QuickBooks Accounts Certification Exam With Answers (163 Solved Questions)

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QuickBooks Online Certification Exam Answers & QuestionsQuestion 1: Which features are exclusive to QuickBooks Enterprise and not found in anyother version?Answer:Here are a few of QuickBooks Enterprise's special features:●5 to 30 users is the maximum●Unlimited number of items as opposed to Pro/Premier's maximum of 14500●Strong aspects of the inventory●Operates more quickly in a multi-user network setting with individual user access per regionQuestion 2: Which of the QuickBooks Pro and Premier versions differs most?Answer:●Using QuickBooks Premier, you can handle reports related to your industry, like Wholesaleand manufacturer, Retail, Non-Profit, Professional, Contractor, and services, and generatepurchase orders straight from sales orders and change orders. This function is absent fromQuickBooks Pro.Question 3: What are the key pointers for a newcomer looking to expedite their QuickBookswork?Answer:Before opening the QuickBooks program, the following points should be remembered:●Check the date. Reports with incorrect dates are invariably inaccurate.●Instead of using Enter, use Tab: Enter at an angle that is opposite of what you wish.●Utilize shortcuts: putting in data entry more quickly, especially when dealing with dates. Inaddition, eliminate duplicate transactions and reconcile accounts.●If you find a lost page, use the Home page.●Observe accounting rules, including those regarding revenue recognition and cost matching.Question 4: Which financial reports, whether for tax preparation or another purpose, need tobe created at the end of the year?Answer:

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●Profit and Loss and Balance Sheet A6 At the end of the year, A/R Aging, A/P Aging,Summary of Inventory Valuation, Profit by Job, and so on need to be created for taxpreparation.Question 5: What distinguishes a Custom Summary Report from a Custom TransactionDetail Report?Answer:The distinction between a customized summary report and a comprehensive report is as follows.●Detail:A thorough transaction that is line by line and transaction by transaction.●Summary:Contains the totals for a certain account or the totals for a vendor and client.Question 6: Where in QuickBooks Online is the transfer funds function located?Answer:●The transfer funds feature in QBO is included under the "Quick Create" option.Question 7: What makes establishing a password and a closing date so important?Answer:●Because an email is sent to the accountant automatically.Question 8: When entering customer or vendor services, is it permissible to enter statementcosts one by one?Answer:●No, statement charges cannot be entered consecutively like vendor or customer services.Question 9: Which of the following describes a feature of Payroll Online in QuickBooks?1.The customer sends in payroll tax payments and forms,2.exporting to QuickBooks Desktop for Mac.3.Operated from a separate website that has a central customer list.4.Employee payments are facilitated through either printed paychecks or direct deposits.Answer:

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●Operated from a separate website that has a central customer list.Question 10: What steps will you take to tidy up the Vendors list if you find that two or morenames that are similar in the Vendor Center refer to the same vendor?Answer:●We will combine similar vendor names in such a case.Question 11: To view the cleared checks, which account registration must be opened?Answer:●Verifying the Account.Question 12: Note the distinction between items and accounts.Answer:The distinctions between the accounts and the items are as follows.●Accounts:Reports on these financial transactions, such as balance sheets and profit and lossreports, are created. Certain accounts, such as those for income and expenses, accountspayable, and accounts receivable, have balances.●Items:These are the goods and services you sell and utilize for invoicing and purchase orders,among other transactions.Question 13: What distinguishes entering a bill from writing a check?Answer:●When you write a check, you are simultaneously registering and paying an expense. The dateof payment and the expense won't be separated by any period. On the other hand, inputting abill will result in costs that must be paid later.Question 14: How can I export financial reports from QuickBooks to Excel?Answer:The ways to download the financial reports to Excel are listed below.

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●Launch any report first, then select the Excel option.●Firstly, you need to open Excel on your PC and create a new spreadsheet.●Export to Excel first, then search for data, statistical analysis, and graph creation.Question 15: Can you provide instructions for adding a new customer to your client'sQuickBooks Online Company, following these steps?1.Input the customer's name, phone number, and email as provided on the client's givenbusiness card.2.____________________________3.Revise the customer details and select the customer name from the available list. Accessthe Edit option and input the reseller number if the customer is non-taxable.4._____________________________5.Choose a Credit Card as the preferred payment method.Answer:2: Choose the Add Customer option.4: Click on Payment and Billing.Question 16: How can information be imported into QuickBooks Online?Answer:Below are the various ways outlined to input information into QuickBooks Online:●Utilize the Export Data Tool and Import Data Tool.●Employ the Attachments Tool for input.●Manually input data into the QBO forms.Question 17: What does it mean when inventory shows a negative value?Answer:●A negative inventory indicates that there's no stock available for sale. To address this issue,you can generate a Quick report for the item and investigate any discrepancies in the inventorytransactions.Question 18: How do I input statement charges in QuickBooks?Answer:●First things first, log in to your QuickBooks account.

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●Head over to the Home page.●Once you're there, find and click on the Statement Charges option on the dashboard.●Now comes the easy part – just enter the information you're prompted for.Question 19: There are many great features in QuickBooks Online. Customers have access toOnline Invoicing, which keeps account of when invoices are seen and paid for. Even consumerinquiries via online messaging connected to the invoice are possible with online invoicing. It isnow necessary for you to activate this feature in the new client company you are creating.Examine the steps listed below:1.In the Your Company column, click the Gear sign and choose Account and Settings.2._____________and Click and navigate to the section labeled "Online delivery."3._____________make sure that the invoice is attached as a PDF and that it is not verified.Can you find the steps that are missing?Answer:2: Choose the Sales tab3: Click the Online Invoice from the drop-down listQuestion 20: Your client has requested that you enable alerts in QuickBooks Online forduplicate checks and bill numbers. Examine the steps listed below.1.___________________________2.Choose Settings and Account under Your Company.3.Choose the Advanced tab.4.Choose the option to alert if a duplicate bill number or check number is used under theOther Preference section.5.___________________________Upon accessing the QuickBooks Online Dashboard, which choice would finish the subsequentactions?Answer:1: Select the Gear icon,5: Select Save

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Question 21: Your client wants to use their QuickBooksPayments merchant account withouthaving to pay a monthly charge. What else is an option accessible to them, and where can theyregister for QuickBooksPayments in QuickBooks Online?Answer:●There is an alternative plan available in the Account and Settings' Billing and Subscription tabwhere the customer pays the transaction charge.Question 22: Your client has moved, and you need to update QuickBooks Online with the newbusiness address for the company. Examine the steps listed below.1.Access your QuickBooks Online Accountant account by logging in.2.___________________________3.This is the dashboard for the customer company.4.___________________________5.Choose Settings and Account.6.In the Company tab's Address column, click the Pencil icon.What more actions are needed to get you to the screen where you can modify your client'saddress?Answer:2: Choose the client company by clicking on the Client Switcher drop-down menu located in thegreen header bar.4: Click on the Gear icon.Question 23: One of the best things about QuickBooks Online is that you may use other liststo make form filling easier. How would you locate these lists?Answer:●Go to the Gear icon and select All ListsQuestion 24: Where can I import a list of goods and services into QuickBooks Online?Answer:●After selecting the Gear icon, choose Import Data, then Products and Services under the Toolscolumn.

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Question 25: What distinguishes the "Balance Sheet Report" from the "Profit and LossReport"?Answer:●The Profit and Loss (P&L) statement displays the actions that result in the net income (profit)for a certain period.●The values of Assets and Liabilities are displayed on the Balance Sheet to determine Equity(Net Worth) as of a particular date.●The balance sheet's equity portion receives the net income from the profit and loss.Question26:AQuickBooksOnlinecompany'sChartofAccountsisits fundamentalcomponent.WhichfiveofthefollowingdescriptionsoftheChartofAccounts,itsmodifications, and how it is related to goods and services are correct?Answer:●To add a new account, choose Accounting from the left navigation menu to open the Chart ofAccounts.●Next, choose New to open the Account window.●When inventory is turned on, the Sales of Product Income account is the default account. Foronline banking activity, the default accounts are Uncategorized Income and UncategorizedExpense.●When you add a new account, the financial statement it appears on depends on the categorytype.●If an account on the Chart of Accounts isn't necessary for your company, remove it.Question 27: Which user rights may you put up if you wish to allow one or more of youremployees to access Your Practice?Answer:●The company administrator, regular or custom users, reports only, and time tracking.Question 28: Examine the next two assertions:1. Statement 1: "The do-it-for-me option is QuickBooks Online ____________________; acomprehensive payroll service with a team of US-based payroll experts to handle payroll foryour client."2. Statement 2: "You can also integrate __________________ with QuickBooks to streamlineprocesses and economize a substantial amount of time." A flawless, end-to-end process that

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converts a client's QuickBooks Online books into a tax return will be provided to you. Toaccurately complete the statements, find the products that fit in the spaces.Answer:Statement 1: Full-Service PayrollStatement 2: ProConnect Tax OnlineQuestion 29: Your client wishes to move $500 from their checking account to a savingsaccount to pay the taxes on sales they made the previous month. Where do they begin theprocedure?Answer:●Click the Quick Create icon and select the Transfer link.Question 30: Examine the following two statements on Undeposited Funds.1.It's simple to make a single bank deposit for several installments by publishing toUndeposited Funds _______________.2.As soon as you receive money, confirm that _________________.Which of the following choices best completes the missing information?Answer:1. To ensure that your bank statement and bank register match;2. Undeposited Funds are deposited into the account.Question 31: A client company of yours records customer payments via the Banking screen,invoices customers, and utilizes the Accounts Receivable procedure. They click Add afterchoosing an income account. Which two issues does this result in?Answer:●Their Record Accurate receivable balance●Duplicate income will be displayed in the income accountQuestion 32: In a deposit transaction, when would you use the Add additional funds to thisdeposit grid?

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Answer:●When a worker reimburses the employer●You get an IRS tax refund●When a business prefers to record deposits into income accounts rather than utilizing salestransactions (invoices or sales receipts) to record incomeQuestion 33: Which accurately describes the creation, use, and relationship between a delayedcharge and an invoice?Answer:When you want to invoice a fee later, use a delayed charge to record it. To add a Delayed charge toan invoice later, click Add when the customer invoice is prepared. Initially, choose a Delayedcharge from the Quick Create menu.Question 34: Which three sorts of customer statements does QuickBooks Online produce?Answer:●Statements that display the balance going forward and every action occurring between twogiven dates●Statements that display only open transactions●Statements that display invoices created between two specified dates and the associatedpaymentsQuestion 35: If their clients have QuickBooks Payments set up, they can use online invoicingto collect payments from their clients' credit cards. How does the client use the invoice toaccess features related to credit card payments?Answer:●Choose the "Pay Now" option.Question 36:Have a look at the procedure that matches and adds deposit transactions from abank feed:1.You can view further details in the row that expands when you select the line for thatentry.2.Among the suggested match(es), select the Deposit link to view the deposit transaction.3.Strike out To return to the banking area, select Cancel in the bottom left corner.

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4.After confirming that this is the appropriate banking activity associated with the correctQuickBooks Online Transaction, we can ______________.What brings the final step to a correct conclusion?Answer:●Select Match, in the entry to the right.Question 37: Each customer is listed with an open balance in the report. Depending onwhether an invoice is current or how long it has been past due—30, 60, or 90 days—it displaysthe open invoices in various columns. Which type of report is this one being described as?Answer:●A/R Aging Summary ReportQuestion 38: Your client is interested in knowing the distinction between accrual-based andcash-based reporting. What is the definition of cash-based reporting?Answer:●Cash-based reports show revenue as of the day a vendor invoice is paid and expenses as of theday a customer payment is received and recorded.Question 39: Take a look at the information below on recurring transactions in QuickBooksOnline and how to set one up."Any of the initial transactions in any workflow, such as salesreceipts, invoices, bills, journals, checks, deposits, or expenses, can be set up to managerecurring transactions in QuickBooks Online.1.To initiate the process, click the Quick Create icon.2.Next, select Recurring transactions.3.Next, select New.4.Finally, select Expense as the new Transaction Type from the drop-down list.5.click OK. Enter Sult Advertising's monthly fees as the template name on the new screen.The "Name" (Vendor, Customer, or Employee) should be listed in the Template name asbest practice. This makes determining which Names have recurrent templates simpler.6.Choose "Scheduled" as the type.What is true?Answer:

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●Only the statement is true.Question 40: Take a look at these procedures in QuickBooks OnlineAccountant for initiating aproject and a task:1._________________2.From the top right, choose Create a Project.3.Project name: Year-End4.Choose the Client and indicate that the work is due in four weeks.5.Choose Save6.Choose the just added Year-End project.7.______________________8.Enter "Bank reconciliation and close books" as the task name.9.Two weeks from now is the deadline.10. Choose Save.Which choice indicates which steps are correct for 1 and 7?Answer:1. Select Work from the left menu;7. Select Add a TaskQuestion 41: There is an issue with your client, Client A. He has several invoices that theclient failed to pay once they ran into bankruptcy.A different client, Client B, requires invoice adjustments due to minor overpayments made bythe client on a sequence of invoices spanning six months.Which client, if any, would use the Write-off bills capability of QuickBooks Online to havetheir books rectified, and are they capable of handling the operation independently?Answer:●The Write-off Invoices tool would only be beneficial to Client A;●No, this capability is only accessible to Accountant users through the Accountant Toolbox.Question 42: A customer of yours needs a QuickBooks Online solution with sales and sales taxtracking. Which QuickBooks Online subscription level would you suggest?Answer:

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●Simple Start, Essentials, or PlusQuestion 43: Taking care of subcontractors' and employees' pay reports is a crucial part ofgetting ready for the end of the year. Which of the following two forms would have to besubmitted?Answer:●W-2s are submitted for employees●1099s for subcontractorsQuestion 44: Which subscription plan, if any, offers access from any device at any time, onlinebanking, and compatibility with a large number of apps and online access features?Answer:●Every subscription level for QuickBooks Online.Question 45: Effective inventory management and prevention of stock-outs are essential forthe success of this kind of customer. Which kind of client fits this description the best?Answer:●Retail and eCommerceQuestion 46: How would you go about reclassifying transactions in QuickBooks Online, andwhen would you need to do it? The choice that accurately responds to both sections of thequestion is recommended.Answer:●Visit the Accountant Toolbox's Reclassify transactions page to tidy up sizable uncategorizedspending accounts.Question 47: Choose the ___________________ to reveal the link to the Voided/DeletedTransactions tool. Which choice brings the phrase to a correct conclusion?Answer:●Accountant Toolbox

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Question 48: How do I load a list of goods and services into QuickBooks Online?1.Choose + New icon > Products and Services under Tools > Import Data2.Choose Tools > Accountant Tools > Import Data > Goods and Services3.Choose Gear icon > Tools column > Import Data > Products and Services4.Choose the Gear icon, then Account and Settings, AdvancedAnswers:●Select Gear icon > Tools column > Import Data > Products and ServicesQuestion 49: Regarding the Preferred Vendor field in Product and Services items, whichstatement is true?1.Any given product or service item might have several preferred vendors added to it.2.From the information screen for products and services, you can add a new vendor.3.The Price rules feature has to be given to preferred vendors.4.Your list of favored merchants can be rearranged.Answer:●From the information screen for products and services, you can add a new vendor.Question 50: What are the two methods for adding a client to QuickBooks Online?Answer:●Sales > Customers > Add New●Gear icon > Add CustomerQuestion 51: Which button on the following list would you use to search for the link to importa vendor list into QuickBooks Online or add a new vendor?1.The New Vendor button on the Sales screen's Vendors tab2.The Vendors tab of the Expenses screen's New Vendor button3.The Add Vendor option is found on the Expenses screen's Expenses tab.4.The Enter Vendor Details button is located on the Sales screen's Expenses tab.Answer:2. The Vendors tab of the Expenses screen's New Vendor button.

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