1. What three tasks can you perform when using bank funds in QuickBooks?
● Match transactions in QuickBooks to the supported bank information
● Create a Receive Payment transaction if invoices are open
● Create a Pay Bills transaction if the bills are unpaid
5. For which two reasons should you set up the services and products you sell in
QuickBooks Online?
● So you can track sales by product and service
● So you can add each product and service to invoices, expenses, and other selling
6. You need to record a new transaction from a receipt. In which order should you
perform the action?
1. Select the Receipts tab
2. Upload an image of the receipt to QuickBooks Online
3. Select the receipt to create the expense
4. Match the expense to the bank transaction
7. What does the QuickBooks audit log display?
● Transactions that affect your company file, including the associated user and any
changes made to the settings.
15. You need to set up the customer payment terms. What does a payment term of "Net
15" mean?
● The customer must pay the invoice in full within 15 days of the invoice date.
17. You are the bookkeeper for a business that has a warehouse and forklift. The forklift
depreciates at a rate of $1,000 per year. Which journal entry correctly records the annual
depreciation of the forklift in the QuickBooks Online General Ledger?
● Debit: Depreciation Expense $1,000.00
● Credit: Forklift - Accumulated Depreciation $1,000.00
18. Who has serves describe the difference between recording expenses on checks and
as credit card expenses? (Choose 2.)
● A check debits the expense account and credits the bank.
● A credit card expense debits the expense account and credits the credit card payable.
20. For each statement about managing unbilled expenses in QuickBooks Online, select
True or False:
● The Unbilled Costs by Job report displays the unbilled expenses. True
● If you clear the Billable check box for a cost, it is no longer a business expense. False
● You can change the billable status of a cost by selecting or clearing the Billable check
box on the check. True
22. You need to compare the prices for the products and services provided to your
company by each vendor.
● Purchases by Vendor
23. For each statement about QuickBooks Payments in QuickBooks Online, select True
or False:
● QuickBooks Payments allows you to accept payments directly from customers. True
● QuickBooks Payments accepts credit cards, debit cards, cash, checks, and ACH bank
transfers. False
● Transaction fees for using QuickBooks Payments are charged on a separate monthly
invoice from Intuit. False
● QuickBooks Online Plus provides inventory tracking. True
● QuickBooks Online Plus allows up to 5 user licenses. True
● QuickBooks Online Plus includes Payroll support at no additional cost. False
25. After two vendors are merged, the action cannot be undone. True or False. True
● To begin merging two vendors, edit the vendor record you want to keep, true or false.
False
● To merge one vendor record with another, should you change the company name or the
first and last name to match the other vendor? True or False. True
29. On your bank's website, you transfer $5,000 from your business savings account to
your business checking account to pay bills. You are processing bank feed transactions.
You need to record this transaction properly. Which two actions should you perform?
(Choose 2)
● Match the checking account transaction to the savings account transaction
● Mark the savings account transaction as a Transfer
32. Move each feature or tool from the list on the left to its purpose on the right
33. Which two methods can you use to upload a receipt to QuickBooks Online? (Choose
2)
● Upload an image directly from your Google Drive
● Upload an image directly from Dropbox
37. For each statement about setting up payment terms for a new customer in
QuickBooks Online, select True or False.
● You can create new payment terms from the New Customer form: False
● You must specify payment terms when setting up a new customer: False
● If you do not select payment terms for a customer, QuickBooks Online assigns the
default invoice terms: True
27. You own a retail clothing store. You order three dozen shirts from a vendor on
account. Two of the shirts arrive with obvious manufacturing errors. You contact the
vendor, who offers you a credit. In QuickBooks Online, what is the effect of the vendor
credit?
● Credit the account you used to make the purchase.
12. Which lists can you import into QuickBooks Online Plus from the Import Data
screen?
● Products and Services
