QuickBooks Online Certification Exam 2024/25 with Solutions, Exams of Marketing Management

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QuickBooks Online Certification

2024%2025 Exam with complete

solutions

Primary admin - correct answer>> Can manage all users Created the QuickBooks account Company Admin - correct answer>> this role is only available in QBO Advanced Custom user - correct answer>> This role is only available in QBO Advanced Has specific access to areas in QBO Standard user - correct answer>> In all versions of QBO, this role can be set to specific levels of access Close the Books feature's two benefits - correct answer>> Users cannot change transactions in a closed period It generates a closing Date Detail report Accrual Accounting - correct answer>> A company makes a sale and records the expected revenue as an AR transaction Provides a more accurate picture of the profitability of a company because it includes AR and payables Cash Basis Accounting - correct answer>> A company makes a sale, but revenue is not realized until the invoice is paid The most common method of accounting Tasks the can be automated in QBO - correct answer>> Overdue Payment reminders payroll financial reporting

QBO creates a chart of accounts based on the industry you selected - correct answer>> true You can add, edit, and remove accounts after starting a new company in QB - correct answer>> True New accounts can only be added during the new company startup process - correct answer>> False only income and expense accounts can be added after starting a new company - correct answer>> False Three reasons to make transactions recurring in QBO - correct answer>> Saves time Minimizes human error Reduces late payments The best way to automate credit card payments with a recurring sales receipt - correct answer>> create a template The steps to enter info into a journal entry are: - correct answer>> 1 - select the account 2 - enter the amount to be credited and debited 3 - verify the credit/debit amounts are the same 4 - enter a memo Where can QB apps be downloaded? - correct answer>> QuickBooks App Store Pros of QBO functionality through apps - correct answer>> QBO offers numerous applications and add- ons that integrate seamlessly to automate workflow, bookkeeping, invoicing, data entry, and more. Apps allow business owners to access their QBO data from mobile devices Cons of QBO functionality through apps - correct answer>> Most apps are only available for the higher- tiered verstions of QBO Only a few apps are free. Many cost money.

Apps integrate seamlessly with QBO to access your data in the cloud; therefore, security is not absolute. Billing address - correct answer>> the mailbox where an invoice is typically delivered The address with a credit card Shipping address - correct answer>> the location where service are to occur the location where products are to be delivered Sub-customers are referrals from main customers are paid a commission on sales - correct answer>> False Sub-customers are associated with a parent customer - correct answer>> true sub-customers are commonly used for franchises or locations - correct answer>> true sub-customers can be used to track jobs or projects - correct answer>> true When setting up a product you must provide the price, the income account and the cost of goods sold account used - correct answer>> true both products and services require you to identify if the item is non-taxable - correct answer>> true once you set the type of product, you cannot edit it later - correct answer>> false when setting up a service you should enable show product/service column on sales forms - correct answer>> true Non-inventory product - correct answer>> shelving used to display items specialty goods not usually sold at a store ordered for a specific customer

inventory product - correct answer>> goods that are regularly stocked and sold to customers Products and services that appear on sales forms - correct answer>> bundle, services Inventory, non-inventory discount - correct answer>> used to reward loyal customers with a reduction of 5% on their invoices. Money-in forms QBO can issue to customers - correct answer>> Sales receipts invoices By default, QBO automatically applies credit memos to invoices - correct answer>> false a credit memo can be added to an invoice to reduce the amount owed by a customer - correct answer>> true a refund receipt and a credit memo are the same thing - correct answer>> true refund receipt is a voucher issued to a customer that can be redeemed as payment for an invoice - correct answer>> false Unbilled costs by job report - correct answer>> identifies expenses and items billable to a customer Two tabs available on the Bills page - correct answer>> for review unpaid Purpose of a balance sheet - correct answer>> reports assets, liabilities, and shareholder equity Money-out report that will list all your bills that are past due - correct answer>> unpaid bills