QuickBooks Online Certification- Exam section 2- ACCOUNTING AC-341 Exam 2,4,5,7,8-with 100, Exams of Finance

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QuickBooks Online Certification: Exam

section 2: ACCOUNTING AC-341 Exam

2,4,5,7,8-with 100% verified answers-2024-

SECTION 2

QuickBooks Online Certification: Exam section 2

Review Answers

• Q
• What must each product/service item be mapped to? Your answer: Product categories list
• Q
• Where can you find the QuickStart template in QuickBooks Online Accountant to begin the client onboarding process? Your answer: Work
• Q
• What are 2 ways to add a customer to QuickBooks Online? Your answer:Sales > Customers > Add New Gear icon > Import Data
• Q
• Where do you enable account numbers for the QuickBooks Online Chart of Accounts? Your answer: Gear > Account and Settings > Advanced > Chart of Accounts > Select Enable Account Numbers
• Q
• Which option completes the statement? Your answer: Banking Center
• Q
• Which statement is true regarding the Preferred Vendor field in Product and Services items? Your answer: You can create a new vendor from the product/service information screen
• Q

• Where would you go to add a new vendor or find the link to import a vendor list into QuickBooks Online? Choose the most viable method from the options below, although other methods may be available. Your answer: The New Vendor button in the Vendors tab of the Expenses screen
• Q
• Which options correctly fills in Step 2? Your answer: Select Service
• Q
• Which 4 statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts? Your answer: To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window The Sales of Product Income account is a default account when inventory is turned on If you add a new account, the detail type determines on which financial statement this account will show Delete an account from the Chart of Accounts if it is not relevant to your business
• Q
• What are the five main account types in the Chart of Accounts? Your answer:Assets Liabiliti es Income Expens es Equity

Section 4

Review Answers

• Q

• Which of these options is correct if you want to set up a recurring project for the same client? Your answer: Create a new project and select the Repeat button, then set the frequency and duration
• Q
• The statement can be downloaded in which 2 file formats? Your answer: CSV PDF
• Q - Which 3 of the below statements are correct regarding this feature? Your answer: Selecting Create client request on the Work screen begins the process Checking the Notify client checkbox means the client will be sent an email To update the status of the request, select the request, then the Status drop-down
• Q
• Which settings should Heather select to give Esther the appropriate access to her firm’s books? Your answer: C
• Q
• Which 2 statements are correct about using the client details and dashboard screens of QuickBooks Online Accountant and working with client company files? Your answer: Notes will automatically be pinned unless you uncheck the Pin box You can import QuickBooks Online Prep for Taxes data into ProConnect Tax Online to prepare tax returns via the client dashboard
• Q
• Which team access level gives the user view only access to QuickBooks Online Accountant firm information, but no access to team and subscription billing and no access to the firm’s books? Your answer: Basic access Section 5

Review Answers

• Q
• What are the steps to create a new Estimate in QuickBooks Online? Your answer: Select Sales > All Sales > New Transaction > Estimate
• Q
• When the Sales Tax feature is enabled in QuickBooks Online, where must you record sales tax payments? Your answer: Create Bill
• Q
• When should you use Add other funds to this deposit grid in a Deposit Transaction? Identify 3 correct options. Your answer: When an employee reimburses the company You receive a tax refund from the IRS When a company doesn’t record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts
• Q
• When a QuickBooks Online user wants to automatically apply a credit memo transaction to a customer invoice, the Automatically Apply Credits checkbox must be turned on in which area? Your answer: Account and Settings > Advanced > Automation
• Q
• How can a customer pay an emailed QuickBooks Online invoice via credit card? Your answer: Select Review and pay > Enter payment details > Pay

Edit answer

• Q
• What 2 problems will this cause? Your answer: Their Accounts Receivable balance will not be accurate The income account will show duplicate income
• Q
• Which Accountant tool in QuickBooks Online helps identify transactions that may have been removed accidentally from the company file? Your answer: Voided/Deleted Transactions
• Q
• Which option is the correct sequence of steps to convert an Estimate to a Purchase order? **Your answer: Open Estimate > Change Estimate status to Accepted

Select the down arrow next to Create Invoice > Copy to purchase order**

• Q
• What are 2 ways to access the vendor credit screen in QuickBooks Online? Your answer: Expenses Center > New Transaction > Vendor Credit Create (+) icon > Vendor Credit
• Q
• What are the step(s) when using the Sales with Payment customer workflow? Your answer: Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank Deposit
• Q
• Which of the options below correctly fills in the blanks? Your answer:

To match your bank register with your bank statement;

2. the Deposit to account is Undeposited Funds - Q - Where should they start the process? Your answer: Navigate to the Create (+) icon, then find the Transfer link - Q - Which statement about journal entries in QuickBooks Online is true? Your answer: Your client can’t create an Adjusting Journal Entry Section 7

Review Answers

• Q
• What are 3 important reasons to reconcile bank and credit card accounts at set dates? Your answer: To verify transactions have the correct date assigned to them To verify that all transactions have been recorded for the period To verify that previously reconciled transactions have not been changed since the last reconciliation
• Q
• How can you filter the For Review tab to see all the transactions QuickBooks Online thinks it has found a good match for? Your answer: Click on the Recognized tab
• Q
• Which 2 statements regarding Bank Feed best practice workflows are correct? Your answer:

You should complete Match transactions first, then move on to Add transactions You should match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, Deposits, or open invoices

• Q
• How does it do this? Your answer: It can identify transactions where the posting date was manually entered and has a clearing date that differs from the bank data
• Q
• Which option explains how to enable email receipt forwarding in QuickBooks Online? Your answer: Select Banking > Receipts > Register your email to get started
• Q
• Where can you go in the Banking Center to review downloaded bank feed transactions that have already been matched to existing transactions in QuickBooks Online? Your answer: Reviewed tab
• Q
• Fill in the missing words in this statement. Your answer: match, add, cleared
• Q
• What should she do? Your answer: Select the reconciled transactions > Batch Actions > Modify Selected
• Q
• Which 3 statements regarding Bank Rules are true? Your answer: Bank rules can be prioritized

Bank rules can be copied, edited, or deleted You can automatically add transactions to the register using Bank Rules

• Q
• What should she do next? Your answer: Select the type of transaction she wants to make recur
• Q
• What are 3 ways to add receipts to QuickBooks Online Receipt Capture? Your answer: Snap a picture via the mobile app Forward a receipt to [email protected] from a registered email address Upload a picture via a browser Section 8

Review Answers

• Q
  • Is it possible for a client to change transactions in a QuickBooks Online company if the books have been closed with a closing date password? If so, how would you track any changes to transactions within the closed period? Your answer: Yes, but only if they know the password and changes are flagged in an Exceptions to Closing Date report
• Q
  • Once the Prep for taxes screen has been reviewed and the data is ready to hand off to the tax preparer, which 3 tax options are available? Your answer:

Create new return Update an existing return Export CSV file

• Q
• When should an Accountant user use the Write Off tool? Your answer: When a client has outstanding invoices that will not be paid
• Q
• Which option correctly completes the sentence? Your answer: Accountant Toolbox
• Q
• Which 3 are reasons a bookkeeper might use the Prep for taxes tool to ready their client’s books for the tax return? Your answer: Ensure that all Balance Sheet accounts have been reconciled to a supporting document Make notes to remind them of important details of an account balance Make and approve adjusting journal entries to record accruals or depreciation
• Q
• What 2 options could you use to navigate from a client’s QuickBooks Online company dashboard to the Exceptions to Closing Date report? Your answer: Accountant Toolbox > Accountant Reports > For My Accountant Reports center via the left navigation > For My Accountant
• Q
• Which Accountants Only Tool allows for categorizing a couple of transactions or a large batch of transactions in only a few clicks? Your answer: Reclassify Transactions
• Q

• Why might an Accountant user not see the Exceptions to Closing Date report in a QuickBooks Online company? Your answer: A Closing date has not been set in the company
• Q
• In the Reclassify transaction screen, which 2 elements of a transaction can be reclassified? Your answer: Accoun ts Classe s
• Q
• What are 3 Accountant tools in QuickBooks Online? Your answer: Reclassify Transactions Report tools Audit log