QBO Certification Practice Exam - A & B (partially B)

Place the following steps in order for selling a service to a customer on account.

1. Invoice the customer 2 Receive payment 3. Record a Bank deposit

Place these steps in order to customize the accounts receivable aging summary report to include only 3 specific customers. Not all steps will be used.

1. Open Reports from navigation bar 2. Locate and select the Account Receivable Aging Summary report 3. Click Customize 4. Select Filter 5. Drop-down on the customer filter and select the 3 customers 6. Click run report

Shipping addresses can be used with Select one: a. Customers b. Employees c. Vendors d. All of the above

a. Customers

For each item listed below, select if this is more likely an inventory item or a service.

a. Weekly pool cleaning (brushing and leaf removal) - Service B. Replacement leaf bags for robotic pool cleaner - Inventory c. 12-pack of Chlorine tablets - Inventory d. Weekly Testing of pool chemical levels - Service

Vendor credits can be used to ________ the amount of bill payment. Select one: a. Increase b. Decrease

b. Decrease

The person who creates the initial QuickBooks Online account will be assigned what type of role in QuickBooks Online Select one: a. Accountant User b. Primary Admin c. Report User d. Standard User e. Company Admin

b. Primary Admin

Your company has a new, not-for-profit customer. When setting up the customer which statement below is correct? Select one: a. Put NFP in the display name. b. Select tax-free in the billing field c. Check This customer is tax exempt on the customer record d. Add not-for-profit to terms on the customer record

c. Check This customer is tax exempt on the customer record

After uploading a receipt into QuickBooks Online what should you do if there is not a matching transaction? Select one: a. Contact your accountant. Only accountants can categorize uploaded receipts. b. Select Reconcile from the Accounting tab to generate a new expense c. Create a brand new expense or bill from the image d. Resend the receipt to QuickBooks Online

c. Create a brand new expense or bill from the image

All of the following are money out type transactions except which one. Select one: a. Check b. Pay bills c. Credit memo d. Expense

c. Credit memo

QuickBooks Online can connect to which of the following types of financial accounts? Select all that apply. Select one or more: a. Credit card account b. Bank account c. Loan account for a loan from a friend d. Investment account at national bank

a. Credit card account b. Bank account d. Investment account at national bank

A Sales Receipt is essentially a combination of which two transactions? (Select two answers) Select one or more: a. Invoice b. Estimate c. Bank deposit d. Receive payment e. Check

a. Invoice d. Receive payment

QBO must be backed up by the user _______. Select one: a. Never. QBO is backed up by Intuit. b. Every month. c. Every day. d. Every week.

a. Never. QBO is backed up by Intuit.

Match each type of recurring transaction to its description.

a. Transactions with a fixed schedule and amounts that don't change, such as rent payments, loan payments, and depreciation - Scheduled b. Transactions with a fixed schedule that need to be edited before they are created, such as utility bills - reminder c. Saved with partial or complete data and without a schedule. Nothing happens to this type of template until you choose to use it - unscheduled

The process of matching and reviewing credit card transactions is used when you do which of the following? Select one: a. When you download transactions into QuickBooks Online from the credit card company b. When you close the month c. When you reconcile the checking account d. When you enter a new expense transaction

a. When you download transactions into QuickBooks Online from the credit card company

Which of the following statements is not true as it relates to automation in QuickBooks Online? Select one: a. Pre-filling a bill with the same information as a prior transaction with the same vendor is an example of an automated feature. b. Automated features must all be turned on or all be turned off. c. Application of credit memos is one of the automated features. d. Recurring transactions are an example of an automated feature.

b. Automated features must all be turned on or all be turned off.

Your company sells the same products to both wholesale and retail customers. You would like to be able to track the profitability of each type of customer. Of the options below, which option will provide you the best information for this type of tracking? Select one: a. Use two different QBO companies. b. Track sales by class. c. Track sales by location. d. Use a different income account for each invoice.

b. Track sales by class.

A 1099 is generally used to report compensation paid to which of the following? Select one: a. Customer b. Employee c. Vendor d. All of the above

c. Vendor

You _____ void bills. You ____ void bill payments. Select one: a. can; can b. cannot; cannot c. cannot; can d. can; cannot

c. cannot; can

Recurring transactions can be used for all of the following types of transactions except which one? Select one: a. Purchase Order b. Journal Entry c. Credit Memo d. Bill Payment e. Invoice

d. Bill Payment

What setting has been activated to allow you to see a customer field on an expense form such as the one below (expense $129.99)? Select one: a. Show Items table on expense and purchase forms b. Make expenses and items billable c. Show Tags field on expense and purchase forms d. Track expenses and items by customer

d. Track expenses and items by customer

Your accountant has completed all the year-end accounting work and submitted your final financial statements to the bank and other external agencies as required. What can you do to help prevent users of QuickBooks Online from modifying transactions that have occurred in the past? Select one: a. Change user access to limit the dates they can enter transactions. b. Open Account and Settings and enter a closing date as of the end of the completed year. c. Archive all prior year transactions on a backup file and then delete them from the QuickBooks Online company. d. Start a new QuickBooks Online company for the new year.

b. Open Account and Settings and enter a closing date as of the end of the completed year.

All of the following forms can be customized in QBO except which one? Select one: a. Estimate b. Refund receipt c. Sales receipt d. Invoice

b. Refund receipt

After setting a closing date of 6/30/20x1 you selected the option to allow changes after viewing a warning. Which statement below is correct related to this option? Select one: a. Anyone can change a transaction that occurred before 6/30/20x1 but will receive a warning before they can save it. b. No one can change a transaction that occurred before 6/30/20x1. c. You must have the password entered when setting the closing date in order to change a transaction that occurred before 6/30/20x1. d. No one can change a transaction that occurs after 6/30/20x1.

a. Anyone can change a transaction that occurred before 6/30/20x1 but will receive a warning before they can save it.

The current ratio is used by banks when assessing the ability of a company to pay its debts. The current ratio is calculated as current assets divided by current liabilities. What report would the bank request in order to perform this calculation? Select one: a. Balance Sheet b. Cash flow statement c. Profit and Loss d. Statement of Stockholders' Equity

a. Balance Sheet

When creating a journal entry in QuickBooks Online, what account(s) would also require you to enter data in the name filed on the journal form? Select all that apply. Select one or more: a. Bank account b. Accounts Receivable c. Accounts Payable d. Inventory Asset

a. Bank account b. Accounts Receivable c. Accounts Payable d. Inventory Asset

After a transaction is downloaded from the bank feed into QuickBooks Online, what account will QuickBooks suggest if it does find an applicable bank rule or matching transaction? Select one: a. Bank Reconciliation Discrepancy b. Uncategorized Expense/Uncategorized Income c. Bank service charges d. Checking

b. Uncategorized Expense/Uncategorized Income

Dru Brand is a vendor from whom your company purchases supplies. Dru recently started purchasing items from your company. You need to create an invoice for Dru. Select the option below that best describes how to manage Dru as both a vendor and a customer. Select one: a. Since Dru Brand is already setup as a vendor, you do not need to create a new customer and can use Dru's vendor information on the invoice. b. You will need to set up Dru as a new customer, but you can use the same display name as her vendor name because this information is stored on two different lists. c. You will need to set up Dru as a new customer and use a display name that is different than her display name on her vendor record. d. You will need to set up Dru as a sub-vendor and flag the new sub-vendor account as a customer.

c. You will need to set up Dru as a new customer and use a display name that is different than her display name on her vendor record.

All of the following are reasons for establishing a products and services list in QuickBooks Online except which one? Select one: a. The products and services on your list will show up on sales forms. b. When you run sales reports that include your products and services it will be easy for you to determine your sales trends. c. The use of products and services ensures a consistent mapping to income accounts on the chart of accounts. d. All of the above are valid reasons to establish a products and services list in QuickBooks Online.

d. All of the above are valid reasons to establish a products and services list in QuickBooks Online.

Connecting QuickBooks Online to a bank account and downloading banking transactions increases the risk of making manual data entry errors. Select one: True False

False

Julie Johnson is an employee of your company that you pay every two weeks. Julie has also started to purchase items from your company and you need to create an invoice for Julie. Select the option below that best describes how to manage Julie as both an employee and a customer. Select one: a. You will need to set up Julie as a new customer and use a display name that is different than her employee name b. You will need to set up Julie as a new customer but you can use the same display name as her employee name because this information is stored on two different lists c. Since Julie Johnson is already setup as an employee, you do not need to create a new customer and can use Julie's employee information on the invoice d. You will need to set up Julie as a new vendor but you can use the same display name as her employee name because this information is stored on two different lists

a. You will need to set up Julie as a new customer and use a display name that is different than her employee name

All of the following are risks of using Apps with QuickBooks Online except which one? Select one: a. Selecting the wrong app that does not do what you expect may result in lost time. b. Apps can be powerful, time-saving solutions for accountants and clients. c. Apps may have access to sensitive data in your company file. d. The app may be discontinued by the company that developed it.

b. Apps can be powerful, time-saving solutions for accountants and clients.

The monthly rent is due for your office space. You do not receive a bill; rather you know how much to pay based on the lease agreement. What transaction form should you use to pay the landlord? Select one: a. Credit card credit b. Check c. Receive payment d. Pay bills

b. Check

Your company is a home remodeler that completes custom designs and installations for your customers. To better see the income, expenses, and labor costs associated with each design and installation you should use which of the following features? Select one: a. Locations b. Projects c. Sub-accounts d. Custom reports

b. Projects

How do you customize the email message that is sent to a customer with a sales form? Select all that apply. Select one or more: a. Select the icon. Select Invoice. In the Message on invoice box on the invoice input the email information. b. Select theicon. Select Custom form styles and edit the Emails section. c. Select theicon. Select Account and Settings. On the Sales tab, select Messages and customize the appropriate email. d. You cannot customize the email messages in QuickBooks Online.

b. Select the (settings or gear) Icon. Select Custom form styles and edit the Emails section. c. Select the (settings or gear) icon. Select Account and Settings. On the Sales tab, select Messages and customize the appropriate email.

Select all of the following statements that are true as it relates to converting a QuickBooks Desktop File to QuickBooks Online. Select one or more:

c. You should compare financial reports between the two versions after conversion to verify accuracy. d. The process of converting to QuickBooks Online is initiated from within QuickBooks Desktop by selecting Export Company File to QuickBooks Online.

What feature in QuickBooks Online helps to automatically categorize transactions downloaded from your bank? Select one: a. Automatically apply bill payments b. Receipt Upload c. Recurring Transaction d. Bank Rules

d. Bank Rules

You have two accounts in your chart of accounts that are similar, and you only need one of the accounts. Place the steps in order to merge the Bookkeeper account into the Accounting account. Not all steps will be used

1. Select Edit from the ACTION column for the Bookkeeper account. 2. Change the account name on the Bookkeeper account to Accounting. 3. Select Save and Close. 4. Select Yes when presented with the confirmation message about merging two accounts. Not used - Select Edit from the ACTION column for the Accounting account.

Setting up products and services in QuickBooks Online allows for which of the following? Select all that apply. Select one or more: a. Consistent naming and descriptions for items that you sell. b. Ten percent increase in sales income. c. The ability to generate reports of sales by products and services. d. Reduction in the amount of inventory that you need to keep on hand.

a. Consistent naming and descriptions for items that you sell. c. The ability to generate reports of sales by products and services.

Your company received 15 units of an inventory item from Super Suppliers. A bill was entered into QuickBooks Online. Later it is determined that one item is broken and it is returned to the vendor. Of the options below what is the best way to record this return to the vendor? Select one: a. Create a vendor credit and use the Item details section to record a credit for 1 of the inventory items. b. Create a credit memo and use the Categories Detail to expense the return to cost of goods sold. c. Create a vendor credit and use the Categories Detail area to record a credit for 1 of the inventory items. d. Create a credit memo and use the Item details section to record a credit for 1 of the inventory items.

a. Create a vendor credit and use the Item details section to record a credit for 1 of the inventory items.

An overview of your company that includes information such as the status of your income and expenses and your bank accounts can all be found on the _________. Select one: a. Dashboard b. Home page c. Profit and Loss statement d. Balance sheet

a. Dashboard

Which of the following is true about journal entries? Select all that apply Select one or more: a. Debit amounts must equal credit amounts before you can save a journal entry. b. Journal entries can be added by selecting Accounting from the navigation bar and selecting New Journal. c. By selecting Reverse after saving a journal entry, QBO will create a duplicate journal entry dated the first day of the subsequent month with the debit and credit amounts reversed. d. You can only use balance sheet account types on a journal entry.

a. Debit amounts must equal credit amounts before you can save a journal entry. b. Journal entries can be added by selecting Accounting from the navigation bar and selecting New Journal. c. By selecting Reverse after saving a journal entry, QBO will create a duplicate journal entry dated the first day of the subsequent month with the debit and credit amounts reversed.

You wrote check # 4567 to Best Insurance Company for $1,000 and mailed it to the vendor. The check was written for the wrong amount. What is the difference between voiding the check and deleting the check? Select one: a. Voided checks still appear on the check register with a $0, whereas deleted checks no longer appear in the check register. b. There is no difference between voiding and deleting a check. c. Deleting a check removes the check from the check register and the audit log. Voiding the check only removes the check from the check register. d. When you delete a check a new journal entry is created to reverse the original entry. Voiding a check alters the original entry changing all amounts to $0.

a. Voided checks still appear on the check register with a $0, whereas deleted checks no longer appear in the check register.

A billable expense ______. Select all that make the statement true. Select one or more: a. can be added to the next invoice or sales receipt to the identified customer b. is a feature that must be activated in Account and Settings c. can only be tracked as income d. can only be identified for transactions that are recorded in the Category details area of an expense form such as a bill or check. e. can have a markup

a. can be added to the next invoice or sales receipt to the identified customer b. is a feature that must be activated in Account and Settings e. can have a markup

You can customize which of the following email messages in QuickBooks Online? Select all that apply. Select one or more: a. Emails sent with checks. b. Emails sent with estimates. c. Emails sent with invoice reminders. d. Emails sent with invoices. e. Emails sent with bills.

b. Emails sent with estimates. c. Emails sent with invoice reminders. d. Emails sent with invoices. e. Emails sent with bills.

How can you see who created a specific transaction and any edits or changes to the transaction? Select one: a. Open the icon and select Manage users. Then select the person you think made the edits to review their activity. b. Open the transaction you want to review and select Audit history from the More menu at the bottom c. Open the transaction you want to review and select Transaction journal from the More menu at the bottom. d. Open the transaction and review the history of the listed at the bottom of the transaction screen

b. Open the transaction you want to review and select Audit history from the More menu at the bottom

Location tracking in QBO can be changed to which of the following titles? Select one: a. Department b. Division c. Store d. Territory e. All of the above are possible titles.

e. All of the above are possible titles.

In the Company tab of Account and Settings, which of the following fields cannot be edited? Select one: a. Company name b. EIN c. Tax form d. Company address e. All of the above can be edited.

e. All of the above can be edited.

Which choice below identifies lists that can be imported into QuickBooks Online without the use of a specialized App? Select one: a. Bank Transactions, Customers, Journals, and Vendors b. Chart of Accounts, Customers, Products and Services, and Journals c. Customers, Invoices, Journals and Products and Services d. Bills, Chart of Accounts, Customers, and Vendors e. Chart of Accounts, Customers, Products and Services, and Vendors

e. Chart of Accounts, Customers, Products and Services, and Vendors

What report below would identify bills that are due to be paid soon? Select one: a. Transaction list by vendor report b. Balance sheet report c. Bill payment list report d. Accounts payable summary report e. Accounts payable aging detail report

e. Accounts payable aging detail report

Activating customer discounts allows you to track the discounts in a separate account on your profit and loss statement. Select one: True False

True

Apps expand the capabilities of QuickBooks Online. Select one: True False

True

Products you sell and track quantities for should be setup as which type below? Select one: a. Non-Inventory b. Bundle c. Inventory d. Services

c. Inventory

When recording a purchase of items using a credit card, what account goes in the Payment account field? Select one: a. Accounts payable account b. Expense account c. Checking account d. Credit card liability account

d. Credit card liability account

Where in QuickBooks Online are 1099 contractors identified? Select one: a. On each contractor bill b. On the employee record c. On the customer record d. On the vendor record

d. On the vendor record

What information is not required on a journal entry? Select one: a. Dollar amount in either the debit or credit field b. Account c. Description d. Date e. Journal no.

c. Description

The phone bill is due and you would like to send a check to the phone company for payment. You can see that the bill is already entered into QBO. What transaction form should you use to pay the phone bill? Select one: a. Check b. Expense c. Credit card credit d. Pay bills e. Print checks

d. Pay bills

Terms are used on which of the following customer transactions? Select one: a. Credit memo b. Estimate c. Invoice d. Sales Receipt

c. Invoice

Which icon below would be used to manage lists in QBO such as terms, categories and classes? Select one: a. Gear or settings icon b. + New c. ? d. Search icon

a. Gear or settings icon

How many entities can be associated with one QuickBooks Online Plus subscription? Select one: a. One b. Two c. Three d. Four

a. One

You invoiced your customer for 12 items that were sold to the customer. The customer returned 3 of the items and paid for only 9 items. What type of transaction should you create in QBO to record the items that were returned? Select one: a. A credit memo b. A vendor credit c. A sales receipt d. A refund receipt

a. A credit memo

Connecting QuickBooks Online to a credit card account and downloading transactions provides which of the following benefits? Select one: a. Allows you to apply banking rules to automatically categorize common transactions. b. Increases the time spent on data entry. c. Increases the risk of manual data entry errors. d. Increases the likelihood of not recording a transaction.

a. Allows you to apply banking rules to automatically categorize common transactions.

When setting up an Inventory item compared to a Service item in the Products and Services area what additional financial account(s) do you need to identify for the inventory item? Assume the service item is not purchased from a third party. Select all that apply. Select one or more: a. Expense account b. Sales tax category c. Inventory asset account d. Income account

a. Expense account c. Inventory asset account d. Income account

For each account listed below, select if the account is used on a service, an inventory item, or both. Assume the service item is purchased from a third party. Choices may be used once, more than once, or not at all.

a. Income Account - Both b. Inventory Asset - Inventory c. Expense Account - Both

Match the following lists to their descriptions.

a. List of choices that are used to generate the debits and credits that appear on a balance sheet and income statement - Chart of accounts b. List that identities items that you sell to customers - products/services c. List that determines the due dates for payments from customers, or payments to vendors - Terms d. List of businesses from whom you purchase products and services - vendors

Products or items that you buy or sell, but don't need to track quantities should be set up as which of the following in QuickBooks Online? Select one: a. Non-Inventory b. Services c. Bundle d. Inventory

a. Non-Inventory

Which of the following are tasks that can be automated in QuickBooks Online? (Select all that Apply). Select one or more: a. Pre-fill forms with previously entered content. b. Invoice unbilled activity. c. Apply credits. d. Import bills from vendors.

a. Pre-fill forms with previously entered content. b. Invoice unbilled activity. c. Apply credits.

The benefits of using recurring transactions include all of the following except which one? Select one: a. Reduces the number of accounts in the chart of accounts b. Reduces the chance of forgetting to invoice a customer with a monthly subscription c. Reduces the amount of time spent on entering month end journals d. Reduces the chance of clerical errors on accounts or amounts in a monthly depreciation journal

a. Reduces the number of accounts in the chart of accounts

You would like to change the name of one of the general ledger accounts created by QBO during the setup process. What is the first step to do this? Select one: a. Select Accounting from the Navigation bar and select Chart of Accounts b. Click on the + New icon and select Chart of Accounts c. Select My Accountant from the Navigation bar and ask your CPA to do this d. Click on (Gear or settings icon) the icon and select Account and Settings

a. Select Accounting from the Navigation bar and select Chart of Accounts

By default, when setting up a new customer, QuickBooks Online assumes the customer is ______. Select one: a. Taxable b. Tax Exempt

a. Taxable

Which of the following is true about adding a new account to the chart of accounts? Select one: a. The options in the detail type field (or the tax form section) will change depending on what account type has been selected. b. You can only add balance sheet accounts to the chart of accounts after the initial setup of the account c. Only your accountant can add new accounts to the chart of accounts d. Each account in the chart of accounts must have an account name, account number and account type. The use of a sub-account and detail type is optional

a. The options in the detail type field (or the tax form section) will change depending on what account type has been selected.

All of the following are reasons to consider moving to QuickBooks Payments from the traditional method of receiving a check and processing the payment except which one? Select one: a. Using QuickBooks Payments will result in a fee for payment processing. b. Using QuickBooks Payments eliminates the need for an additional app to process payments. c. Using QuickBooks Payments offers a more convenient way for customers to pay. d. Payments received through QuickBooks Payments are automatically matched with the related invoice in QuickBooks Online.

a. Using QuickBooks Payments will result in a fee for payment processing.

You received the following error message when adding a new vendor (something's not quite right). What best describes the situation? Select one: a. You are using the wrong vendor name on an invoice b. You are creating a new vendor with the same display name as another record in the system; either a customer, vendor or an employee. c. You are creating a new customer and using a customer name that already exists. d. You are creating a new vendor with the same billing address as another vendor.

b. You are creating a new vendor with the same display name as another record in the system; either a customer, vendor or an employee.

You are entering a bill for a new vendor. You realize that the vendor is not set up in the vendor list. How do you add the new vendor? Select all that apply. Select one or more: a. You must cancel out of the bill and go to the customer center and add the new customer first. Once the customer is added you can re-enter the bill. b. You can open a second tab in QBO and select the icon to add the new Vendor. c. You can quick add a vendor while on the new bill screen. You can choose to enter the details or just the name. d. You can cancel out of the bill and go to the vendor center and add the new vendor. Once the vendor is added you can re-enter the bill.

b. You can open a second tab in QBO and select (+ New) the icon to add the new Vendor. c. You can quick add a vendor while on the new bill screen. You can choose to enter the details or just the name. d. You can cancel out of the bill and go to the vendor center and add the new vendor. Once the vendor is added you can re-enter the bill.

Terms that are used on bills _________ used on invoices. Select one: a. are stored in the vendor center and cannot be b. come from the same list of terms c. come from a separate list of terms than those d. are identified in the payment methods list and can be

b. come from the same list of terms

Terms that are used on invoices _________ used on bills. Select one: a. come from a separate list of terms than those b. come from the same list of terms c. are stored in the customer center and cannot be d. are identified in the payment methods list and can be

b. come from the same list of terms

Where is project tracking, locations and classes turned on in QuickBooks Online? Select one: a. Reports from the navigation bar. b. My accountant area of the navigation bar c. Account and Settings from the (settings or gear) Icon d. All lists from the (settings or gear) Icon

c. Account and Settings from the Icon

Which of the following accounts would least likely appear on a cash-basis balance sheet? Select one: a. Fixed Assets b. Cash c. Accounts Receivable d. Inventory

c. Accounts Receivable

When giving a customer a discount on their total invoice it is best to do which of the following? Select one: a. Issue a Credit Memo to the customer for the amount of the discount. b. Make a journal entry to record the discount. c. Activate Discounts in Account and Settings and select a discount amount or percentage on the invoice form. d. Change the rate of each line item on the invoice.

c. Activate Discounts in Account and Settings and select a discount amount or percentage on the invoice form.

What types of transaction types can you use to record the use of a wire transfer from your checking account to pay a vendor? Select all that apply. Select one or more: a. Bank deposit b. Bank transfer c. Check d. Expense

c. Check d. Expense

Michael is the owner of 5 snow cone stands in the state of Colorado. He would like your company to provide products and services to each of the five different snow cone stands, but he wants you to send all invoices to his main office. He also wants to be able to pay with one consolidated check and to receive a combined statement of account. Select the best method below to use when setting up these customers to satisfy Michael's request. Select one: a. Create 5 individual customers. Each customer will have the billing address of the main office and the shipping address of the snow cone stand. b. Create one parent customer for the main office and create 5 sub-customers, one for each of the snow cone stands. Select Bill this customer on each sub-customer. c. Create one parent customer for the main office and create 5 sub-customers, one for each of the snow cone stands. Select Bill with parent on each sub-customer. d. Create one customer for the main office. Every time you create a new invoice, manually change the shipping address on the invoice.

c. Create one parent customer for the main office and create 5 sub-customers, one for each of the snow cone stands. Select Bill with parent on each sub-customer.

A customer wants their invoices to be delivered to their corporate headquarters in Chicago, Illinois but the products you sell them delivered to their warehouse in St. Louis, Missouri. Select the best solution below. Select one: a. Enter the Chicago address in the shipping address fields on the customer record and enter the St. Louis address in the billing address fields on the customer record b. Use the St. Louis location in all address fields on the customer record, manually print their invoice and put it in an envelope addressed to the Chicago office c. Enter the Chicago address in the billing address fields on the customer record and enter the St. Louis address in the shipping address fields on the customer record d. Use the Chicago location in all address fields on the customer record but remember to tell the shipping department to use the St. Louis address when preparing the shipping label

c. Enter the Chicago address in the billing address fields on the customer record and enter the St. Louis address in the shipping address fields on the customer record

When entering a phone bill from Cal Telephone you notice there are two vendor records that look similar (Cal telephone and California Telephone). . After further investigation you determine that you have set up the same vendor two times, with similar names, and bills have been recorded under each vendor. Select the best solution from the choices below. Select one: a. Do nothing b. Make California Telephone inactive c. Merge the California Telephone record into the Cal Telephone record d. Make Cal Telephone inactive

c. Merge the California Telephone record into the Cal Telephone record

You want all customer invoices to have a due date 15 days after the invoice is created. Which option below accomplishes this? Select one: a. Option B b. Option C c. Option A d. Option B & C combined

c. Option A - Due in fixed number of days { }

What feature in QuickBooks Online allows you to email an invoice to a customer and let them pay for their invoices online with a credit card, debit card, and ACH bank transfer? Select one: a. Receive payments b. Banking c. QuickBooks payments d. Schedule payments

c. QuickBooks payments

How do you setup a new recurring transaction? Select one: a. Select the icon. Select Accounting & Settings. Select New Recurring Transaction from the Automation section of the Advanced tab. b. Select the icon. Select Recurring Invoice. c. Select the icon. Select Recurring Transaction from the List column. Select New. d. Select the icon. Select Recurring Transaction.

c. Select the (settings or gear) icon. Select Recurring Transaction from the List column. Select New.

Select the statement that best describes the picture below from the Customer List in QuickBooks Online. Select one: a. The three customers are not related or linked in any manner. b. Snow Cone Stands of Texas has 2 parent customers and 1 sub-customer account. c. Snow Cone Stands of Texas has 1 parent customer and 2 sub-customer accounts. d. Snow Cone Stands of Texas has 3 parent customers and 0 sub-customer accounts.

c. Snow Cone Stands of Texas has 1 parent customer and 2 sub-customer accounts.

Using the picture below answer the following question (product/service invoice-1014). The RATE on the invoice above would come from which of the following lists? Select one: a. The terms list. b. The vendor list. c. The product/service list. d. The customer list.

c. The product/service list.

Based on the setup for the recurring bill below, which statement is correct (Interval - Monthly, on - day, of every - 1 month, 7/1/20x1, end - after 5 occurrences)? Select one: a. The recurring transaction will start on July 1, 20x1 and process 6 times in total. b. The recurring transaction will process every month on the last day of the month with no end date. c. The recurring transaction will start on July 1, 20x1 and process again on first of August, September, October, and November 20x1. d. The recurring transaction will start on July 31, 20x1 and process again on the last day of August, September, October, November and December 2021.

c. The recurring transaction will start on July 1, 20x1 and process again on first of August, September, October, and November 20x1.

Credit card transactions that are downloaded from a bank feed into QuickBooks Online are _____________ compared to entering an Expense directly in QuickBooks Online which is _______. (Assume bank rules are not used). Select one: a. automatically posted; not automatically posted b. not automatically posted; not automatically posted c. automatically posted; automatically posted d. not automatically posted; automatically posted

d. not automatically posted; automatically posted

Lucille's Luxury Cars owes your company money for consulting work that was done. After receiving your company's invoice, Lucille calls you to let you know that there is an error on the invoice. What is the best method to handle this situation? Select one: a. Create a Vendor Credit for the amount of the error. Apply the vendor credit to the original invoice resulting in a reduction of the amount owed to you by Lucille's Luxury Cars by the amount of the vendor credit. b. Create a Refund receipt for the amount of the error and send the refund check to Lucille's Luxury Cars. Tell Lucille to send you a payment for the amount of invoice less the amount of the refund. c. Edit the original invoice that was created to reflect the correct amount. d. Create a Credit memo for the amount of the error. Send Lucille's Luxury Cars the credit memo. Apply the credit memo to the original invoice resulting in a reduction of the amount owed by Lucille's Luxury Cars by the amount of the credit memo.

d. Create a Credit memo for the amount of the error. Send Lucille's Luxury Cars the credit memo. Apply the credit memo to the original invoice resulting in a reduction of the amount owed by Lucille's Luxury Cars by the amount of the credit memo.

All entities that use QuickBooks Online Plus must be organized as _________? Select one: a. Sole Practitioners b. Limited Liability Companies c. C-Corporations d. QuickBooks Online Plus supports a variety of business formats. e. Partnerships

d. QuickBooks Online Plus supports a variety of business formats.

Which statement below describes accounting on an accrual basis? Select one: a. Recording payroll expense when paid to employees. b. Recording revenue only once the payment is collected from the customer. c. Recording an expense when a check is written to pay a bill for services received in a prior month. d. Recording revenue when it is earned, even if the payment is not collected from the customer yet.

d. Recording revenue when it is earned, even if the payment is not collected from the customer yet.

In which situation would you most likely use a journal entry? Select one: a. Recoding the receipt of a payment from a customer. b. Recording a sale to a customer on account. c. Recording the payment of a bill by check. d. Recording the monthly depreciation of fixed assets.

d. Recording the monthly depreciation of fixed assets.

One of your employees incurred travel cost on behalf of a customer, Freeman Sporting Goods. The employee used the company credit card to pay for the hotel stay. As part of the agreement with Freeman Sporting Goods, your company can invoice the costs of travel to the customer with a 10% markup. You entered the hotel expense as identified in the image below; however, when you when to create the customer invoice this expense was not able to be added to the invoice. Why did this occur? Select one: a. The travel account in the chart of accounts was not identified as a billable expense account b. Billable expenses must be manually added to each line of the invoice c. When setting up Freeman Sporting Goods as a customer, they were not identified as billable in the payment and billing tab d. The billable expense feature is not activated in the company account and settings

d. The billable expense feature is not activated in the company account and settings

When creating an invoice to a customer a sidebar appears. What is a common reason for the sidebar? Select one: a. The sidebar alerts you to information needing to be updated on the customer record b. The sidebar notifies you of past due invoices c. The sidebar details the transaction history with this customer d. The sidebar lists unbilled expenses that may be added to the invoice

d. The sidebar lists unbilled expenses that may be added to the invoice

The display name is Select one: a. Formats the name of a customer, vendor, or employee in a more appealing manner b. Is how a customer accesses their online invoice c. Is only used with individual customers and not with customers that are also businesses d. The unique identifier of a customer, vendor, or employee

d. The unique identifier of a customer, vendor, or employee

Which report would identify billable expenses that have not yet been billed to a customer? Select one: a. Profit and Loss Report b. Bills and Invoices Report c. Bill Payment List Report d. Unbilled Charges Report

d. Unbilled Charges Report

Which statement below is correct related to paying bills? Select one: a. The payment account used for paying bills is always the checking account b. Vendor discounts cannot be used when paying a bill through the Pay Bills option c. You can pay for only one bill using the Pay Bills option d. When paying by check, multiple bills from the same vendor will be combined and paid with one check

d. When paying by check, multiple bills from the same vendor will be combined and paid with one check

On a Bank deposit form, which situation below best describes when you would use the "Add funds to this deposit" section? Select one: a. When you have entered customer payments using Receive Payment but you do not want to deposit all of the customer payments in the bank. b. When you have entered multiple types of payments using Receive Payment and those payments are in different forms such as checks, cash and credit cards. c. When you have issued a refund to a customer. d. When you have received money that is not customer related such as a dividend or royalty that you need to deposit in the bank.

d. When you have received money that is not customer related such as a dividend or royalty that you need to deposit in the bank.

Apps that can be installed and used with QuickBooks Online can be located _______________. Select one: a. you cannot use apps with QBO b. by going to the Apple or Android app store c. by searching online and downloading apps from the internet d. by selecting the Apps from the left-hand navigation bar

d. by selecting the Apps from the left-hand navigation bar