Quickbooks Online Exam Section 5 2021

4-Which report shows the book (purchase or cost) value of inventory items with quantity on hand?

Inventory Valuation Summary (or detail) *Transaction List by Inventory item Product/Service list Sales by Product/service summary

7-Which 2 tasks should be completed monthly as part of the month-end review process?

Completing and filing IRS forms W-2 and 1099 Filing estimated taxes *resolving incomplete transactions *reconciling accounts Managing receipts and bills

1-Where would you add a new tag on an invoice that was already created?

*+New - invoice - Enter and add new tag Sales - Invoices - Select invoice - Edit - enter and add new tag Gear icon - Sales - tags - edit - enter and add new tag Sales - receive payment - select payment - edit - enter and add new tag

3-Which 2 of these datasets can be visualized using custom charts in the Performance Center?

*Accounts receivable Return on assets Inventory turnover *Expenses Debt to Equity

12-What are the correct steps to begin the Write off invoices process?

*accountant tools - write off invoices sales - invoices - write off invoices gear icon - tools - write off invoices gear icon - account and settings - write off invoices

8-To keep track of her team, Esther has requested that the status of each task be updated in the Month-end review tabs. What are the 3 status options?

*complete to do done *open stuck waiting *pending not started

2-Where would you navigate in QBO to generate a Balance sheet report?

*reports - business overview - balance sheet reports - for my accountant - balance sheet reports - financial statements - balance sheet reports - what you owe- balance sheet

16-How can you find the Exceptions of Closing Date report?

*reports - for my accountant gear icon - tools - audit log accounting - close books business overview - common issues my accountant - management reports - business overview

9-What are 2 limitations of the Reclassify transactions tool?

*you cannot change the class on deposit transactions you cannot change the account for inventory adjustment *you cannot change the payment bank account when reclassifying expense transactions you cannot change the location when reclassifying expense transactions you cannot change the class when reclassifying expense transactions

5-Your client would like to display negative numbers in red on their Profit and Loss report. Where can you select this option for them?

Customize - edit titles Customize - filter Customize - rows/columns Customize - header/footer *Customize - general

6-Which 3 predefined management report templates will a client see in their company file?

Financial statements *Sales performance Basic company financials *Expenses performance Expanded company financials *Company overview

15-Which 2 options are benefits of using the Close books feature?

it keeps unauthorized users from accessing the Quickbooks company it keeps track of any changes made to any transactions dated after the closing date it can prevent users from accessing any information in a closed period *it can prevent users from changing transactions in a closed period *it keeps track of any changes made after the closing date was set to closed period transactions

10-Which account-only tool enables you to categorize a couple of transactions or a large batch of transactions in only a few clicks?

month-end review write off invoices prep for taxes *reclassify transactions recurring transactions

13-At year end, what 2 reports can be used to verify that all bank and credit card accounts on the balance sheet have been reconciled?

reconciliation audit log reconciliation report *reconciled transaction detail by account *balance sheet detail reconciliation discrepancy report

11-When can an account user use the write off invoices tool?

when a user wants to categorize several transactions quickly when a user wants to write off sales tax on an invoice when you wish to remove a duplicate invoice when a customer has overpaid *when a customer has outstanding invoices that will not be paid

14-Which 3 items are included in the substantiation requirements?

whether the vehicle is gas, electric, or hybrid powered *vehicle type drivers *date placed in service *mileage vehicle service record