Practice test Flashcards
For each type of recurring transaction (scheduled, reminder, unscheduled), match it with the description below
QBO does not record the transaction list to use at any time.
QBO automatically records the transactions.
QBO displays the transaction on your dashboard, where you can select it to access a list from which you can post the transaction.
Unscheduled - QBO does not record the transaction list to use at any time.
Scheduled - QBO automatically records the transactions.
Reminder - QBO displays the transaction on your dashboard, where you can select it to access a list from which you can post the transaction.
Which lists can you import in QBO PLUS through the import data screen (select all that apply)
A. Products and services
B. Terms list
C. Customer list
D.Chart of accounts
E. Payment method list
A, C, and D
Which of the following are features of QBO PLUS? (Choose three)
A. QBO Plus includes up to 5 users
B. QBO Plus includes custom fields for vendor records
C. QBO Plus includes inventory tracking
D. QBO Plus includes project tracking
E. QBO Plus allows you to customize user access with roles
A, C, and D
‘Reports only’ user is included in the number of billable users (Yes or no)
No
‘Standard’ user is included in the number of billable users (Yes or no)
Yes
‘Primary Admin’ user is included in the number of billable users (Yes or no)
Yes
‘Time tracking only’ user is included in the number of billable users (Yes or no)
No
How do you transfer the primary admin (previously known as master admin) rights to a new user?
A. You must contact QBO support to make the transfer.
B. Log in as the current primary admin and add the user as an administrator. From the drop-down, choose and make primary admin.
C. You cannot transfer primary admin rights.
D. Any user can be designated as the primary admin in the gear, account and settings, user setup.
B
True or false. You can review banking transactions from the dashboard.
True
True or false. You can view customer open invoices from the dashboard.
False
True or false. You can add a new customer from the dashboard.
True
True or false. You can review expense totals for the previous month from the dashboard.
True
Which of the following best describes the capability of the class and location features?
A. Classes allow you to view the profitability of your transactions by the city, and locations allow you to view the profitability of departments within your business.
B. Classes track the profitability of a specific customer, and locations show a summary of your business’s profitability
C. Classes track the profitability of your departments within your business and locations track the profitability of your transactions by city
D. Classes help you manage profitability for your entire business and locations limit profitability to one address
C
True or false: Projects track job costs and income to show the profitability of each job
True
True or false: Projects can only be used if you process payroll through Quickbooks Online Advanced
False
True or false: Projects are only available with Quickbooks Online Advanced
False
True or false: Projects allows you to track the status of each project (in progress, completed, canceled)
True
Which of the following is true about terms? (Choose all that apply.)
A. You can assign terms to customers and vendors from the terms drop-down list in the edit window.
B. Once you assign the terms to your customer or vendor, they cannot be changed
C. New terms can only be added in the terms list by selecting the gear icon and all lists
D. If you do not assign terms to your customer, QBO will use the default terms in settings
E. QBO will calculate early payment discounts included as part of the terms
F. You can add or change terms on the transaction window in the terms drop-down list
A, D, and F
Which list(s) can you import in Quickbooks Online Plus through the import data screen? (Select all that apply.)
A. Products and services
B. Terms list
C. Customer list
D. Chart of accounts
E. Payment method list
A, C, and D
True or False: You can record bills as recurring
True
True or False: You can record checks as recurring
True
True or False: You can record bill payments as recurring
False
True or False: You can record credit memos as recurring
True
True or False: You can record time entries as recurring
False
True or False: After merging, all the transactions from both accounts are recorded in the newly merged account.
True
True or False: You can only merge accounts of the same type
True
True or False: After merging, you can simply undo the merge to split the accounts again
False
True or False: To merge accounts, copy the display name of the customer/vendor you want to keep and replace the display name on the entry you no longer want to see.
True
Which statements about journal entries are true? Choose three.
A. You cannot change the date and journal no. that Quickbooks Online automatically fills in for you.
B. You must specify at least two accounts in a journal entry.
C. The total debits must equal the total credits on the journal entry.
D. Use a journal entry to record the transaction when there is no built-in transaction window.
B, C, and D
Identify the information that must be unique for customer and vendor records by selecting Yes or No for each statement:
Address
First name/Last name
Display name
Company name
No
No
Yes
No
Select all of the following that are TRUE of the display name field
A. The display name is used to track balances for each entry
B. Display name is the only way to sort entries
C. You can have the same display name in the customer and vendor list
D. Display name must be unique
A and D
True or False: You can only access the QuickBooks Onlie apps from apps.intuit.com
False
True or False: You can use QuickBooks Online apps to track and integrate industry-specific information.
True
True or False: You can only connect one QuickBooks Online app to your account at a time
False
True or False: Quickbooks Online apps help save time by automating data entry
True
Which of the following is not a reason that you would use products and services in Quickbooks Online?
A. To generate a sales by product/service summary report to see your top selling items
B. Products and services save time by auto-filling descriptions and prices on forms.
C. Products and services allow you to choose the account to point the dollars to on the financial statement
D. Products allow you to set a reorder point to automatically order from your supplier
D
True or False: You must use products and services
False
True or False: For each product and service, you enter an income account that is used for recording a sale.
True
True or False: Quicbooks Online Plus allows you to set up a maximum of 250 products and services
False
True or False: Products and services allow you to use standardized descriptions across all customer sales forms.
True
