QuickBooks Online Certification Test Study Guide 2024 questions with complete solutions., Exams of Marketing Management

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QuickBooks Online Certification Test

Study Guide 2024 questions with

complete solutions

Can you delete or make inactive something on a list if it has a balance (e.g. Customer, Vendor, or Stock Product, or Account)? - correct answer>> Yes, QuickBooks will automatically create a transaction to make the balance zero. While setting up a QuickBooks Online account, you accidentally entered the wrong company address. How would you fix this error? - correct answer>> Change it in Account and Settings window, which you can access by clicking the Gear icon and select Account and Settings. If you use QuickBooks Online Plus, how do you charge a customer for expenses you incurred on a project? - correct answer>> When entering the expense, enter the customer name and select the Billable checkbox. Your boss asks you to remove an account from the Chart of Accounts (you don't use it anymore). How would you do this? - correct answer>> You can't delete an Account from QuickBooks. Which transaction does not affect the customer's balance? - correct answer>> Estimate Which transaction CANNOT be made recurring? - correct answer>> Deposit What do you use Terms for in QuickBooks? - correct answer>> To determine when a customer's invoice is due. Select the statement that's NOT true about using the QuickBooks app on a mobile device. - correct answer>> You can do everything (all QuickBooks functionality) on the app that can do in your regular QuickBooks (using a browser).

Your Accountant is upset that changes are being made to last year's numbers. How can you stop this from happening? - correct answer>> In the Advanced section of the company settings, set a Closing Date. Which of the following statements is TRUE regarding products and services? - correct answer>> When you purchase or sell a product, the value of the purchase or sale flows to the account (and therefore the financial statement) you selected when you set up the product or service. Which is NOT a good reason to enter a General Journal Entry? - correct answer>> To avoid using the built-in forms (e.g. checks and invoices) Put the 2 steps for entering a vendor credit and using it when you pay the bill in the correct order. - correct answer>> 1. Click the Global Create Button, Plus sign, and select Vendor Credit.

2. Click the Global Create Butto, Plus sign and select Pay Bills. When should you use the Items Details area (bottom of the screenshot below) on a bill, check or expense? - correct answer>> To track sales tax When you want to send someone a bill for items When you purchase stock The Accounts Payable Aging report can help you stay on top of your business because it lists which of the following? - correct answer>> You can view what you owe and when it's due. What information does QuickBooks NOT ask/need when you create a new QuickBooks Online account for a company? - correct answer>> The owner's name Which section of the Balance Sheet shows your Accounts Receivable balance? - correct answer>> Assets Your company would like to sell their products online. They ask you to look for an app that makes it easy for customers to buy online. However, they also want you to be efficient. They do NOT want you to have to manually enter these sales into QuinckBooks. They want the sales to automatically update QuickBooks. What's a good place to start looking for an app that can do this? - correct answer>> The Apps tab in QuickBooks.

What limitations does QuickBooks have when it comes to browser access? - correct answer>> None of the above. Your company no longer sells a particular product/service. What is the process for removing the product or service? - correct answer>> 1. Click the Gear Icon

2. Under Lists, click Products and Services
3. To the right of the product you want to remove, click the drop list and select Make Inactive You just BOUGHT something from a CUSTOMER. How do you set this customer up as a VENDOR in QuickBooks? - correct answer>> Navigate to the Vendors lists and create a new vendor. In the "Display Name As" field, enter customer's name, but add something unique, like "(vendor)' at the end of the name You are setting up a product or service. What happens if you select the box next to "I purchase this product/service from a vendor"? - correct answer>> QuickBooks provides fields so you can track purchases of that product/service (in addition to sales) Where should you begin the process of importing lists from Excel to QuickBooks - correct answer>> Click the Gear icon Two customers with unpaid invoices paid you in cash today. Here is the issue. The bank statement will show just ONE deposit of $1000. However, you received 2 payments of $500 each. What is the process of recording these payments, so your Bank register shows ONE deposit of $1000? - correct answer>> 1. Click receive payment next to customer 1
4. Record the payment and deposit the money to "Undeposited Funds"
5. Click receive payment next to customer 2
6. Record the payment and deposit the money to "Undeposited Funds"
7. Click the Plus icon and select Bank Deposit. Select both payments from the list and save the $1000 deposit

Why would you recommend recording sales with invoices or Sales Receipts instead of recording the sale with Journal Entry or on the Record Deposit screen? - correct answer>> - The sales will appear on sales reports (they don't if you use the "Record Deposit" or Journal entry screen)

• You can e-mail or print the sale for customers.
• You can run reports that show your sales by product or service You're tired of using your mouse to record transactions. You decide to start using shortcuts. How can you see a list of keyboard shortcuts in QuickBooks? - correct answer>> Hold down the "CTRL", "ALT", and "?" keys at the same time What account do you use to record an expense purchased made with your Visa DEBIT CARD - correct answer>> Checking/Current Which transaction can be made recurring? - correct answer>> - General Journal Entry
• Check
• Expense Available in the company settings, what are two options for categorizing sales and expenses into different locations and departments of a business? - correct answer>> Classes and Locations Select the statement that's true about using the QuickBooks app on a mobile device - correct answer>> - There is a QuickBooks app for Android and Apple (IOS) devices -You can NOT perform all the functions of QuickBooks on the mobile app. -The mobile app uses built in functionality of your device (e.g. the camera to take pictures of receipts or other documents to attach transactions) You accidently entered the same customer twice (the first time you spelled the first name JOHN, the second time you spelled it JON). You only want ONE customer on the list (JOHN Melton) Select the steps in the proper order - correct answer>> 1. Edit the customer you want to get rid of (JON Melton)

2. In the Display Name field, enter the name you want keep (JOHN Melton)
3. Click Yes when QuickBooks asks if you'd like to Merge the names

Your customer walked in, purchased two widgets and gave you cash. After receiving the payment, and thanking them, you decided to record the sale in QuickBooks. Put the steps for recording this sale in the correct order. - correct answer>> 1. Click the Plus icon

2. Click Sales Receipt
3. Enter the sale and payment information
4. Save the transaction When creating a new QuickBooks Online account, what company information does QuickBooks ask for?

• correct answer>> The industry of the business You set a closing date to make sure no one changes anything date on or before December 31st of last year. However, people are still making changes! Why is this happening? - correct answer>> You didn't set a password for your closing date How did you find the company settings in QuickBooks? - correct answer>> Click the Gear icon on the home page and select Account and Settings. You need to find an expense, but all you know is the amount (you can't remember the date or vendor). What's the best way to do this? - correct answer>> Press the Magnifying Glass icon, and search for the exact amount. You returned some office supplies you recorded on bill #1234. You haven't paid the bill yet. Which is the correct sequence of steps to record the Vendor Credit and apply it to the bill payment? - correct answer>> Step 1: Click the Global Create button, Plus icon, and select Vendor Credit. Enter the information on the form and save the transaction, Step 2: Click the Global Create button, Plus icon, and select Pay Bills, Select the bill to apply the credit towards. Step 3: Enter the amount of credit to use in the Credit Applied column. Step 4: Save the bill payment. Which report is also known as a statement of performance, and summarizes income and expenses for a period of time? - correct answer>> Profit & Loss

Name the major sections of the Balance Sheet that correspond to the accounting Equation - correct answer>> Assets, Liabilities, and Equity You just received an invoice from a new vendor. Your company keeps track of Accounts Payable (A/P). Place the steps for tracking and paying this invoice in the correct order. - correct answer>> 1. Click the Global Create button, Plus icon, and select Bill

2. Enter the details from the invoice
3. Click the Global Create button, Plus icon and select Pay Bills
4. Select the bills you want to pay. Ensure the payment account, and payment date are correct, and save your work Which of the following statements about Users is TRUE? - correct answer>> In addition to Regular or Custom users, you can also set up Reports only and Time Tracking only users Which of the following is TRUE regarding Journal Entries? - correct answer>> Journal entries require a good understanding of debts and credits and a great deal of care should be taken by non-accountants when entering them Why would you hide (or collapse) subaccounts on a report? - correct answer>> To temporarily hide unnecessary detail and only show parent accounts You created a Customer Balance Summary Report and your employer wants you to multiply each customer's sales by 23.67%. How can you do this quickly (without using a calculator)? - correct answer>> Select Export to Excel. Open the report in Excel and add a column to do the multiplication for you What is the proper sequence of purchasing inventory using a purchase order? - correct answer>> 1. Click the Global Create button, Plus icon, and select Purchase order
5. Click the Global Create button, Plus icon, and select Bill
6. Click the Vendors button and select Purchase Order Sub-customers can make tracking jobs/projects or locations for a particular customer easy. One of your customers just called to request work on their new location. How do you keep track of this in QuickBooks? - correct answer>> Create a New Customer and tick the option 'Is sub-customer'

3. Next to the report you want QuickBooks to email, click Edit
4. Set up the details of the email schedule Put the 2 steps for customizing an invoice in the correct order. - correct answer>> 1. Click the Gear icon
5. Select Custom Form from Styles Select the statement that's true about the Apps tab in QuickBooks - correct answer>> Use it to find an app designed for specific business functions that also syncs with QuickBooks so you don't have to enter data twice How do you backup and keep QuickBooks up to date between users? - correct answer>> You don't need to backup because it's always backed up in the cloud The Name field (Customer/Vendor) is optional on Invoices and Bills - correct answer>> False Your employer can see what (s)he owes and what's overdue. But (s)he wants to see all the bills that are overdue grouped by how late they are (30-60 days, 61-90 days, etc). Which report provides this information? - correct answer>> Accounts Payable Aging Your company has sales reps and you need to keep track of the sales reps associated with each sale. How would you track sales reps on sales forms? - correct answer>> Navigate to Account and Settings and in the Sales category or settings create a custom field for sales rep Invoice Receive Payment Sales Receipt Estimate

Delayed Charge - correct answer>> You made a sale but your customer still owes you payment-Increases customer's balance You received a payment for a customer you've already invoiced-Decreases the customer's balance Your customer paid you at the time of the sale-Doesn't affect the customer's balance Your customer isn't sure if they want to purchase anything but they might do so in the future-Doesn't affect the customer's balance You provide a service or product that you want to add to an invoice in the future-Doesn't affect customer's balance Plus Icon Navigation Bar Gear Icon - correct answer>> Click this icon to create any new transactions, no matter where you are in QuickBooks The navigation bar lets you see information and transactions within a specific area. You can also create new transactions within an area directly from one of the tabs/pages Click this icon to change Account Settings, access all your lists, and use tools that you don't need often (reconciling, budgeting, etc). You can also manage your account and add users from this area. If you DON'T download bank transactions, how do you enter a business lunch paid for with the company debit card? - correct answer>> Click the Global Create button, Plus icon, and Select Expense. Fill out the expense and use Debit Card as the payment method.