Section 5

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

Sarah would like to create a new custom management report for her client. How would she accomplish this?

Copy an existing template under Management reports Copy an existing template under Custom reports and save to Management reports -Create a new template under Management reports Create a new template under Custom reports and save to Management reports

Which 2 forms related to employees and contractors do you need to file at year end?

-Form W-2 -Form 1099

where would you go to review your client's expense account to see if any transactions have been miscategorized?

-Reclassify transactions from the Gear icon Reclassify transactions from + New Reclassify transactions in the Banking Center Reclassify transactions from Accountant Tools Voided/deleted transactions from Accountant Tools

What are 2 limitations of the Reclassify transactions tool?

-You cannot change the payment bank account when reclassifying expense transactions -You cannot change the account for inventory adjustments

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?

-open -pending -complete

Why might an Accountant user not see the Exceptions to Closing Date report in a QuickBooks Online company?

The Audit Log is not enabled -The Accountant user does not have the required permissions to view the report A closing date has not been set in the company The Exceptions to Closing Date report is not available in a Simple Start subscription

Where can Fathom Smart reporting be accessed within QuickBooks Online Advanced?

Accounting > Apps > Fathom > Launch Smart reporting Reports > Smart reporting -Reports > Management reports > Fathom > Smart reporting Gear icon > Fathom > Launch Smart reporting

Which report summarizes the amount of financial activity associated with each income or expense account for a specific period of time?

Balance Sheet Audit Log -Profit and Loss Trial Balance

Which feature in QuickBooks Online reports allows you to customize section headings on the Profit and Loss and Balance Sheet reports?

Filter Display columns by Add notes -Edit titles Accounting method

By default, all QuickBooks Online company files have tags turned on, but they can be turned off. Where would you go to disable this feature?

Gear icon > Account and settings > Expenses tab > Bills and expenses > Tags Gear icon > Account and settings > Sales tab > Sales form content > Tags -Banking > Tags > Settings > Disable Sales > Tags > Settings > Disable

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

It can prevent users from accessing any information in a closed period -It keeps track of any changes made after the closing date was set to closed period transactions -It can prevent users from changing transactions in a closed period It keeps track of any changes made to any transactions dated after the closing date It keeps unauthorized users from accessing the QuickBooks Company

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

Transaction List by Inventory Item Sales by Product/Service Summary -Inventory Valuation Summary (or Detail) Product/Service List

IRS guidelines require specific information to substantiate deductible automobile expenses . Which 3 items are included in the substantiation requirements?

Vehicle type, the amount of days driven, and the total mileage (including business, commuting, and personal) Vehicle type, the amount of days driven, and the total mileage (including business, commuting, vacation, and personal) -Vehicle type, date placed in service, and total mileage (including business, commuting, vacation, and personal) Vehicle type, date placed in service, and total mileage (including business, commuting, and personal)

Which tool in the Accountant Tools helps you clean up uncollectible balances from customers?

Voided/deleted transactions Clean up uncollectible balances -Write off invoices Reclassify transactions Reconcile

When can an Accountant user use the Write off invoices tool?

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

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

reconciling accounts -Managing receipts and bills Completing and filing IRS Forms W-2 and 1099 Filing estimated taxes -Resolving incomplete transactions


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