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QuickBooks Online Certification Study Guide, Exams of Finance

Chamberlain College of NursingFinance

QuickBooks Online Certification Study Guide

Typology: Exams

2025/2026

Available from 02/05/2026

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QuickBooks Online Certification
Study Guide
⫸ Primary admin. Answer: Can manage all users
Created the QuickBooks account
⫸ Company Admin. Answer: this role is only available in QBO
Advanced
⫸ Custom user. Answer: This role is only available in QBO Advanced
Has specific access to areas in QBO
⫸ Standard user. Answer: In all versions of QBO, this role can be set to
specific levels of access
⫸ Close the Books feature's two benefits. Answer: Users cannot change
transactions in a closed period
It generates a closing Date Detail report
⫸ Accrual Accounting. 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
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QuickBooks Online Certification

Study Guide

⫸ Primary admin. Answer: Can manage all users Created the QuickBooks account ⫸ Company Admin. Answer: this role is only available in QBO Advanced ⫸ Custom user. Answer: This role is only available in QBO Advanced Has specific access to areas in QBO ⫸ Standard user. Answer: In all versions of QBO, this role can be set to specific levels of access ⫸ Close the Books feature's two benefits. Answer: Users cannot change transactions in a closed period It generates a closing Date Detail report ⫸ Accrual Accounting. 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. 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. Answer: Overdue Payment reminders payroll financial reporting ⫸ QBO creates a chart of accounts based on the industry you selected. Answer: true ⫸ You can add, edit, and remove accounts after starting a new company in QB. Answer: True ⫸ New accounts can only be added during the new company startup process. Answer: False ⫸ only income and expense accounts can be added after starting a new company. Answer: False ⫸ Three reasons to make transactions recurring in QBO. Answer: Saves time Minimizes human error Reduces late payments

⫸ Billing address. Answer: the mailbox where an invoice is typically delivered The address with a credit card ⫸ Shipping address. 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. Answer: False ⫸ Sub-customers are associated with a parent customer. Answer: true ⫸ sub-customers are commonly used for franchises or locations. Answer: true ⫸ sub-customers can be used to track jobs or projects. Answer: true ⫸ When setting up a product you must provide the price, the income account and the cost of goods sold account used. Answer: true ⫸ both products and services require you to identify if the item is non- taxable. Answer: true ⫸ once you set the type of product, you cannot edit it later. Answer: false

⫸ when setting up a service you should enable show product/service column on sales forms. Answer: true ⫸ Non-inventory product. Answer: shelving used to display items specialty goods not usually sold at a store ordered for a specific customer ⫸ inventory product. Answer: goods that are regularly stocked and sold to customers ⫸ Products and services that appear on sales forms. Answer: bundle, services Inventory, non-inventory ⫸ discount. Answer: used to reward loyal customers with a reduction of 5% on their invoices. ⫸ Money-in forms QBO can issue to customers. Answer: Sales receipts invoices ⫸ By default, QBO automatically applies credit memos to invoices. Answer: false