QuickBooks Inuit Certification 2nd Try

You are customizing a Profit and Loss report. You need to display two date ranges side by side. Which setting should you configure? Select the correct setting in the answer area.

"This Year-to-date"

You are reviewing donwloaded bank and credit card transactions. You need to select the correct action for each transaction. Move each action from the list on the left to its description on the right. 1) Creates a new transaction 2) Categorizes parts of a transaction differently 3) Links the new transaction with an existing transaction 4) Displays multiple transactions that might match an existing transaction

1) Add 2) Split 3) Match 4) View

Which two statements describe the difference between recording expenses on checks and as credit card expenses? (Choose 2)

A) A credit card expense debits the expense account and credits the credit card payable D) A check debits Accounts Payable and credits the expense account

Which three actions can you perform from the QuickBooks Online business dashboard? (Choose 3)

A) Add a new customer B) Review last month's profit and loss data D) Review the audit log

Which QuickBooks Online transactions can be made recurring?

A) Check and Journal Entry

What information does an Accounts Receivable Aging report present?

A) Overdue invoices with due dates, days past due, and totals for each customer

For which two reasons should you correct your online bank accounts to QuickBooks Online? (Choose 2)

A) To automatically download and categorize your bank and credit card transactions. C) To help prevent data entry errors

Which two statements about credit memos are True? (Choose 2)

B) A credit memo does not impact sales reports until it is applied to an invoice. C) A credit memo immediately reduces a customer's current open balance.

During a business trip, you pay for expenses using the company credit card. After the trip, you need to upload your expense receipts to QuickBooks. Which two methods can you use? Each answer is a complete solution. (Choose 2)

B) From the QuickBooks Online mobile app, take a picture of each receipt. D) Scan each receipt to a PDF file and email the files to QuickBooks Online.

A vendor currently has payment terms of Net 10. The terms change to Net 15 starting today for all future bills. This is a new term that you have not used before Which two actions must you complete to support this change? (Choose 2)

B) In the All Lists area, go to the Terms list. Add the term "Net 15" to the list D) Edit the vendor record. In the Terms list, select Net 15

You are setting up products and services in QuickBooks Online For which items is the "Income account used when recording a sale" field available?

B) Inventory items and Service items

For which type of transaction can you send custom email messages from QuickBooks Online?

B) Invoice

Which lists can you import into QuickBooks Online Plus from the Import Data screen?

B) Products and Services

During a business trip, you pay for expenses using the company credit card. After the trip, you upload images of your expense receipts to QuickBooks. You import the transactions from the linked credit card account. You need to assign the expenses to the appropriate accounts. What should you do?

D) Match the receipts to transactions

In what way does the QuickBooks payments feature differ from traditional payments?

D) When a customer pays through QuickBooks Payments, QuickBooks Online automatically receives the payment.

Which statement describes 1099 workers?

D) 1099 workers are independent contractors.

Move each financial report from the list on the left to the correct description on the right. 1) Show assets, liabilities, and equity at one point in time 2) Used to understand changes in revenues and expenditures 3) Shows income, expenses, and net income during a specific time period 4) Provides information the current financial health of a business.

1) Balance sheet 2) Profit and Loss Statement 3) Profit and Loss Statement 4) Balance sheet

Adding a new customer to QuickBooks Online. Checking in the Customer information form Statement about the Display name as field, select True or False 1) The display name is optional 2) The display name must be unique 3) The display name is used to sort customer lists.

1) False 2) True 3) True

You need to share a report For each method, select Yes if you can share reports by using this method or No if you cannot 1) Email 2) Save as PDF 3) Export to Google Sheets

1) No 2) Yes 3) Yes

You need to connect financial accounts to QuickBooks Online. For each account type, select Yes if QuickBooks Online can connect to that type of financial account or No if it cannot. 1) Brokerage 2) Credit card 3) Paypal 4) Savings

1) No 2) Yes 3) Yes 4) Yes

You own a retail clothing store. You are setting up QuickBooks Online for your store You are adding items that you buy or sell to QuickBooks Online Products and Services For each item you buy or sell, indicate whether it is an Inventory item or a Non-inventory item 1) Hangers on which you display shirts 2) Shirts you regularly stock and sell to customers 3) A shirt you order for a specific customer but do not usually sell

1) Non-inventory 2) Inventory 3) Non-inventory

For each statement related to customers and sales tax in QuickBooks Online, select True or False 1) The default tax status for new customers is Taxable 2) Taxability of a product or service can be changed on the invoice or sales receipt. 3) If you sell a taxable service to a taxable customer, QuickBooks Online calculates sales tax and adds it to the invoice. 4) If you sell taxable service to a non-taxable customer, QuickBooks Online calculates sales tax and adds it to the invoice.

1) True 2) True 3) True 4) False

For each statement about managing unbilled expenses in QuickBooks Online, select True or False 1) The Unbilled Costs by Job report displays the unbilled expenses 2) If you clear the Billable check box for a cost, it is no longer a business expense 3) You can change the billable status of a cost by selecting or clearing the Billable check box on the check.

1) True 2) False 3) True

For each statement about QuickBooks Online default user types, select True or False 1) Time tracking-only and Reports-only user types do not count toward user limits 2) Standard users can enter timesheets, add users, update company info, or manage subscriptions. 3) The Master Admin user is a permanent user account and its controls cannot be transferred or assigned to a new user.

1) True 2) True 3) False

For each statement about creating invoices in QuickBooks Online, select True or False 1) The customer address is required for invoices but optional for Sales Receipts 2) When aa customer will pay you sometime after they make a purchase, you should create an invoice 3) You can use Save and Send to save an Invoice and attach it to an email message directly from QuickBooks Online.

1) True 2) True 3) False

Journal entries in QuickBooks Online the required information, select True or False. 1) You must select and close to record the journal entry 2) QuickBooks Online automatically inserts the date and the next available journal entry 3) After you enter the account for the debit transaction, QuickBooks Online automatically enters the account for the credit transaction.

1) True 2) True 3) False

Identify the difference between recording expenses on a bill and on a check Complete the sentences by selecting the correct option from each drop down list.

A bill debits __E__ and credits __AP__ A check debits __AP__ and credits __BANK___

For which three reasons would you install QuickBooks Online apps? (Choose 3)

B) To automate tasks such as data entry D) To add additional data tracking and reporting capabilities F) To tailor QuickBooks online for specific industries such as real estate.

Which two statements about the Display name as field are True when adding a customer in QuickBooks Online? (Choose 2)

C) It is the unique name you use to track each customer's balance and other information D) It is the only required field in the Add Customer window

What is the reason for setting up products or services in QuickBooks Online?

C) To automatically schedule reordering of items that are out of stock

You pay a bill by using a check. You record the transaction in QuickBooks Online. The check is damaged before the vendor can deposit it. You write a new check. What should you do with the original check in QuickBooks Online?

C) Void the check

In QuickBooks Online, which items should you mark as Billable?

D) Expenses for which a customer should reimburse you

What is a bank rule?

D) A list of criteria QuickBooks Online uses to automatically categorize transactions for you.