quickbooks practice

For each statement regarding Quickbooks Online apps choose True or False TRUE FALSE You can only access the QuickBooks Online apps from apps.intuit.com. TRUE FALSE You can use QuickBooks Online apps to track and integrate industry specific information. TRUE FALSE You can only connect one QuickBooks Online app to your account at a time. TRUE FALSE QuickBooks Online apps help save time by automating data entry.

CORRECT ANSWERS ARE FALSE, TRUE, FALSE, AND TRUE

COS: Uncategorized Income/Uncategorized Expenses

Adding deposits without assigning an income account is a common issue among new users of QuickBooks Online. Such transactions will appear in the Uncategorized asset account.Just like the Uncategorized income account, most often transactions coded to the Uncategorized expense account are added from the Banking Center without being assigned an expense account.

What are the 2 main Financial Statements you can run from the "Company and Financial" category of reports?

Balance Sheet. Profit and Loss

19. Which of the following are TRUE regarding inventory? (Choose 3.) a. The initial quantity on hand field is required when setting up an inventory item. b. You can adjust the quantity on hand. c. Use the Open Purchase Order Detail report to see the inventory items that have been ordered and are waiting to be received. d. You can use inventory in any version of QuickBooks Online.

CORRECT ANSWER ARE A,B, C

22. To see the unpaid balances for each customer, grouped by days past due, you should generate which of the following reports? a. Accounts Receivable Aging Summary b. Customer Balances Due c. Customer Balance Summary d. Open Invoices

CORRECT ANSWER IS A

8. Which list(s) can you import in QuickBooks Online Plus through the import data screen? (select all that apply) a. Products and services b. Terms List c. Customer List d. Chart of Accounts e. Payment Method List

CORRECT ANSWER IS A,C,D

7. Which of the following are TRUE about terms? (Choose all that apply.) a. You can assign terms to customers and vendors from the terms dropdown list in the edit window. b. Once you assign the terms to your customer or vendor they cannot be changed. c. New terms can only be added in the terms list by selecting the gear icon and all lists. d. If you do not assign terms to your customer, QuickBooks will use the default terms in settings. e. QuickBooks Online will calculate early payment discounts included as part of the terms. f. You can add or change terms on the transaction window in the terms drop-down list.

CORRECT ANSWER IS A,D,F

How do you transfer the primary admin (Previously known as master admin) rights to a new user? a. You must contact QuickBooks Online support to make the transfer. b. Login as the current primary admin, add the new user as an administrator. From the action drop-down, choose make primary admin. c. You cannot transfer primary admin rights d. Any user can be designated as the primary admin in the gear, account and settings, user setup.

CORRECT ANSWER IS B

23. Which of the following best describes 2% 10 Net 30 terms for a customer? a. Customer must pay 2% of the bill within 10 days and the remaining balance within 30 days. b. Customer must pay within 10 days or will have to pay an additional 2% if they don't pay until 30 days. c. Customer may take a 2% discount if they pay within 10 days, or the total amount is due within 30 days. d. Customer may take a 2% discount if they pay it between 10 and 30 days.

CORRECT ANSWER IS C

Which of the following best describes the capability of the class and location features? a. Classes allow you to view the profitability of your transactions by city, and locations allow you to view the profitability of departments within your business. b. Classes track the profitability of a specific customer, and locations show a summary of your business' profitability. c. Classes track the profitability of departments within your business, and locations track the profitability of your transactions by city. d. Classes help you manage profitability for your entire business, and locations limit profitability to one address.

CORRECT ANSWER IS C

9. For each type of recurring transaction (Scheduled, Reminder, Unscheduled) match it with the description below. Scheduled QuickBooks Online does not record the transaction, but it appears on the recurring transaction list to use at any time. Reminder QuickBooks automatically records the transactions. Unscheduled QuickBooks displays the transaction on your dashboard, where you can select it to access a list from which you can post the transaction.

CORRECT ANSWERS ARE UNSCHEDULED, SCHEDULED, REMINDER

12. Which three statements about journal entries are TRUE? (Choose 3.) a. You cannot change the date and journal no. that QuickBooks Online automatically fills in for you. b. You must specify at least two accounts in a journal entry. c. The total debits must equal the total credits on the journal entry. d. Use a journal entry to record the transaction when there is no built-in transaction window.

CORRECT ANSWERS B,C,D

How do you customize Quickbooks by changing the color scheme and adding or removing icons from the Home page?

Choose Edit > Preferences > Desktop View

Direct Discount

Direct discount is when you add a subscription through QuickBooks Online Accountant, but you want your client to pay. The client will be required to enter their credit card information when they sign in to the newly created subscription, but they typically get a discount on the pricing for a finite period of time.If clients sign up for Direct Discount, they get a limited-time discount on their subscription which then reverts to the listed monthly charge. Your client is billed directly for the subscription.

How do you track accounts payable in QuickBooks?

Enter a bill, and then use the Pay Bills window.

Adding new clients: QBO Accountant

If your client is new to QuickBooks Online and hasn't signed up yet, you will want to add them via QuickBooks Online Accountant.If you, as their accountant and ProAdvisor, set this up for them, you'll be able to:- Ensure they're signed up to the subscription level that best fits their needs- Take advantage of discounts, like wholesale billing- Access their books right away, using your own sign-in credentials, without waiting on an invitation- Assign access to team members in your firm to work on their books. Multiple users can be signed in at the same time

What are the main sections of the Profit & Loss?

Income, Cost of Goods Sold, and Expenses

What are 1099 workers

Independent Contractors, and 1099 workers determine how, when, and where they work to complete tasks

How do you move columns on a report?

Move your cursors over the column heading, and when it becomes a hand, click and drag the column to the desired position.

How do you combine or merge two list entries?

Rename the unwanted list entry to match the name of the list entry you want to merge into.

Quickbooks Online Subscriptions

Self-Employed; Simple Start; Essentials; Plus; Advanced

Why must you set deposit frequencies for the taxes or deductions your company has to pay (Payroll Liabilities)?

So that Payroll Liabilities show yp in the Pay Taxes & Other Liabilities list in the Payroll Center

Expenses and Accounts Payable

This part of the checklist covers their payment preferences, outstanding loans, petty cash limits, and reimbursable expenses, among others.

Which of the following reports answers the question "What transactions make up the current balance I owe each Vendor"?

Vendor Balance Detail

Suppose you have a subcontractor who receives a 1099 from your company. Which list should you add them to?

Vendor List

When should you NEVER delete a check?

You printed a check, and the check number has been used.

16. Which of the following is not a reason that you would use products and services in QuickBooks Online? a. To generate a Sales by Product/Service Summary report to see your top selling items. b. Products and services save time by auto-filling descriptions and prices on forms. c. Products and services allow you to choose the account to point the dollars to on the financial statements. d. Products allow you to set a reorder point to automatically order from your supplier.

CORRECT ANSWER IS D

When you enter a customer and is applied to the invoice with a it reduces the current open balance transaction. a. Invoice, Payment b. Credit Memo, Deposit c. Invoice, Deposit d. Credit Memo, Payment

CORRECT ANSWER IS D

14. Select all of the following that are TRUE of the display name field. a. Display name is used to track balances for each entry. b. Display name is the only way to sort entries. c. You can have the same display name in the customer and vendor list. d. Display name must be unique.

CORRECT ANSWERS ARE A AND D

1. Which of the following are features of QuickBooks Online Plus? (Choose 3.) a. QuickBooks Online Plus includes up to 5 users. b. QuickBooks Online Plus includes Custom fields for vendor records. c. QuickBooks Online Plus includes inventory tracking. d. QuickBooks Online Plus includes project tracking. e. QuickBooks Online Plus allows you to customize user access with roles.

CORRECT ANSWERS ARE A,C,D