QB KNOWLEDGE REVIEW

Which of these recurring transactions could be used if a client needs to set up a monthly recurring customer charge including payment? A recurring sales receipt A recurring purchase order for a vendor with no quantities A recurring journal entry for depreciation A recurring expense

A recurring sales receipt

What are the key benefits of the Client Overview tab? Select all that apply. Concise subscription information Recent banking activity stats Early indications of banking errors Outstanding task reminders

Concise subscription information Recent banking activity stats Early indications of banking errors

Which of these options is true about Credit memos in QuickBooks Online? Credit memos are for refunding cash directly to the customer Credit memos are not essential when customers paid in cash Credit memos reduce accounts receivable Credit memos need to be created and applied manually

Credit memos reduce accounts receivable

What is the next step in the receipt addition process once your client has captured a receipt for a new expense and uploaded it from their computer? Go to the For Review tab in Receipts Go to the Expenses Center to see the receipt Manually enter the corresponding transaction in the bank feed

Go to the For Review tab in Receipts

Which is a correct example of using the Transfer functionality in QuickBooks Online? Moving money from a checking account to a vendor Moving money from an income account to a bank account Moving money from a savings account to a checking account

Moving money from a savings account to a checking account

Can clients see the notes in the client details screen? Yes No Only if you give them permission

No

Which of the following year-end tools would you find in Accountant Tools in QuickBooks Online Accountant? Select all that apply. The Write off invoices tool The Delete a QuickBooks Online file tool The Reclassify transactions tool The Prep for taxes tool

The Write off invoices tool The Reclassify transactions tool The Prep for taxes tool

With our ProAdvisor Preferred Pricing, what percentage discount off the list price of a QuickBooks Online subscription can you offer your clients? up to 20% 20% 30% Up to 50%

30%

Your client records payments from customers in QuickBooks Online as they receive them throughout the day. They have just been to the bank and deposited 4 checks. What's the next step they have to do to deposit those payments in QuickBooks Online? + New > Receive payment + New > Bank deposit Sales > Invoices tab

+ New > Bank deposit

Which of the following charges apply when using the debit card option to pay bills? 0% 1.8% 2.2% 2.9%

0%

As well as adding the logo to the invoices, how else can you customize an invoice? Select all that apply. Set a background watermark Add color to certain areas Set the size and position of the logo Change the font style and size

Add color to certain areas Set the size and position of the logo Change the font style and size

Which of the following report customization options are available in QuickBooks Online? Select all that apply. Aging Header/Footer Rows/Columns Filter General

Aging Header/Footer Rows/Columns Filter General

Which usage limits can you see in the Usage tab under Account and Settings? Select all that apply. Billable users Classes and locations Chart of accounts Apps Tag groups Product/Services list

Billable users Classes and locations Chart of accounts Tag groups

If your client was selling a combination of products and services, such as a computer service, IT support for a year, and a pack of USB sticks, which option would you select when setting up their product and service items? Non-inventory Bundle Inventory Service

Bundle

How many days of historical data are carried over from a bank account that is connected using OAuth? 30 days 60 days 90 days Depending on the financial institution, between 30 days and 2 years Depending on the financial institution, between 90 days and 5 years

Depending on the financial institution, between 30 days and 2 years

You asked a client to send you their bank statement, but they sent it for the wrong date range. How can you ask the client to send the correct bank statement, as part of a tracked conversation? Create a new client request Edit the project and add a new task Send them an email from your company account Edit the client request and add a comment

Edit the client request and add a comment

Which of these statements about estimates in QuickBooks Online are true? Select all that apply. Estimates are posting transactions Estimate data can be used to create a purchase order in QuickBooks Online Estimate data can be used to create a vendor credit in QuickBooks Online Estimate data can be used to create an invoice in QuickBooks Online

Estimate data can be used to create a purchase order in QuickBooks Online Estimate data can be used to create an invoice in QuickBooks Online

Which of the options below does the Month-end review process help with? Select all that apply. Finding transactions with outstanding issues Reviewing business key metrics and trends Dealing with unreconciled accounts Running payroll

Finding transactions with outstanding issues Dealing with unreconciled accounts

Who can add and manage app subscriptions for clients? Select all that apply. Firm Primary Admin Full Access Team User Basic team user

Firm Primary Admin Full Access Team User

Where would you go in QuickBooks Online to manage user access? + New > New user Gear icon > Manage users Account and Settings > Allow access

Gear icon > Manage users

Before a client sets up a recurring monthly charge for a customer's credit card or ACH, Visa, and Mastercard, what does your client need to do? Get the customer to sign an authorization form Take a photo of the customer's payment card Get authorization from the customer's bank

Get the customer to sign an authorization form

Your client wants to review how much sales tax they paid last quarter. Where will they find this information in the Sales Tax Center? History Sales Tax Liability report Tax breakdown/Previously paid area

History

Where in QuickBooks Online Accountant can you find the QuickStart Onboarding template? In the Apps area In the Work area In the Team area In the ProAdvisor area

In the Work area

Which of the following options are true regarding editing a chart of accounts? Select all that apply. You can't make an account active once it has been made inactive All transactions are deleted from an account if you make it inactive Merging accounts isn't possible for all account types Transactions posted to merged accounts are also merged Account numbering can't be undone

Merging accounts isn't possible for all account types Transactions posted to merged accounts are also merged

When a client sets up QuickBooks Payments the first time, what sections do they need to fill in? Select all that apply. Personal information Tax information Business information Company bank details User permissions

Personal information Business information Company bank details

You've just completed a meeting with a new client and have established that they need the following capabilities:- Keeping track of time worked on each client/project- Keeping track of expenses related to each client/project Which 2 subscription levels would provide these capabilities through QuickBooks Online? Simple Start Essentials Plus Advanced

Plus Advanced

Your client is considering new computers for their business. They would love to be able to see real-time accurate financials so that they can decide whether they have enough profit and cash flow to take out a small business loan to cover the cost of the equipment. Which reports should you compare to help them make this decision? Select all that apply. Balance Sheet Profit and Loss report Statement of Cash Flows report Expenses by Vendor Summary report A/R Aging report

Profit and Loss report Statement of Cash Flows report

What can you do to make sure the app is suitable before recommending it to your client? Select all that apply. Read the reviews of the app from customers and other ProAdvisors Test the app yourself beforehand Download a demo file of the app through QuickBooks Online Request a demo of the app from the developer

Read the reviews of the app from customers and other ProAdvisors Test the app yourself beforehand Request a demo of the app from the developer

Which of these tasks would you need to complete before closing the books? Select all that apply. Reconcile all bank and credit card accounts Close the Audit Log Update QuickBooks Online Substantiate all balance sheet accounts Review Profit and Loss accounts

Reconcile all bank and credit card accounts Substantiate all balance sheet accounts Review Profit and Loss accounts

One of your e-commerce clients ordered far too many products in the build-up to the holiday season last winter. This left them with too much stock in January and they had to offer discounts in order to shift the stock. Which report could help prevent them from making the same mistake next year? Profit and Loss Expenses by Vendor Summary report Sales by Product/Service Summary report Sales by Customer Summary report

Sales by Product/Service Summary report

Which of these does the Work feature in QuickBooks Online Accountant allow you to do? Select all that apply. Set up repeating projects for the same client that will occur on a regular basis Receive messages from clients in real time Filter tasks by client, team member, or project type Share your practice dashboard with your clients, so they can see what you're working on

Set up repeating projects for the same client that will occur on a regular basis Filter tasks by client, team member, or project type

For QuickBooks Time, which subscription options can you choose from? Select all that apply. Standalone vs integrated Monthly billing vs annual subscription Premium vs Elite Desktop vs Online

Standalone vs integrated Premium vs Elite

Which options are true about the journal entry QuickBooks Online creates if you add a new vendor with a non-zero opening balance? Select all that apply. The journal entry will increase accounts payable The journal entry will decrease the Opening Balance Equity account Details about the bills will be recorded automatically The journal entry will increase the Opening Balance Equity account

The journal entry will increase accounts payable The journal entry will decrease the Opening Balance Equity account

What would be the reason for not seeing the Exceptions to Closing Date report in the Reports Center? You have not set a closing date Your version of QuickBooks Online does not have that report There are no changes to be viewed in the Exceptions to Closing Date report

There are no changes to be viewed in the Exceptions to Closing Date report

When can you use the Reclassify transactions tool? Select all that apply. To correct an insurance payment that has been miscategorized as an interest payment To reclassify a non-item transaction incorrectly posting to uncategorized income To change a payroll transaction showing a payment to the wrong employee

To correct an insurance payment that has been miscategorized as an interest payment To reclassify a non-item transaction incorrectly posting to uncategorized income

Which of these are stages of the month-end review? Select all that appl y. Transaction reviewAccount reconciliation Closing the books Final review Preparing for taxes Running payroll

Transaction Review Account reconciliation Final review

Which bank feed elements can be automatically configured via a bank rule? Select all that apply. Type Category Payee Class Location

Type Category Payee Class Location

Once you've imported a customer list, where will you find the newly added customers in the client file? Under the Customers tab in the Sales Center By running an Accountant report Under the Customers tab in the Expenses Center

Under the Customers tab in the Sales Center

Which of the options are true of tags and tag groups in QuickBooks Online? Select all that apply. Up to 40 tag groups can be created with a QuickBooks Online Simple Start, Essentials, or Plus subscription Unlimited groups can be created with a QuickBooks Online Advanced subscription Up to 300 grouped tags and unlimited ungrouped tags can be created with any QuickBook Online subscription Tags cannot be deleted Tag groups can be deleted Tags cannot be added to invoices

Up to 40 tag groups can be created with a QuickBooks Online Simple Start, Essentials, or Plus subscription Unlimited groups can be created with a QuickBooks Online Advanced subscription Up to 300 grouped tags and unlimited ungrouped tags can be created with any QuickBook Online subscription Tag groups can be deleted

Which of the following statements is true about Vendor Credits in QuickBooks Online? Vendor Credits can't be applied to a bill that has already been received Vendor Credits post as a debit to decrease accounts payable A Vendor Credit can be linked to a cash refund, when the cash is deposited Vendor Credits post as a debit to increase accounts payable

Vendor Credits post as a debit to decrease accounts payable

Which of these can you select in the Billing details tab to view an itemized invoice? Select all that apply. Print View PDF Download CSV Send to email address

View PDF Download CSV

Which of the following is not an improper workflow? When recording a check paid by a customer, going to the + New button and selecting Check to record the payment When recording a check paid by a customer, going to the Customers column and selecting Receive payment When recording a check paid by a customer, going to the Banking center and recording the check there

When recording a check paid by a customer, going to the Customers column and selecting Receive payment

Which of the following statements are correct regarding management reports in QuickBooks Online? Select all that apply. You can export management reports in Word, PDF, and Excel format You can customize reports via the Management reports screens You can add as many reports as needed to the package You can't reorder the reports included in the package

You can add as many reports as needed to the package You can't reorder the reports included in the package

Which of these are true about journal entries in QuickBooks Online? Select all that apply. You can't use Products and Services items in a journal entry Total debits must equal total credits in order to save the journal entry You can't use multiple accounts receivable and/or accounts payable accounts in the same journal entry

You can't use Products and Services items in a journal entry Total debits must equal total credits in order to save the journal entry

Which is the best example of when you might need to exclude some transactions from a bank feed? Your bank mistakenly imports transactions more than once when first set up You have transactions that are personal expenses which you don't want to include in your accounts You see transactions in the bank feed that match those in your expense transactions

Your bank mistakenly imports transactions more than once when first set up

Which of these situations would call for a deposit transaction? Select all that apply. Your client receives a payment from a customer, but it's not a check Your client receives a tax refund from the IRS Your client receives a cash back payment from a vendor for ordering in bulk

Your client receives a tax refund from the IRS Your client receives a cash back payment from a vendor for ordering in bulk