QuickBooks Recertification Exam-With 100% verified solutions 2024-2025, Exams of Finance

Download QuickBooks Recertification Exam-With 100% verified solutions 2024-2025 and more Exams Finance in PDF only on Docsity! QuickBooks Recertification Exam-With 100% verified solutions 2024-2025 1. Michelle Jewelry Company’s finance team is growing and is considering upgrading to QuickBooks Online Advanced to take advantage of the advanced custom user permissions. The new permissions allow you to limit a user’s access to which 2 groups of reports?(Select all that apply) • Basic reports • Sales and customer reports • Employee • Expense and vendor reports • Sales tax • Business overview 2. Which tier will Dianne achieve if she adds two new QuickBooks Online clients to her QuickBooks Online Accountant account? • Silver • Gold • Platinum • Elite • Diamond 3. Dianne Doolittle has received a review on her Find-a-ProAdvisor profile listing and would like to respond to the review. Which steps should she take to leave a response? • It is not possible to respond to reviews written on the Find-a-ProAdvisor website. • Dianne must contact ProAdvisor support to initiate the response request. • Dianne can reply to the review by selecting the Profile icon on the menu bar of QuickBooks Online Accountant, scrolling to the “Client reviews” section and selecting “Reply to review.” • Dianne can reply to the review directly from the Find-a-ProAdvisor website by entering her Intuit ID and password where indicated on the page. 4. What are 3 benefits of adding non-QuickBooks Online clients to your Client List in QuickBooks Online Accountant? (Select all that apply) • You can keep all client contact info, notes, and documents in one place. • You can access all your ProConnect Tax Online clients from the same dashboard. • You can launch your QuickBooks Desktop client companies directly from the Client Dashboard. • You can create projects and tasks for non-QuickBooks Online clients in the Work tab to stay on top of important client deadlines. • You can share documents stored in QuickBooks Online Accountant with the client. • You can add one button for conversion to QuickBooks Online through QuickBooks Online Accountant. 5. Carla is a partner in a firm with over 40 team members who have access to QuickBooks Online Accountant. She needs to assign a payroll specialist to work on a new client that just signed up Heather select to give Esther the appropriate access to her firm’s books? Refer to the graphic and select the letter of the image that shows the correct settings. • A • B • C Exam Section 2 1. Esther is thrilled to see that paychecks created in QuickBooks Online that have two direct deposit accounts show up in QuickBooks as two separate transactions. Which 2 processes will be made easier by this functionality? • Esther won’t have to create two paychecks for employees who want to use two direct deposit accounts. • The transactions will be easier to reconcile using the Reconcile tool. • The transactions will now match the transactions imported from the bank in the Bank Feed. • Esther won’t have to create an extra Journal entry. 2. Craig’s Design and Landscaping Services recently hired a new employee to help with purchasing . Which feature in QuickBooks Online would help the new employee know who Craig usually purchases specific products and services from? • Price Rules • Vendor Type field • Preferred Vendor field • Preferred Product field 3. Your client, Kellie’s Kandy Shoppe, just started using QuickBooks Online. They collect and remit sales tax. As you set up Kellie’s business in QuickBooks Online, you have found that it will not permit you to use Automated Sales Tax. What are 2 possible reasons why you cannot use Automated Sales Tax? • They are using multicurrency. • They collect and remit sales tax in more than one jurisdiction. • They sell candy across state lines. • They use a cash-based accounting method in QuickBooks Online. • Their company file was recently imported from QuickBooks Desktop. 4. Craig’s Design and Landscaping Service has entered into a subcontracting agreement with Long General Contractors. The contract states a negotiated special price that should be used for each product and service item utilized in the jobs that Craig completes for Long. Which type of Price Rule should you recommend Craig use in this situation? • Percentage • Fixed discount • Custom price per item 5. While completing a client’s May bank reconciliation in QuickBooks Online, you see this alert: “We found a hidden transaction that is affecting your difference.” What are 2 reasons that would cause this message to appear? • A check was voided, but actually cleared the bank in May. • There was a barter transaction in May for a service rendered in June. • Your client recorded a deposit with a transaction date in June, but physically deposited it in May. • You client received a pre-payment deposit from a customer in May on an invoice that was dated in June. • Your vendor deposited a post-dated check that you gave them, and the bank accidentally cleared it. 6. Your client, Brian’s Bike Shop, insists on doing all the QuickBooks Online entries himself, but with some guidance from you. In fact, he has not even given you access to his QuickBooks Online company. You have persuaded him to send you a spreadsheet version of the report “Ask My Accountant,” which is a listing of all the transactions posted to his “Ask My Accountant” suspense account for the week. Then, you add your comments and instructions for corrections into the last column and send it back to him. What is Brian’s best option for sending you the “Ask My Accountant” Excel report out of QuickBooks Online? • Create the report every week, export it to Excel, and email from Excel. • Create the report every week and email it as an Excel spreadsheet. • Save the report as a Custom report, Edit it, and set email schedule to weekly. Check “Attach the report as an Excel file.” • Save the report as a Custom report, run it every week, export it to Excel, save the spreadsheet, and attach it to an email message from the email client. 7. Which 2 types of changes can be made on the sales tax calculation screen of an invoice using Automated Sales Tax? • Change the product being sold. • Mark the customer tax-exempt. • Change the company address of the seller. • Override the currently calculated sales tax. • Change your customer to accrual basis on the invoice to calculate the correct amount of sales tax 8. Liz has set up a new employee with Standard user access but has unchecked the Payroll access box. Which part of QuickBooks Online will the new employee not have access to? • Bank register • Employees tab • Workers tab • Report Center 9. Once connected, where can you manage the settings for the Connect to PayPal app? • In QuickBooks, Banking > Pencil icon > Edit Settings • In QuickBooks, Apps > Client apps > PayPal > Manage Connection • In QuickBooks, Accounting > Chart of Accounts > PayPal Bank > Edit • In PayPal, Settings > Apps > QuickBooks Settings 10. Which 4 Invoice elements can be customized using the Custom Form Styles Design screen? • Field placement • Migration to Automated Sales Tax begins in the Tax Center. • If a client is eligible to migrate to Automated Sales Tax, they will be able to select Make the Switch. 22. The Automated Sales Tax feature only supports companies that collect sales tax for a single agency. • If an existing customer has chosen to migrate to Automated Sales Tax, they can revert back to the old sales tax center if they want to. • Migration to Automated Sales Tax begins on the Alerts section of the Dashboard. • Once an existing customer has chosen to migrate to Automated Sales Tax, it cannot be reversed. 23. Under which report category heading will she find the report she needs? • Your answer: • Accounts Receivable 24. When moving to the Automated Sales Tax from Manual Sales Tax in QuickBooks Online, which 2 elements will you see in the Migration Wizard? • “Continue to old tax center” button • “Make the switch” button • “I am using cash-basis accounting” button • “I am converting from QuickBooks Desktop” button • “E-file here” button Heather is looking for a summary of her customers’ open balances. 25. Under which report category heading will she find the report she needs? • Business overview • Who owes you • For my accountant • Accounts Receivable • Sales and customers 26. Erin’s European Bath Products is planning to run a promotion for their best customers. For a limited time, these customers will receive a 15% discount off selected products. Erin tells you that although she has completed the setup for the promotion, the promotional pricing isn’t being applied when she creates an invoice. She explains the steps she took to set up the Price Rule: • Navigated to the Gear and Account and Settings to turn on the Price Rules setting • Navigated to the Customer Center and selected Customer Types, and created a new Customer type called Best Customers • Navigated to the Gear, selected All Lists, and then Price Rules and selected Create a rule • Named the rule February promotion and entered the start and end dates, selected Best Customer from the drop-down list, and then selected the Product/Service items that should be included in the promotion • Set the sales price or rate by Percentage Decrease by 15% with No rounding Based on the scenario, which step did Erin skip during the setup process? • Turn on Price Rules in Account and Settings • Set up Customer Types • Assign Customer Types to customers • Create a price rule > Select customers 27. Stacy wants to change the look of the emails that are sent to her customers along with her invoices. Where can she go to make these changes? • Quick Create (Plus +) icon > Custom Form Styles > Edit > Emails • Gear icon > Custom Form Styles > Edit > Emails • Gear icon > Account and Settings > Custom Form Styles > Edit > Emails • Gear icon > Tools > Edit Email Templates • Gear icon > Account and Settings > Edit Email Templates 28. Bryce received a notification in the Banking Center to update his bank connection and wants to know what he should do. You explain that Intuit has an easier way to connect bank accounts to QuickBooks, and that once he reconnects the account he will not have to worry about reconnecting again when he changes his password at the bank. Bryce is thrilled by this and asks you if you can connect to the bank for him using your login to the account. You tell him you are unable to reconnect the account but offer to do a screen share to help him through the process. What is the likely reason that you are unable to reconnect the bank account for him? • Accountant users do not have permissions to connect bank and credit-card accounts to their clients’ QuickBooks companies. • Only a Master Administrator user can connect an account using the new Bank API connection. • His bank only allows the primary user for the bank’s website to establish the connection to his bank. • Only the Firm Administrator of QuickBooks Online Accountant can connect an account for a client. You are not the Firm Administrator. 29. Where can you find up to two years of detailed QuickBooks Payments merchant statements in QuickBooks Online? • Gear icon > Your Account > Payments • Gear icon > Account and Settings > Payments • Sales > All Sales > QuickBooks Payments • Quick Create (Plus +) icon > Bank Deposit > View Merchant Statements • Accounting > Reconcile > History by Account purchase forms. |Her boss printed off the item list with the item name, description, preferred vendor, income account, and expense account. She is only on her second entry and realizes that the item is supposed to post to Widget Purchase, a sub-account of the Cost of Goods Sold account.| What should you recommend as the best practice to get this account set up? • Cancel the item setup, open up the Chart of Accounts, and add the new sub-account of Cost of Goods Sold. • Add the account from the item setup screen as a parent account because you can’t add a sub-account on the fly. • Add the account from the item setup screen, and make it a sub-account of Cost of Goods Sold. • Import a new chart of accounts, including the new account. 8. You are using bills, checks, and expense forms to partially fulfill purchase orders. What is true about the functionality of partial purchase orders? • Purchase orders can use Product/Service Items only and not Accounts. • You must turn on Partial Purchase Orders in Account and Settings. • The purchase order must be marked as Accepted before you can receive items against it. • You can overwrite individual line items and purchase more than the original purchase order amount. 9. What is the reason? • The estimate is post-dated. The estimate is for a quantity of 1. • The customer has no email address. • • The estimate status has not been changed to Accepted. 10. Mark’s Magic Shoppe is having a hard time keeping up with his inventory. He walks around the store to determine what to order but often runs out of stock because he misses something. What 2 options should Mark do? • Set an alert for Low Stock on specific Products. • Set an alert for Low Stock on specific Products. • Run the Stock Status by Item report on a weekly basis. • Filter the Products and Services List by low stock status. • Set a reorder point for each inventory part that Mark is concerned about running out of stock. 11. What 2 things can you do when you select an individual project from the Projects Dashboard? • You can add transactions to the project. • You can see time activity by products and services. • You can see the cost of unpaid time in the profit margin bar. • You can view a report of non-billable time from Project Reports. • You can view a bar chart of cost of goods sold. 12. You want to import a new chart of accounts that includes sub-accounts. Which character should you use to indicate the account is a sub of a parent? • You cannot import sub-accounts • Use a “:” • Use a “;” • Use a “,” 13. Your client, Heather’s Hair Salon, has called you because her supplier wants to know which bills were paid by Heather’s last payment to them by EFT. Which report should you recommend Heather send to her supplier? • There is no report that will help. • Bill Payment List filtered for the vendor • Purchases by Vendor Detail filtered for the vendor • Bills and Applied Payments filtered for the vendor 14. Which statement is true regarding hourly cost rate for Projects? • When using the hourly cost rate calculator, the boxes are initially populated from the employee record. • The hourly cost rate is initially populated by the vendor’s or employee’s billable rate. • When on the Projects Dashboard, you can enter an hourly cost rate for a vendor. • Best practice is to use the hourly cost rate field when you are not using QuickBooks Payroll. • Best practice is to enter time for each vendor, use the cost rate per hour and split the vendors' bills by project. You have been hired to prepare 1099s for your client, Donna’s Design. 15. Here are the related transactions for the year: They paid Books by Bessie $100/month for 12 months. For Books by Bessie, the first five months were paid by check. The remaining seven months were paid by credit card. Computers by Han was paid $700 by debit card. The landlord, John Johnson, was paid $100/month by EFT. Mahoney Advertising was paid $500 by check. Nancy Seitz, CPA, was paid $1200 by check. What is the total amount of 1099s issued (what would normally go on a Form 1096 if not e-filing)? (enter with two decimal points, no commas, no dollar signs, e.g. 1300.00) - 3400.00 16. Which 2 statements are true about the Projects Dashboard (the Center)? • You can see the cost of time entered against each project. • You can see the number of hours entered against each project. • You can compare the profitability of all projects against each other. • You can create a new project from an existing project. • You can add transactions directly from the Projects Dashboard. 17. How does QuickBooks Payroll integrate with Projects? • If you enter time using time-tracking and add a project, QuickBooks Payroll will allocate costs to Projects. • If you enter time and the project on the paycheck, QuickBooks Payroll will allocate costs to Projects. • When you enter time, it will display the related costs on the Project Profitability report, even if paychecks have not been created. • You must use TSheets to enter time for projects when using QuickBooks Payroll. 16. You are using bills, checks, and expense forms to partially fulfill purchase orders. What is true about the functionality of partial purchase orders? • Purchase orders can use Product/Service Items only and not Accounts. • You must turn on Partial Purchase Orders in Account and Settings. • The purchase order must be marked as Accepted before you can receive items against it. • You can overwrite individual line items and purchase more than the original purchase order amount. • Your client, Heather’s Hair Salon, has called you because her supplier wants to know which bills were paid by Heather’s last payment to them by EFT. Which report should you recommend Heather send to her supplier? • There is no report that will help. • Bill Payment List filtered for the vendor • Purchases by Vendor Detail, filtered for the vendor • Bills and Applied Payments, filtered for the vendor Your client is an attorney. Her new admin is just learning how to use QuickBooks Online. The “Automatically create invoices and don’t notify me” setting is on. The attorney charges her clients for copies made. These should have been entered using delayed charges, but the admin did not know that, and they were not entered into QuickBooks Online. 17. What is the risk/danger of the new office admin person not entering the copies made in the Delayed Charges? • There is no risk. Invoices will go out just fine. • Invoices will go out without having been tracked and charged on the invoices. • The attorney’s clients will be undercharged. • Photocopy expense will be understated.