\ |\ |\ |\
Which of the following statements best describe tags in
|\ |\ |\ |\ |\ |\ |\ |\ |\
QuickBooks?
- Tags are customizable labels that you can add to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
transactions that affect the profit and loss statement. |\ |\ |\ |\ |\ |\ |\
,- Tags are the best way to generate reports to analyze
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
financial data based on location, to make informed|\ |\ |\ |\ |\ |\ |\ |\
decisions about each location's performance. |\ |\ |\ |\
- Tags are highly structured and typically used for high-
|\ |\ |\ |\ |\ |\ |\ |\ |\
level categorization, such as departments, product lines,
|\ |\ |\ |\ |\ |\ |\
or business units.
|\ |\
- Tags are integrated into all standard reports, and offer
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
advanced filtering and sorting capabilities. - CORRECT |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Tags are customizable labels that you can |\ |\ |\ |\ |\ |\ |\ |\
add to transactions that affect the profit and loss
|\ |\ |\ |\ |\ |\ |\ |\ |\
statement.
Using Purchase Orders - CORRECT ANSWERS ✔✔It's a
|\ |\ |\ |\ |\ |\ |\ |\
nonaccounting (also known as nonposting) transaction, |\ |\ |\ |\ |\ |\
which means it doesn't affect any balances in your
|\ |\ |\ |\ |\ |\ |\ |\ |\
client's accounts. They are a good way to help clients
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
keep track of their cash flow by keeping an eye on
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
intended future purchases. |\ |\
How do purchase orders help in QuickBooks Online? -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔*Makes orders easier to track*: |\ |\ |\ |\ |\ |\ |\
Creating purchase orders streamlines order tracking, and
|\ |\ |\ |\ |\ |\ |\
when the order arrives, it's easy to check whether the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
correct items and quantities have been sent.
|\ |\ |\ |\ |\ |\
, *Ensures clear communication*: Since purchase orders
|\ |\ |\ |\ |\ |\
are highly detailed, they ensure your client and the
|\ |\ |\ |\ |\ |\ |\ |\ |\
vendor are in agreement about what's expected.
|\ |\ |\ |\ |\ |\
*Makes life easier for vendors*: A purchase order helps
|\ |\ |\ |\ |\ |\ |\ |\ |\
vendors generate your client's order and successfully
|\ |\ |\ |\ |\ |\ |\
deliver it to them. |\ |\ |\
*Helps manage cash flow*: Purchase orders help provide
|\ |\ |\ |\ |\ |\ |\ |\
control over spending and give insight on future
|\ |\ |\ |\ |\ |\ |\ |\
expenditures
Uploading receipts and bills - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\
✔✔QuickBooks Online enables clients to upload them |\ |\ |\ |\ |\ |\ |\
from a computer or mobile device, or email them to a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
custom email address. |\ |\
What happens when your client receives a bill and
|\ |\ |\ |\ |\ |\ |\ |\ |\
records it in QuickBooks? |\ |\ |\
Debits the expense account
|\ |\ |\
Increases expenses on the profit and loss |\ |\ |\ |\ |\ |\
Credits accounts payable|\ |\
