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Ch.1 - Data entry is the same in QuickBooks whether you use accrual or cash basis accounting. correct answersTrue Ch.1 - The cash basis accounting method means the sales transaction is recorded when the sale is made and expenses are recorded when they are incurred. correct answersFalse Ch.1 - Always back up your company file to a location NOT on the same hard drive as the original file. correct answersTrue Ch.1 - QuickBooks for Mac has the same basic look as the Windows version, but the...

Which QuickBooks Online subscription is most popular? correct answersPlus If you need to manually enter a transaction for a missing expense, which option would you choose? correct answers+ New icon What is the recommended browser for QuickBooks Online? correct answersChrome When looking at the dashboard, which of these will you find? correct answersInvoices, expenses, sales You need to locate a transaction that was previously entered, where do you go? correct answersSearch Icon Li...

QuickBooks Online correct answersa software application used to record business and accounting activities, designed with the non-accountant in mind. New Company Setup correct answersthe level of operation that creates and sets up a new company file. Lists correct answersthe level of operation that records background information. Activities correct answersthe level of operation where most routine work is processed. Reports correct answersthe level of operation where information can be...

Which report allows you to view unpaid invoices by customer? correct answersOpen invoice report You are receiving multiple payments from various customers and want to deposit them as a group. What account do you use when posting the payments? correct answersUndeposited funds What is a sales receipt? correct answersTwo-step process already happened What is an invoice? correct answersThree-step process later collection Which report identifies our top customer by sales? correct answer...

The Client List is your one-stop shop for all of your client information- correct answerseven clients who do not use QuickBooks Online! What are the five columns listed under Client Details? correct answersNotes, Bookkeeping, Payroll, Shared Documents, and Tax *** Can clients see the notes listed in the Client Details screen? correct answersNo What allows you to view a client's subscription fee and billing history at a glance? You can make quick changes to subscriptions from a centra...

Which of the following CANNOT be entered during the setup of a new company? a. Company name and address b. Chart of accounts c. Trial balance, open balance d. Checking account statement balance correct answersC After QuickBooks sets up a chart of accountsduring the Express Start or Advanced Setup, which of the following is TRUE? a. Accounts open balances can be changed. b. It is possible to add more accounts later. c. New accounts can only be added during the Express Start or Ad...

Why would one record multiple payments as a single bank deposit transaction? correct answersBy recording them to Undeposited Funds, they will be added to one single bank deposit transaction, to match the actual bank deposit amount. This means when the bookkeeper tries to reconcile the accounts, it's easy to match the total bank deposit value of XX to the same amount on the bank statement. A proper customer workflow: correct answers1. Provide service 2. Invoice customer 3. Receive paym...

Which report should you run to list all customers who currently owe balances and how old the balances are? correct answersA/R Aging Summary *What steps will take you to a client's QuickBooks online company from QuickBooks online accountant? correct answers-Selecting the QB icon next to their name on the client list Some of the tools are available elsewhere as some can only be found here for example trial balance, voided deleted transactions, and write off invoices. correct answers-The A...

In the ProAdvisor section, under Your Practice. correct answersWhere would you go on your QuickBooks Online Accountant dashboard to find the best advice for ProAdvisors to develop their businesses and access certifications? QuickBooks Online Accountant correct answersWhich product will help him manage all his clients all in one place? 1. QuickBooks Online client's books. 2. QuickBooks Self-employed client's books. 3. Your practice's own books. correct answersWhen you log in to Qu...

version correct answerseach year introduces a new ________ of QuickBooks with new-and-improved features true correct answersT/F QuickBooks Pro works well for different types of companies in a variety of industries manufacturing correct answersone type of business that QuickBooks Pro is not suited for true correct answersT/F to use QuickBooks Pro your company should not have more than twenty employees and $1 million in annual revenue quickbooks enterprise solutions correct answersif y...

What is one way that QuickBooks uses the Account Type? a. To track revenue and expense by office or business segment b. For financial ratios in the Analysis module c. To change the color of different sections on the financial statements d. To identify where the account appears on the financial statements correct answersd. To identify where the account appears on the financial statements This is the correct answer. The first set of accounts appear on the Balance Sheet (Assets, Liab...

What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports? correct answersBalance Sheet, Profit and Loss When should you create an invoice in QuickBooks? correct answersWhen a customer purchases goods or services but does not pay you at the time of the sale You've been hired by a company that started in 1911. They've never used QuickBooks. During the EasyStep Interview, what "Start Date" should you use? correct answersThe da...

The _____ basis of accounting matches income for the period against expenses for the period? correct answersAccrual To change a column width in a report without changing the size of the print, you must? correct answersPrint the Report in landscape orientation use Fit Report to one page wide option change the column width manually All of the Above If an invoice is ______, it will not show up in the Customer Balance Detail Report? correct answersDeleted Adjustments for accrual basis ac...

When you create a new company file, QuickBooks asks for your start date. What is the best definition of start date in QuickBooks? correct answersThe day you chose to start recording the financial records in Quickbooks. When a transaction is change, what information does the Audit Trail report Merging entries correct answersAll of the above. When should you use the items tab on a bill or check correct answersWhen you purchase inventory parts. when you are setting up a service items, what...

What information is required before setting up a QuickBooks file? (page 42) correct answersBank statement How do you start a new company data file in QuickBooks (Easy Step Interview)? (page 42-46) correct answers1. Click "create a new company" 2. Choose "Express Start" 3. Type in company name 4. Select your industry 5. OK 6. Company name 7. Key in information in fields 8. Click "Create Company" 9. Click Add in "Add your bank accounts" How do you keep the lis...

Why would you hide or collapse sub accounts on a report? correct answersTo temporarily hide unnecessary detail and hide parent accounts What should you do after you click save & close on a customer credit memo? correct answersChoose between retained as an available credit, give a refund or apply to an invoice Which of the following CAN be memorized in quickbooks? correct answerscheck Which is NOT shown on the payroll summary report on quickbooks? correct answersinformation necessary to ...

How can you stop yourself and others from deleting, editing, or adding transactions in a closed period? correct answersSet a closing date You successfully reconciled the checking account last month. This month, when you begin to reconcile the same account, you notice the beginning balance calculated by QB is different than the bank. How can this happen? correct answersSomeone deleted or changed a cleared transaction. When should you use a sales receipt in QB? correct answersTo record a cus...

One of the major advantages of all subscription levels of QuickBooks Online have over the desktop version is: correct answersAll the data is hosted, backed up and secured by Intuit's servers Your client uses QuickBooks Online Simple Start. How many accountant users can your client invite? correct answers2 Your client is moving out of state and wants you to do the monthly accounting in their data file. What would be the best reason to recommend converting to QuickBooks Online? correct an...

Primary admin correct answersCan manage all users Created the QuickBooks account Company Admin correct answersthis role is only available in QBO Advanced Custom user correct answersThis role is only available in QBO Advanced Has specific access to areas in QBO Standard user correct answersIn all versions of QBO, this role can be set to specific levels of access Close the Books feature's two benefits correct answersUsers cannot change transactions in a closed period It generates...

What type of business relies on knowing their inventory at all times? correct answersB2B Wholesale businesses *** Managing inventory and avoiding out-of-stock situations is critical to the success of what type of business, as well as understanding cash flow and balance sheets? correct answersRetail and e-commerce businesses What are the three different ways to get information into QuickBooks Online? correct answers1. Convert data in existing QuickBooks Desktop software 2. Import customers...