Certification Exam QBO - Version A

4.2.1A. The first download after setting up the bank feed will include the last ___ days of transactions, unless excluded.

c. 90

1.2.3A. Which of the following accounts would least likely appear on a cash-basis balance sheet?

c. Accounts Receivable

5.1.2A. What report would let you how much money, in total, each customer owes your company?

c. Accounts receivable aging summary report

1.6.3A. All of the following are risks of using Apps with QuickBooks Online except which one?

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

1.4.1A. Recurring transactions can be used for all of the following types of transactions except which one?

c. Bill Payment

3.3.6A. 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.

c. Check d. Expense

1.5.1A. What information is not required on a journal entry?

c. Description

2.1.3A. Terms are used on which of the following customer transactions?

c. Invoice

4.3.2A. After uploading a receipt into QuickBooks Online what option would you use to link the receipt to an existing transaction?

c. Match

1.2.2A. 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?

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

1.1.4A. The person who creates the initial QuickBooks Online account will be assigned what type of role in QuickBooks Online

c. Primary Admin

2.3.1A. All of the following forms can be customized in QBO except which one?

c. Refund receipt

1.1.3A. Select all of the following statements that are true as it relates to converting a QuickBooks Desktop File to QuickBooks Online.

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

1.3.3A. Using the picture below answer the following question. The RATE on the invoice above would come from which of the following lists?

c. The product/service list.

5.1.3A. Which report below would be a good starting point to determine the five suppliers you have spent most money on in the past 12 months?

c. Transaction list by vendor

1.6.2A. Apps that can be installed and used with QuickBooks Online can be located _______________.

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

1.3.2A. Which icon below would be used to manage lists in QBO such as terms, categories and classes?

c. gear icon

1.3.1A. Which choice below identifies lists that can be imported into QuickBooks Online without the use of a specialized App?

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

3.1.2A. When entering a phone bill from Cal Telephone you notice there are two vendor records that look similar. 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.

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

1.1.1A. QBO must be backed up by the user _______.

d. Never. QBO is backed up by Intuit.

2.2.4A. 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?

d. Non-Inventory

3.1.4A. Where in QuickBooks Online are 1099 contractors identified?

d. On the vendor record.

5.3.2A. You decide to work on your client's accounting work from a busy coffee shop instead of your office. You do not want to people to look over your shoulder at the information on your dashboard. What is the best way to hide the dashboard information while at the coffee shop?

d. Toggle on the privacy switch on the Dashboard LO 5.3.2

3.2.3A. Which report would identify billable expenses that have not yet been billed to a customer?

d. Unbilled Charges Report

2.4.3A. On a Bank deposit form, which situation below best describes when you would use the "Add funds to this deposit" section?

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.

3.1.1A. Dru Brand is a vendor from who 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.

d. 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.

5.2.2A. Before a report can be set to be automatically emailed every week from QBO, the report ______.

d. must be saved as a custom report.

2.4.1A. Place the following steps in order for selling a service to a customer on account.

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

1.3.5A. 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

2.2.2A. 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.

Account > Choices a.Income Account > Both b.Inventory Asset > Inventory c.Expense Account > Both

1.4.2A. Match each type of recurring transaction to its description.

Description > Type of Recurring Transaction: 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

2.2.1A. For each item listed below, select if this is more likely an inventory item or a service.

Description of Item > Choices 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

4.1.1A. QuickBooks Online can connect to which of the following types of financial accounts? Select all that apply.

QuickBooks Online can connect to which of the following types of financial accounts? Select all that apply. a. Bank account b. Credit card account c. Investment account at national bank

5.2.1A. The areas of a report that you can customize include all of the following except:

The areas of a report that you can customize include all of the following except: a. General (i.e. number format) b. Header/Footer c. Filter d. Rows / Columns (all)

5.3.1A. Which of the following details can be found on an audit log?

a. The date of any change to your books. b. The name of the user who made the change. c. The type of change or event. (all)

3.3.4A. For each transaction listed below, describe the impact to each of the following accounts in the chart of accounts. If there is no change to the account select "No Impact".

Transaction Type / Accounts Payable / Checking Account ------------------------------ a.Bill / Increase /No impact b.Check / No impact / Decrease d.Pay Bills / Decrease / Decrease e.Vendor Credit / Decrease / No impact

4.3.1A. Store receipts can be uploaded into QuickBooks Online in which of the following methods? Select all that apply.

a. Capture a receipt on a mobile device b. Email the receipt to QuickBooks c. Upload a receipt from your computer or Google Drive

3.3.3A. 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?

a. Check

1.2.1A. In the Company tab of Account and Settings, which of the following fields cannot be edited?

a. Company name b. EIN c. Tax form d. Company address (All)

2.4.4A. 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?

a. 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.

3.3.1A. For each transaction listed below, describe the impact to each of the following accounts in the chart of accounts. If there is no change to the account select "No Impact".

a. Create a new inventory product with no opening balance ----------------------------- All no impact for inventory asset, accounts payable, revenue, cost of goods sold, or expense b. Enter a bill from a vendor for utility service ---------------------------- Inventory Asset: No impact Accounts Payable: Increase Revenue: No impact Cost of Goods Sold: No impact Expense: Increase c. Pay a bill ------------------------- Inventory Asset: No impact Accounts Payable: Decrease Revenue: No impact Cost of Goods Sold: No impact Expense: No impact d. Sell inventory to a customer --------------------------- Inventory Asset: Decrease Accounts Payable: No impact Revenue: Increase Cost of Goods Sold: Increase Expense: No impact

2.1.2A. Shipping addresses can be used with

a. Customers

1.5.2A. Which of the following is true about journal entries? Select all that apply

a. Debit amounts must equal credit amounts before you can save a journal entry. 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. Journal entries can be added by selecting Accounting from the navigation bar and selecting New Journal.

1.2.5A. Location tracking in QBO can be changed to which of the following titles?

a. Department b. Division c. Store d. Territory (All of the above are possible titles.)

1.1.2A. How many entities can be associated with one QuickBooks Online Plus subscription?

a. One

1.2.6A. Which of the following are tasks that can be automated in QuickBooks Online? (Select all that Apply).

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

1.3.4A. 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?

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

2.1.4A. By default, when setting up a new customer, QuickBooks Online assumes the customer is ______.

a. Taxable

2.2.3A. All of the following are reasons for establishing a products and services list in QuickBooks Online except which 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. ^^^^(all)

1.2.4A. 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?

a. Track sales by class.

1.6.1A. Apps expand the capabilities of QuickBooks Online.

a. True

2.3.3A. Activating customer discounts allows you to track the discounts in a separate account on your profit and loss statement.

a. True

3.3.8A. 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?

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

3.2.2A. A billable expense ______. Select all that make the statement true.

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

3.1.3A. Terms that are used on bills _________ used on invoices.

a. come from the same list of terms

3.3.5A. 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).

a. not automatically posted; automatically posted

3.3.7A. 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?

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

2.1.5A. 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.

b. 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.

3.3.2A. All of the following are money out type transactions except which one.

b. Credit memo

4.1.2A. Connecting QuickBooks Online to a bank account and downloading banking transactions increases the risk of making manual data entry errors.

b. False

4.2.2A. All of the following transactions below would be good candidates to use a bank rule except which one?

b. Hourly payroll worker paycheck

2.4.2A. A Sales Receipt is essentially a combination of which two transactions? (Select two answers)

b. Invoice d. Receive payment

5.1.1A. Which financial statement will identify the gross profit earned for a period of one month?

b. Profit and Loss

2.3.4A. 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?

b. QuickBooks payments

2.3.2A. How do you customize the email message that is sent to a customer with a sales form? Select all that apply.

b. Select the gear icon. Select Custom form styles and edit the Emails section. d. Select the gear icon. Select Account and Settings. On the Sales tab, select Messages and customize the appropriate email.

1.4.3A. Based on the setup for the recurring bill below, which statement is correct?

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

2.1.1A. The display name is

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

3.2.1A. What setting has been activated to allow you to see a customer field on an expense form such as the one below?

b. Track expenses and items by customer