ACCT 323: QBO Accounts/Transactions/Reports Test

For each question below related to bank rules select either True or False for each statement.

True: - Bank rules can be edited - Bank rules help save time by automating the recording of recurring transactions downloaded from the bank account False: - Bank rules can be used for automating checks

On a standard balance sheet or profit and loss report identify if you can customize the feature or report area described below. Select Yes if you can customize the feature or select No if you cannot customize this feature.

Yes: - Header - Accounting method - Display only non-zero columns No: - Font color for report title

Where do you click on the dashboard to temporarily hide the financial information?

Click on privacy switch

You have downloaded transactions from your bank account into QBO. Identify the tab that is being described in the Banking area.

Excluded: This is a transaction that you downloaded from a bank account but you do not want to record the transaction for some reason. For review: This is a transaction that has been downloaded from a bank account but needs to be evaluated before it can be posted. Categorized: This is a transaction that has been downloaded from a bank account and has been reviewed and posted.

Complete each statement with the correct word for the actions that are possible after a receipt is uploaded into QuickBooks Online. Not all choices will be used.

Match: If QuickBooks finds an existing transactions in your books that is exactly the same as uploaded receipts or bills you should select to ____ it. Create: If QuickBooks can't find an existing transaction that matches your uploaded receipt and the transactions needs to be recorded, you can ____ a new transaction from your receipt or bill. Review: If QuickBooks finds more than one potential match to your uploaded receipt you should ____ the potential matches, then select the correct bill or expense.

Arrange the steps a user should take when setting an email schedule for a customized report in the correct order.

Position 1: Select Reports Position 2: Select Custom reports Position 3: Select Edit the report Position 4: Turn on the Set email schedule toggle Position 5: Set desired recurrences Position 6: Enter Email information Position 7: Select Save and close

Oliver has just uploaded a receipt to QuickBooks Online. He notices that the date on the uploaded receipt is 02/15/2021 when it should be 03/15/2021. Arrange the steps he should take to revise the date in the correct order.

Position 1: Select Review Position 2: Activate the cursor in the Payment date field Position 3: Type: 03/15/2021 Position 4: Select the Save and next drop-down arrow Position 5: Select Save and close

Aaron has just finished customizing a report. He wants to save the customized report and allow others to view it. Arrange the steps to save a customized report and share it with others in the correct order

Position 1: Select Save customization Position 2: Select the Share with drop-down arrow Position 3: Select All Position 4: Select Save

Michael wants to make all of his banking account numbers visible in QuickBooks Online. Arrange the steps he should take in the correct order to make his account numbers visible.

Position 1: Select Settings Position 2: Select Account and settings Position 3: Select Advanced Position 4: Turn on the Enable account numbers toggle

Corey wants to make recurring payments to WebWorld, Diamond Shores Construction's internet provider. The bill is due on the 15th of every month, and she wants the first payment to be made on March 15th, 2021. Beginning at the Expenses page, complete the steps Corey should take to set up this recurring transaction.

Step 1: Select Vendors Step 2: Double-click $125 next to WebWorld Step 3: Double-click Bill Step 4: Select Make recurring Step 5: Under Interval, select the numerical drop-down arrow Step 6: Select 15th Step 7: Select the Start date field Step 8: Select March 15th, 2021 Step 9: Select Save template

Kelly is creating a new bank rule for her company's monthly garbage bill. She wants to set the amount as $35. On the Create rule page, complete the steps of setting the amount to $35.

Step 1: Select the Description drop-down arrow Step 2: Select Amount Step 3: Activate the cursor in the Enter a value field Step 4: Type: 35.00

Marvin wants to customize his Purchases by Vendor Detail report. He wants to group the report by Product/Service, add SKU numbers, and eliminate the memos and descriptions column. For the Purchases by Vendors Detail report, complete the steps to customize the report in the way Marvin wants.

Step 1: Select the Group by drop-down arrow Step 2: Select Product/Service Step 3: Select Run report Step 4: On the Purchases by Vendor Detail report, select the Settings icon Step 5: Select Show More Step 6: Select the SKU check box Step 7: Clear the Memo/Description check box

For each type of account listed below select Yes if this an account can be connected to QBO or No if the account cannot be connected to QBO.

Yes: - Savings Account - Checking Account - Credit Card Account - PayPal No: - Prepaid Phone Account

For each statement below identify if the statement is true or false related to the how to use and process bank feeds.

Yes: - The first download after setting up the bank fees will include 90 days for transactions unless excluded. - If you want to keep a downloaded transaction from going into your company expenses you should exclude the transaction. No: - After a transaction is downloaded from the bank feed into QuickBooks Online, QuickBooks will suggest the bank reconciliation discrepancy account if it does find an applicable bank rule or matching transaction.

For each transaction below select Yes if it would be a good candidate to apply a bank rule to or No if it would not be a good candidate to apply a bank rule to.

Yes: - Utility expense - Monthly rent expense payments - Purchases of fuel for your work trucks No: - Hourly payroll worker paychecks

For each statement below about report delivery, identify if this something you can do with a report by selecting Yes. If this is not something you can do with a report, select No.

Yes: - You can export a QuickBooks report to Excel. - You can export a QuickBooks report as a PDF. - You can email a QuickBooks report. No: - You can import a report from Excel into QuickBooks (as long as you exported the report from QuickBooks originally).

Refer to the image. What is the Vendor Credit amount associated with Levi's Lumber? a. $217.50 b. $25 c. $796.62 d. None of the above

a. $217.50

Where in QuickBooks can you find out the status of what you owe to a vendor, and when it's due? a. Accounts Payable Aging report or the Vendor Balance Detail report b. The money bar at the top of the Vendor center c. Open Purchase Orders list d. Cash Flow report

a. Accounts Payable Aging report or the Vendor Balance Detail report

Which four aspects of a company's invoices can users see in the Invoices box on the Business overview tab? a. Amount deposited b. Amount unpaid within the past year c. Amount of bad debts d. Amount paid within the past 30 days e. Amount overdue

a. Amount deposited b. Amount unpaid within the past year d. Amount paid within the past 30 days e. Amount overdue

What are the three main categories of a balance sheet? a. Assets b. Profit c. Income d. Equity e. Liabilities

a. Assets d. Equity e. Liabilities

When distributing a customized report, users can export the file to _______. Choose two answers. a. Excel b. Email c. PDF d. Notes

a. Excel c. PDF

You made an invoice you entered last month has changed significantly, but you didn't make the change. How can you find out who changed it and what they change? a. Look at the Audit Log report. b. While the invoice is open, click More > Show Prior State. c. You cannot get this information. d. Look at the Journal of Changes report

a. Look at the Audit Log report.

Refer to the image. Kate is reviewing a receipt she uploaded. The receipt is for supplies her company purchased for a project, and the client will be paying for the supplies. Which option should she select to have the customer pay for the charges? a. Make expenses and items billable b. Payee c. Bank/Credit account d. Additional fields

a. Make expenses and items billable

What are two purposes of setting up recurring transactions? a. Reducing errors b. Saving money c. Saving time d. Reducing labor costs

a. Reducing errors c. Saving time

Rich wants to set up a recurring payment to his company's electricity provider. The bill is due once a month, but the amount varies from month to month. On the Recurring Invoice page, what type of recurring transaction should Rich choose? a. Reminder b. Scheduled c. Unscheduled d. Notification

a. Reminder

Refer to the image. Steve has imported a transaction to QuickBooks Online. He wants to record this transaction in the correct account. Which button should he select to choose in which account this transaction is recorded? a. The Category drop-down arrow b. Tags c. The Class drop-down arrow d. Go to bank register

a. The Category drop-down arrow

Select three statements that are correct about journal entries. (Choose 3) a. The accounts used on a journal entry come from the chart of accounts. b. A journal entry can only have two lines. c. A journal entry must have a date. d. You should enter your name in the Name field on the journal entry form to identify who is creating the entry. e. Total debits must equal total credits on a journal entry.

a. The accounts used on a journal entry come from the chart of accounts. c. A journal entry must have a date. e. Total debits must equal total credits on a journal entry.

When setting an email schedule for a customized report, a user can choose to send the email weekly. a. True b. False

a. True

Brock wants to create new bank rules to manage his company's recurring bills. He wants the transactions to be reviewed by an employee before they are processed. Which step should he complete on the Create rule page when setting up the bank rules for the company's bills? a. Turn off the Automatically confirm transactions this rule applies to toggle b. Select the Class drop-down, then select Manual transaction for each rule c. Add a tag to the rules, tagging them as a manual transactions d. Add a memo to each rule to let employees know that they are manual transactions

a. Turn off the Automatically confirm transactions this rule applies to toggle

Which three items are found on a Expenses by Vendor Summary? a. Utility bills b. Job supplies that are inventory items c. Company lunch expenses d. Inventory purchases e. Job supplies that are not inventory items

a. Utility bills c. Company lunch expenses e. Job supplies that are not inventory items

Which two accounts of the following accounts would most likely appear on the Balance Sheet report? a. Depreciation Expense b. Accounts Receivable c. Checking d. Gross Profit e. Cost of Goods Sold

b. Accounts Receivable c. Checking

Which three statements regarding journal entries are true? a. Journal entries should only be created by an accountant b. An accountant may ask a user to create a journal entry if something does not balance in the company's books or if there has been an erroneous transaction c. Journal entries should be used often d. Adding a description to a journal entry is not required e. A journal entry is a record of transaction and the accounts being affected by the transactions

b. An accountant may ask a user to create a journal entry if something does not balance in the company's books or if there has been an erroneous transaction d. Adding a description to a journal entry is not required e. A journal entry is a record of transaction and the accounts being affected by the transactions

Refer to the image. Which of these statements accurately describes Diamond Shores Construction's A/P Aging Summary report? a. Diamond Shores Construction has four overdue bill balances of $78.75, $217.50, $20.00 and $25.00. b. Diamond Shores Construction has three overdue bill balances of $78.75, $217.50, and $20.00. c. Three customers have an overdue balance of $78.75, $217.50, and $20.00. d. Four customers have an overdue balance of $78.75, $217.50, $20.00, and $25.00.

b. Diamond Shores Construction has three overdue bill balances of $78.75, $217.50, and $20.00.

What are three main categories of a profit and loss statement? a. Assets b. Expenses c. Retained Earnings d. Cost of Goods Sold e. Income

b. Expenses d. Cost of Goods Sold e. Income

A user can change the date range in the Invoices box in the Business overview tab. a. True b. False

b. False

QuickBooks Online can only be linked to checking accounts. a. True b. False

b. False

William wants to view inventory costs for his company for inventory items received by vendors. Which report would he view to find this information? a. Expenses by Vendor Summary b. Purchases by Vendor Detail c. Accounts Payable (A/P) Aging Summary d. Accounts Receivable (A/R) Aging Summary

b. Purchases by Vendor Detail

Mason is reviewing her company's A/R Aging Summary report. She noticed that a few customers are in the 31-60 column. What should she do? a. Write the debt off as bad debt b. Reach out to them about their payment c. Send them a second invoice d. Send the customers to collections

b. Reach out to them about their payment

What steps should a user take to rearrange the columns on a report? a. Select Customize, select Change columns, then remember the columns b. Select Customize, select Change columns, then drag the column titles to rearrange them c. Select Settings on the report, then drag the column titles to rearrange them d. Select Settings on the report, then renumber the column titles

b. Select Customize, select Change columns, then drag the column titles to rearrange them

For which two purposes is a Sales by Customer Summary used? a. To see which transaction types are most commonly used to record customer sales b. To see a list of customers who made purchases during a specific reporting period c. To see the total sales amount earned during a specific reporting period from a customer or project d. To see the products and services sold during a specific reporting period

b. To see a list of customers who made purchases during a specific reporting period c. To see the total sales amount earned during a specific reporting period from a customer or project

Barb wants to set up a recurring invoice for a customer. This customer wants to purchase a product from Barb's company regularly, but not on set dates and not in set amounts. What type of recurring transactions should Barb choose? a. Scheduled b. Unscheduled c. Notification d. Reminder

b. Unscheduled

Andrew is deciding on a rule name for a new bank rule he is creating. Which three rule names would he be able to use? a. WebWorld's Internet Bill b. WebWorld-Internet Bill c. Internet Bill d. Internet Bill 1 e. *Internet Bill*

b. WebWorld-Internet Bill c. Internet Bill d. Internet Bill 1

You need to create a recurring invoice. Select two statements that are true about creating a recurring invoice. (Choose 2) a. If the recurring invoice is a reminder, the invoice will generate automatically. b. You can set a recurring invoice to a fixed number of times. c. Recurring invoices automatically generate past statements. d. To create the recurring invoice, open or create the invoice, then click Make recurring.

b. You can set a recurring invoice to a fixed number of times. d. To create the recurring invoice, open or create the invoice, then click Make recurring.

Your boss wants to know if there are any overdue bills. What report would you run to give him this information? a. Open Bills report b. Overdue Bills report c. Accounts Payable Aging report d. Bills by Due Date report

c. Accounts Payable Aging report

You're working in QuickBooks at a coffee shop for a few hours and don't want to share all of your company's financial details with everyone there. How can you fix this? a. There is not a way to exclude this type of information from your data. b. When logging in to your QuickBooks data, check the box next to Private mode. c. Click the Private mode switch on the dashboard to prevent sensitive financial information from being displayed in this window. d. From the company menu settings, select the option to Hide Financial Details.

c. Click the Private mode switch on the dashboard to prevent sensitive financial information from being displayed in this window.

Mary wants to bring her company's transaction information from the company's checking account to QuickBooks Online. Which two methods could she use to do this? a. Type the transaction information into an Excel file, then upload the Excel file b. Upload the company's bank statements c. Download a CSV, QFX, QBO, OFX, or TXT file from the company's bank d. Connect QuickBooks Online to the company's bank

c. Download a CSV, QFX, QBO, OFX, or TXT file from the company's bank d. Connect QuickBooks Online to the company's bank

Net income = Income - Cost of goods sold - _________. a. Equity b. Assets c. Expenses d. Liability

c. Expenses

Amanda has just imported transactions from her company's bank. What is the next step she should take? a. Label the transactions b. Select Save c. Review and approve the transactions d. Let other accountants at the company know that the transactions have been imported

c. Review and approve the transactions

The owner of the business asks you to set up QuickBooks to automatically email him a specific report on a regular basis (e.g., weekly or monthly). How would you do this? a. Select Reports and click Recurring Reports, Select the line of the report on the list and click Edit. Then click "Set the email schedule for this group" and set the details for the email schedule. b. Select Reports and then navigate to the report for which you want to create an emailing schedule. Click the Email Schedule button. Enter the email address and the time schedule for the email, and then select save. c. Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule for this window. d. You can't do this automatically in QuickBooks.

c. Run the report you want to email. Click Save Customizations. Select Reports and go to Custom Reports. Select the line of the report on the list and click Edit. Set the email schedule for this window.

Refer to the image. Which customer has a credit according to the A/R Aging Summary report? a. Jack Johnson b. Sheds and More c. Sally Smith d. Tim Turner

c. Sally Smith

Tim is on his company's QuickBooks Online homepage. Which of these methods would be the simplest way for Tim to make a new invoice? a. Select Sales, select Invoices, then select Create Invoice b. Select the Business overview tab, then select Add invoice c. Select the Get things done tab, then select Add invoice d. Select Settings, select Account and settings, select Invoices, then select Create Invoice

c. Select the Get things done tab, then select Add invoice

Ryan has just uploaded a receipt to QuickBooks Online. What step should he take next? a. Select Modify and make sure all the information taken from the receipt is correct b. Update the transaction information to reflect the new receipt c. Select the Review button and make sure all information taken from the receipt is correct d. Let the company's accountant know that there is a new receipt

c. Select the Review button and make sure all information taken from the receipt is correct

Why are banking account numbers not displayed by default in QuickBooks Online? a. To prevent accounting errors b. To ensure employees use the correct accounts by having an account name rather than a number c. To prevent others nearby from seeing banking information d. To prevent employees from seeing a company's banking information

c. To prevent others nearby from seeing banking information

What is the purpose of the Audit Log report? a. To help you perform a year-end audit. b. To prepare the books for an accounting firm's audit. c. To track any changes and deletions to transactions as well as track which user makes the change or deletion. d. To track attempts to access a restricted area.

c. To track any changes and deletions to transactions as well as track which user makes the change or deletion.

Your boss wants to know what balance is for total assets, liabilities and equity. What financial report would you use to find this information? a. Profit and Loss b. Statement of Comprehensive Income c. Cash Flow d. Balance Sheet

d. Balance Sheet

What could be a warning sign for embezzlement if found in the Audit Log? a. Logging in late at night b. Deleting vendor credits c. Voiding transactions d. Deleting a check

d. Deleting a check

Assets - Liabilities = ________. a. Net income b. Profit c. Retained earnings d. Equity

d. Equity

Which filter option is not available when locating a specific transaction in the Audit Log? a. Events b. Date c. User d. Location

d. Location

What information would you see on a standard accounts payable aging summary or accounts payable aging detail report? Select 2 items a. Checks written to vendors. b. The balance in your checking account. c. Customers who owe you money. d. Vendors who you owe money to. e. Due dates for bills

d. Vendors who you owe money to. e. Due dates for bills

In the Bank Accounts box on the Get things done tab, a user can see if there are any ________ that need to be reviewed. a. sales b. invoices c. reports d. transactions

d. transactions