QBO Advanced Certification: Sample questions

How would QuickBooks Online alert you of a discrepancy in the beginning balance when reconciling your clients' accounts?

An alert will be displayed in the reconcile tab, stating that the account isn't ready to be reconciled yet, as the beginning balance is off

It's important for retailers to manage their stock levels. How can your client avoid running out of products without stockpiling them?

By setting an inventory reorder point

You want to add an app to your firm's books in QuickBooks Online Accountant. Which 2 levels of users can add apps to QuickBooks Online?

Company Admin Primary Admin

What are 3 reasons why QuickBooks Online might not suggest a match for a bank transaction?

he transaction is posted to the wrong account The transaction is outside the date range in which QuickBooks Online searches The amount of the transaction posted in QuickBooks Online is greater or less than the amount that cleared the bank

Your client needs your help. A customer's payment has failed, and the client has incurred a bank fee. How do you record this correctly in QuickBooks Online? Select the correct option from the dropdown. You need to _________ the Accounts Receivable account for the amount of the failed payment, and ____________ cash for the same amount. You also need to _____________ the fee charged by the bank.

increase decrease record

For clients with a QuickBooks Online Plus account, what's the maximum number of billable users?

5

For how many days in advance does the Cashflow Overview tab project your clients' cash flow?

90

When might you need to enter a new address in the Location of sale field on an invoice?

If the location of sale is different from the seller's address or the shipping address

Your client needs a QuickBooks Online solution that includes tracking for: Sales Sales tax Inventory What is the minimum subscription level in QuickBooks Online you would recommend?

Plus

What should you do before deleting a balance sheet account that has a non-zero balance?

Reclassify the balance

Which chart shows the total sales achieved by a company over time compared to the prior year

Revenue over time

What should you do to record a sales tax payment for the client?

Select View return for the required tax return, then select Record Payment

What's the first step you need to take to override a sales tax calculation on an invoice?

Select the "See the math" link in the bottom area

Which 2 of these actions do you need to do in QuickBooks Online Accountant to benefit from industry benchmarking data?

Specify your client's industry sector Confirm your client's business location

Which of the following statements are true about Spreadsheet Sync?

Spreadsheet Sync only works with Excel Office 365 Spreadsheet Sync lets clients build reports using QuickBooks Online data that refresh with the latest transaction data from the company file Clients can create and edit transactions in Spreadsheet Sync and then post them back into their QuickBooks Online company file

Which of the following is not a workflow template in the Workflows center?

Subscription renewal reminder

Which 3 of the following statements are true about working with corporate credit cards in QuickBooks Online?

With corporate credit cards, one card is usually designated as the primary, or master card Individual cardholder accounts, including the primary/master card, are set up as subaccounts to the parent account The quickest and cleanest method of recording a credit card payment is to create an expense transaction and split the payment between the different credit cards if you're paying off the full statement balance