Module 1 - QuickBooks Exam
What are the 5 main account types in the Chart of Accounts?
Assets Liabilities Income Expenses Equity
Once account numbers have been enabled, where can the numbers be assigned and edited?
Chart of Accounts
Where can she see which apps are connected to the client's account without logging out of the account?
Client Overview > Company Setup
What are the 4 Product/Service types that can appear on your client's purchase and sales transactions?
Inventory Non-inventory Service Discount
What are the first step(s) in the client onboarding workflow?
Meeting with client and gathering information
Which 2 features of QuickBooks Online Advanced aren't available to QuickBooks Online Plus clients?
-Unlimited accounts and classes -Advanced import and batch entry
What business industry type does this best describe?
retail and e-commerce
Where can you find the QuickStart template in QuickBooks Online Accountant to begin the client onboarding process?
work
Samantha is working through the Client Needs Assessment process. Which 4 areas should she focus on to gather information for her client?
1. Who is the client 2. What service does the Client need 3. How will the client work be completed 4. When does the client need their work completed. Explanation:- Areas sould she focus on to gather information for her client which start from who, what, when and how.
Which option completes this statement?
1. apps; 2. streamline
Where do you enable account numbers for the QuickBooks Online Chart of Accounts?
Gear > Account and Settings > Advanced > Chart of Accounts > Enable Account Numbers
To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 3 reasons could be causing this balance?
Opening balance for an inventory item was entered during the setup process The client entered an Opening Balance when creating an Other Current Asset account Opening balances were included when importing customers using the Import data tool
Johanna's Jams and Jellies is looking to be set up on QuickBooks Online. Johanna wants to be able to set up specific roles for the 15 different users in her company, including providing access to her CPA, outsourced CFO, and an outside integration specialist and ProAdvisor. Which version(s) of QuickBooks Online would allow her to accomplish this?
QuickBooks Online Essentials, Plus, or Advanced
Which subscription options, if any, include bank feeds, access from any device at any time, and integration with a wide range of apps?
QuickBooks Online Simple Start, Essentials, Plus, and Advanced
What is the missing step?
Sign in to the client's QuickBooks Online company
Which subscription level in QuickBooks Online would you recommend?
Simple Start, Essentials, Plus, or Advanced
You have a client who needs a QuickBooks Online solution that includes tracking for sales and sales tax. Which subscription level in QuickBooks Online would you recommend?
Simple Start, Essentials, Plus, or Advanced
Which 2 statements about Wholesale billing in QuickBooks Online are true?
The practice gets billed at wholesale prices for QuickBooks Online subscriptions The practice gets billed directly and determines the amount to bill the client
Which 4 statements regarding the Chart of Accounts are true?
To add a new account, open the Chart of Accounts by selecting Accounting from the Left Navigation Bar, then selecting New to open the Account window Uncategorized Income and Uncategorized Expense are default accounts for online banking activity If you add a new account, the detail type determines which financial statement this account will appear on When you specify a sales price/rate when setting up Products and Services, you link them to the Chart of Accounts The Sales of Product Income account is a default account when inventory is turned on
Which 2 actions can help this client quickly transfer her data into her new QuickBooks Online company?
Use Upload from file tool in the Banking Center to upload banking activity
You have just engaged a new client who has been in business for over a year and using Excel to track her monthly business activity. Which 2 actions can help this client quickly transfer her data into her new QuickBooks Online company?
Use Upload from file tool in the Banking Center to upload banking activity Select Transfer under the + New menu Select Migrate Data in the Account and Settings menu Import her existing data from Excel lists using the Import Data tool
Below is a series of steps for accepting an invitation from the client to become their accountant user: Open the email account you use for your Intuit ID You will see an invite from the client company Select the Accept button to accept the invitation ________________________ and you'll see a Success! box Select Continue What is the missing step?
Create a new username and password for the client company
Which 2 statements are true regarding Intuit-approved QuickBooks Online apps?
You or your client can add apps to the client's account They must be developed by Intuit They must be free of charge They must be available via the Apps screen in QuickBooks Online Accountant or apps.com
In QuickBooks Online, where do you go to see all a company's categories organized into account types?
chart of accounts
