Sample QuickBooks Online Certification Exam Answers & Questions, Study notes of Business

Download Sample QuickBooks Online Certification Exam Answers & Questions and more Study notes Business in PDF only on Docsity! 120+ Sample QuickBooks Online Certification Exam Answers & Questions Certification For: QuickBooks Online Certification Validity: 365 Days Question (1):- For each functional area QuickBooks, pro & premier, for example, sales and accounts receivable, purchases, and accounts, etc. What level of access can you grant to use it? Answer: You can prohibit access, grant access or grant selected access. these levels, all transactions within that area. Question (2):- Which of the following is not a billing option when you prepare a progress invoice? Answer: Invoice for hours entered on the timesheet Question (3):- Which list represents the payroll services you can add to QuickBooks? Answer: Basic calculates taxes and helps create state and federal tax forms and assisted intuit handles payroll taxes and forms Question (4):- Which of the following additions of QuickBooks supports multi-users? Answer: All versions support multi-users Question (5):- What can you do in the report center? Answer: Run most reports in QuickBooks Question (6):- How can you open a QuickBooks report in Microsoft Excel? Answer: Click the Excel button on the top of any QuickBooks report. Question (7):- Which two steps do you follow to track accounts payable in QuickBooks? Answer: Enter bills, pay bills Question (8):- How do you display a group of reports? Answer: Click the reports menu and select process multi-reports Question (9):- What are the Undeposited funds accounts in QuickBooks? Answer: An account used to record payments before you make a deposit Question (10):- How do you make an item on the item list inactive? Answer: Open the item list, click to select the appropriate item then click the bottom left button and select, make item service Question (11):- Your company supplies them with sick, vacation hours. You need to track how many hours that each employee currently has available, how many they earn, accrued hours when you pay them for sick or vacation time. How do you do this in QuickBooks? Answer: Follow these steps: ● Click the sick, vacation button in employees setup to define how to approve time and to tell QuickBooks how many hours the employee has available. ● Setup a sick, vacation wage item. Use a sick, vacation wage item to pay employees for sick, vacation time. Question (12):- Which payroll service allows you to print state tax forms? Answer: Enhanced payroll Question (25):- The company file you are working on is a mess. You decided to start a new file. To save time, you want to keep all the lists and preferences and just delete the transactions. How do you this? Answer: Click the file menu. Select utilities, condense data from the menu then chose the all transaction option Question (26):- Which is an example of when to use a non-inventory part? Answer: When you buy and sell an item but do not need to track quantity on hand information. Question (27):- Which of the following cannot be entered during the setup of a new company? Answer: Trail balance, open balance Question (28):- When you enter profit and loss on the accrual basis what does QuickBooks include as income? Answer: All sales Question (29):- When should you void instead of deleting a check? Answer: Use a check number but it will never be cashed Question (30):- Your company sells unique items to every customer. Then never sell the same product or service twice. What item should you setup in QuickBooks? Answer: Setup a generic item and edit the description and price and the time Question (31):- Which of the following form templates cannot be customized in QuickBooks? Answer: Check Question (32):- Which is not a good reason to enter a general journal entry? Answer: To avoid using the built-in forms Question (33):- The bank notifies you that a customer's check you have deposited has bounced. The customer did not have sufficient funds to cover the check. What should you not do? Answer: Delete the customer's payment from the deposit Question (34):- How do you change the text in the header/footer report? Answer: Click the customize button on the report and then click the header/footer tab. Question (35):- Why would you hide or collapse subaccounts on a report? Answer: To temporarily hide unnecessary detail and hide parent accounts Question (36):- What should you do after you click save and close on a customer credit memo? Answer: Choose between retained as available credit, give a refund or apply to an invoice Question (37):- The bank notified you that a customer’s check you deposited had bounced. The customer did not have sufficient funds to cover the check. What should you do? Answer: Record a transaction to show the customer owes you the money and that the checking balance has decreased by the same amount Question (38):- Suppose you always want all reports to show a specific size and color, how do you set the standard or preference in QuickBooks so you don't have to customize each report? Answer: Click the Edit menu and select preferences to click the reports and graphs group to set your report preferences Question (39):- Suppose you want to restrict which users can access customer credit card numbers. How do you do this? Answer: Give the user access to sales and accounts receivable but do not check the complete credit card numbers Question (40):- Which accounts are affected when you enter time in QuickBooks? Answer: Accounts Receivable Question (41):- If you have a customized report that you use each month, which feature lets you run their ports with updated data each month? Answer: Memorize Report Question (42):- What is the primary reason for setting a closing date in QuickBooks? Answer: Click the modify report button and on the display tab check or add or uncheck remove columns Question (56):- When should you use the items tab on a bill or check? Answer: When you purchase inventory parts Question (57):- When you are setting up a service item, what happens if you select the box next to this "service is performed by a subcontractor or partner"? Answer: QuickBooks provides fields so you can track purchase and sales information for that item Question (58):- The Product Information window shows you the version and release of QuickBooks you have along with other information about the company file. How do you access the Product Information window? Answer: Press the F2 key Question (59):- When making your payroll tax deposit, how can you add IRS interest and/or penalties? Answer: Click the Expense tab and enter the appropriate account and amount of interest and penalties Question (60):- When can you delete a check from QuickBooks without voiding it? Answer: You entered a check-in QuickBooks but haven't printed it yet. You realize the purchase was actually made using a credit card. The check was never really used. Question (61):- What tool do you use to move your logo to a form? Answer: Layout Designer Question (62):- What is the reason for not being able to delete a list entry? Answer: The entry has been used in a transaction Question (63):- How do you move list entries to a different location on the list? For example, customers. Answer: Click on the diamond to the left of the name and then drag the name up or down the list Question (64):- Assume that QuickBooks is now in Single User Mode. What does this mean? Answer: Only one user can access the data file Question (65):- How can you ensure that the invoice details are on a customer statement? Answer: Turn on invoice detail in customer statement window Question (66):- How can you open a QuickBooks report in Microsoft Excel? Answer: Click the Export button on the top of any QuickBooks report Question (67):- What is the Accounts' copy? Answer: A copy of a company file that allows the accountant to review and make adjustments while you can continue to work in QuickBooks Question (68):- What 2 steps do you follow to track accounts payable in QuickBooks? Answer: Enter bills, pay bills Question (69):- How do you hide subaccounts on a report? Answer: Click the collapse button. Question (70):- Your company had to return some goods to a vendor. How do you record the vendor credit in QuickBooks? Answer: Enter bill then click credit on top of the bill. Question (71):- What do you use to narrow the data QuickBooks displays on a report? Answer: Filter Question (72):- Once the Easy Step interview is complete, how do you change the company information for the business name, address, or phone number? Answer: Select File, Easy step interview Question (73):- What is the Undeposited Funds account in QuickBooks? Answer: An account used to record payments before you make a deposit Question (74):- What is the end result of a payroll setup interview? Question (85):- How do you display a group of reports? Answer: Click the reports menu then select process multiple reports. Question (86):- Which payroll service allows you to print state tax forms? Answer: Basic payroll Question (87):- How do you customize a report, i.e. change the information QuickBooks displays, change the title, etc? Answer: Click the modify report button on the report. Question (88):- A list entry may be deleted only when… Answer: It has no balance; it has not been used and is not linked to anything that has been used. Question (89):- Your company provides its employees with sick/vacation hours. You need to track how many hours each employee currently has available, how many they add or accrue and you need to reduce their accrued hours when you pay them for sick or vacations time. How would you do this in QuickBooks? Answer: Click the vacation button on the employee set up to define how to accrue time and tell QuickBooks how many hours the employee is available. When you pay an employee for sick/vacations time, click the sick/vacation button and reduce those available hours Question (90):- When you send a QuickBooks report to Excel, which features allow you to choose what sections of the report to collapse? Answer: Auto outline. Question (91):- What is the purpose of an Audit Trail report? Answer: Track any changes and deletions to transactions and track which user makes the change or the deletion. Question (92):- What can you do in the report center? Answer: Run most reports in QuickBooks Question (93):- The company file you are working on is a mess. You decided to start a new file. At the same time, you want to keep all the lists and preferences and just delete the transactions. How do you do this? Answer: Click the File menu, choose Utilities, clean up company data, then choose the default transaction option. Question (94):- Your company sells unique items to every customer. They never sell the same service or product twice. What item should you set up in QuickBooks? Answer: Set up a generic item and edit the description and price each time. Question (95):- You hired a subcontractor to work 40 hours per week. Which list should you add this person to? Answer: Vendors. Question (96):- When should you enter a customer credit memo? Answer: When the customer returns a product that is damaged. Question (97):- How do you make a column on a report wider? Answer: Click the diamond to the right of the column and drag it to the right. Question (98):- When you run a profit and loss on an accrual basis what does QuickBooks include as income? Answer: All sales Question (99):- What is the quickest way to find an invoice from 6 months ago? Answer: Open an invoice and click the find button. Open an invoice and click the find button. Question (100):- Which tool do you use to modify where QuickBooks displays elements on a printed form or template? Answer: Layout designer. Question (101):- How do you make an item on the item list inactive? Answer: Open the item list, click to select the appropriate item, then click the bottom left button and select item inactive. Question (102): QuickBooks Online has some great features. Clients can use Online Invoicing, which will track when they’ve been viewed and paid. Online Invoicing even allows for customer queries via online messages directly linked to the invoice. You now need to enable this feature in the new client company you’re setting up. 2. Select the appropriate subscription level 3. Select Sign in 4. ________________ 5. Select Sign in Can you identify the missing step 4? Answer: Step 4: Enter an Intuit ID email address and password Question (108): Below are a series of steps for accepting an invitation from the client to become their accountant user. 1. Open the email account you use for your Intuit ID 2. You will see an invite from the client company 3. Select the Accept button to accept the invitation 4. ________________________ and you’ll see a Success! box 5. Select Continue Can you identify the missing step? Answer: Step 4: Sign in to your QuickBooks Online Accountant account Question (109): Look at the following 2 statements: ● Statement 1 – “QuickBooks Online _____________ is the do-it-for-me option; a complete payroll service with a team of US-based payroll experts to take care of payroll for your client.” ● Statement 2 – “You can also link up ____________ with QuickBooks to simplify workflow and save yourself a significant amount of time. You’ll benefit from a seamless, end-to-end experience that translates a client’s QuickBooks Online books into a tax return.” Identify the products that fit in the spaces to correctly complete the statements. Answer: Full-Service Payroll; ProConnect Tax Online Question (110): The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts? Answer: ● To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window ● The Sales of Product Income account is a default account when inventory is turned on ● If you add a new account, the category type determines on which financial statement this account will show ● When we set up Products and Services, they are linked to the Chart of Accounts by specifying a sales price/rate ● Delete an account from the Chart of Accounts if it is not relevant to your business Question (111): To set up a new bank feed or link to a bank account in a client’s QuickBooks Online company you should go to the ___________. If it’s the first time you’ve been here, select Connect, otherwise select Add account. Which option completes the statement? Answer: Banking Center Question (112): If you want to give one or more of your employees access to Your Practice, what types of user permissions can be set up? Answer: Regular or custom user, Company administrator, Reports only and Time Tracking only Question (113): You’ve been asked to add a new customer for your client in their QuickBooks Online company, so, you go to the Sales Center and select the Customer tab to begin. As this is the first customer for your client you are taken straight to an easy entry screen. Take a look at the steps that follow: 1. You enter the customer name, phone number, and email from the business card you’ve been given by the client 2. ____________________ 3. You now want to edit this customer’s details to add some further information 4. Select the customer name from the customer list 5. Select the Edit button in the top right 6. This customer is not taxable and you need to enter their reseller number. Select the Tax info tab and enter their reseller number 92-12345 in the Exemption details for the employee tax exemption in QuickBooks. 7. ___________________ and set their preferred payment method to Credit Card 8. Select Save 9. Now select the missing steps. Answer: 2. Select the Add Customer button; 7. Select Payment and Billing Question (114): As part of understanding your client’s needs, you should find out what their sales tax requirements are for their business and locality. What information is needed to set sales tax up for a client in QuickBooks Online who only does business in their home state? Select the 4 options you think apply. Answer: Their company address? When did their current tax period start? How often they have to file a tax return? When did they start collecting sales tax for the agency? Question (115): Where would you go to add a new vendor or find the link to import a vendor list into QuickBooks Online? Choose the most viable method from the options below, although other methods may be available. Answer: The New vendor button in the Vendors tab of the Expenses screen Question (116):