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QBO Certification Exam Questions and
Answers
What happens if you press the "ctrl," "alt," and "?" keys at the same time? โ ~~~Quickbooks displays a list of shortcut keys. You're setting up a new Quickbooks account for a business that just hired you. The company has a list of accounts with opening balances. Where do you enter these balances when setting up the Quickbooks account? โ ~~~You can enter opening balances using a Journal entry or directly entering them into account registers. However, this is not recommended for non-accountants. You can enter open invoices to record the balance owed to you (Accounts Receivable) and open bills to record what you owe (Accounts Payable). You're working in QuickBooks at a coffee shop for a few hours and don't want to share all of your company's financial details with everyone there. How can you fix this? โ ~~~Click the Private mode switch on the home page to prevent sensitive financial information from being displayed in this window. You just set up a new Quickbooks company and your employer needs you to create a chart of accounts. Which is true? โ ~~~Accounts are automatically created based upon your industry type, however you CAN add more accounts later Your employer asks you to update your business contact info. How do you access the company settings to do this? โ ~~~Click the global create menu (+) at the top of the screen and select account and settings.
What does private mode on the home page do? โ ~~~It hides the values displayed for profit and loss, bank accounts, and other sensitive financial information. Which Quickbooks Online groups have access levels that can be applied to regular customer users? โ ~~~All, none, or limited Which of the following is true regarding Quickbooks online?
- Once you access QuickBooks from a browser, you must use that browser every time.
- You must use Internet Explorer.
- QuickBooks cannot be accessed on a Mac operating system.
- You can access QuickBooks from almost any browser on any computer with an Internet connection. โ ~~~You can access QuickBooks from almost any browser on any computer with an Internet connection. You're setting up Quickbooks online for a company that already has information in Excel. What can you import into quickbooks from excel? โ ~~~Certain lists (customers, vendors, products and services, and the chart of accounts). You'd like to change the company address in company settings. Whats the first step to open company settings? โ ~~~Click the gear icon on the home page.
- the navigation bar on the left, to work in specific functional areas, such as customers or reports You need to create a recurring invoice. How do you do this in Quickbooks Online? โ ~~~Open the transaction for and make in recurring. when you invoice for time and costs, where does quickbooks get the billable time or costs? โ ~~~Quickbooks gets the billable time and costs from billable time entered on timesheets and/or billable costs entered on checks and bills. How do you search for a transaction in quickbooks? โ ~~~click the search icon and search by transaction number, amount, or date. Which form cannot be customized in Quickbooks? โ ~~~Bill Why would a business choose to enter a bill and then pay the bill later instead of just recording the check or expense when paying the bill? โ ~~~Entering a bill and paying it later allows you to track accounts payable. Your new employer is confused by the money bar above. he insists that more customers are overdue. How can you fix this? โ ~~~Change the customer terms.
Your company has 2 departments: Landscaping and a greenhouse. You'd like to see how your business is doing overall and how each department is doing individually. This means you need to tag each transaction as either landscaping, greenhouse, or split both. What is the best way to set this up in quickbooks? โ ~~~Turn on classes and set up the greenhouse and landscaping each as their own class. Your employer asked you to track the service person assigned to each sale. She wants to see their name on the invoice. How can you track the sales person on the sales forms? โ ~~~Navigate to company settings, and in the sales category of settings, create a custom field for sales reps. In Quickbooks Online, entering a purchase order for inventory affects which accounts? โ ~~~No accounts are affected because purchase orders are non-posting transactions. You need to find an invoice, but all you know if the total amount. You can't remember the customer or even what you sold. How can you find the invoice? โ ~~~Press the search icon and search for the specific amount. How do you tract Accounts Payable (A/P) in Quickbooks? โ ~~~1. Enter a bill
- Pay the bill in the Pay Bills window Your employer asks if you can automate the process of entering the rent check in Quickbooks. How do you answer?
- On sales and expense transactions, select the class associated with each transaction
- Run the profit and loss by class report When entering a journal entry, what happens if the debits don't equal the credits? โ ~~~Quickbooks will not allow you to record the transaction. You invoice customers a set amount for mowing their lawn each month. You sometimes provide extra services like pruning trees or planting flowers that you must remember to ass to their monthly invoice. What's the best way to do this is you use Quickbooks? โ ~~~Click the + icon and select delayed charge. Enter the details you want to add to the invoice at the end of the month. Next time you invoice tat customer, Quickbooks opens a list of delayed charges that you can easily add to the invoice. One of your customers opens a new location. They want you to perform some work at the new location, and all invoicing should go the the original Customer. How do you handle this? โ ~~~Create a new customer, check the option "is a sub-customer," and select "bill with parent" Your employer wants you to include some legal fine print in the footer of every invoice. However, you already use the customer message feel to include a than you message. How can you add the legal fine print to the bottom of every invoice without using the customer message field?
โ ~~~In the customize form style window, click the footer tab and type the fine print in the footer text field. Which of the following is a list in Quickbooks Online?
- items
- other names
- subcontractors
- chart of accounts โ ~~~Chart of accounts You purchased office supplies online using a company credit card not connected to online banking. How would you record this is Quickbooks? โ ~~~Click the + icon and select expense. Fill out the expense and select credit card as the payment account. Sub-customers can make tracking jobs and locations for a particular customer easy. You have a restaurant as a customer that just opened up and brand new location. How do you handle this? โ ~~~Create a new customer and check the option "Is a sub-customer" You sent Quickbooks report to Excel and made some changed. How do you import the changes back to quickbooks? โ ~~~You can't import changes in Excel back to Quickbooks
Sally the supplier and Van the vendor want to buy something from you. What list should you add them to in quickbooks? โ ~~~Customer Which of the following transaction types will Quickbooks enter for you? โ ~~~If you delete a customer, vendor, or account that had an open balance, Quickbooks will create an adjusting entry. Which report gives you information on your income and expenses for a specific period? โ ~~~Profit and loss report You notice the memo field on a transaction reads "created by QB online..." why would quickbooks create a transaction for you? โ ~~~You deleted a customer, vendor, or account that had an open balance. Which of the following is NOT true regarding merging entries in lists?
- Merging entries affects past transactions.
- QuickBooks allows you to merge an expense account with an income account.
- Merging effectively combines names on a list.
- You can only merge names of the same type. โ ~~~Quickbooks allows you to merge an expense account with an income account. What is the first step you must take if you want QuickBooks to automatically email a report?
โ ~~~Click save customizations so the report appears under my custom reports. True or false: You can import a report from excel back into quickbooks as long as you exported the report from quickbooks originally. โ ~~~False You need to customize a report the same way every week. To save time, you want quickbooks to remember your customizations. How do you do this? โ ~~~1. When the report is customized, click "save customization"
- Name the report and click save
- when you want to run the report, click the reports tab
- click the my reports tab
- click on the report name to run it You notice an invoice you entered last month has changed significantly, but you didn't make the change. How can you find out who changed it and what they changed? โ ~~~Look at the audit log report The owner of the business asks you to set up quickbooks to automatically email him a specific report on a regular basis. How would you do this? โ ~~~1. Run the report you want to email
- Click save customizations
- select reports and go to my custom reports
โ ~~~True Your customer Donna Comeback has gone out of business and you will never sell to her again. What are the steps for removing her from the customers list? โ ~~~1. Click the customer tab
- Edit the customer you want tp remove
- click make inactive What report displays information about your liabilities? โ ~~~Balance sheet report How do you apply a vendor credit memo to a bill in Quickbooks? โ ~~~When you pay the bill, select the credit you want to apply toward the payment. When you purchase inventory, which accounts have increased? โ ~~~Inventory asset Where do you go to turn on stock in quickbooks? โ ~~~1. company menu
- company settings
- sales
- products and services
- track stock quantity on hand
In quickbooks online, entering a purchase order for inventory affects which accounts? โ ~~~No accounts are affected because purchase orders are non-posting transactions Where on the expense form do you indicate which account you are issuing payment from? โ ~~~At the top next to the payee Which of the following statements is true regarding vendor credit memos? โ ~~~Vendor credit memos reduce what you owe the vendor. Where in quickbooks do you find out the status of what you owe to a vendor and when it's due? โ ~~~Accounts payable aging report or vendor balance detail report. You have a customer who isn't sure they want you to do some work they need, but you want to record that they're interested. how do you do that in Quickbooks online? โ ~~~Enter an estimate When should you never delete a check? โ ~~~You printed a check, and the check number has been used What account do you put in the account field at the top of the form? โ ~~~The name you used when you set up your credit card account on the chart of accounts
โ ~~~He's recording sales using the bank deposit screen, journal Entry, or directly into the bank register. These screens don't allow him to enter a product/service, which is required for a sale to appear on a Sales Report. What does the Apps tab do in quickbooks? โ ~~~Use the apps tab to create versions of quickbooks for each user in your company. You can limit the functionality of each app. You mailed a check to pay your monthly rent. The check was lost in the mail and was never cashed. What should you do with the check in quickbooks? โ ~~~Void the check Where in quickbooks can you find out the status of what you owe to a vendor and when it's due? โ ~~~Accounts payable aging report or the vendor balance detail report You invoiced your customer for 5 widgets. Your customer returned 3 of the widgets. what's the best way to handle this transaction in quickbooks? โ ~~~Use a credit memo. on the form enter 3 widgets You used your credit card a week ago, but are not happy with your purchase. you return the goods and the supplier refunds the amount directly to your credit card. If you don't have online banking, how would you record this transaction? โ ~~~click the + icon and select bank deposit. Instead of selecting the bank account, select the credit card account instead. How would you enter a transaction that won't be downloaded in which you paid for a service using a debit card?
โ ~~~Click the + icon and select expense. Fill out the expense and use debit card as the payment method. How would you create an estimate in quickbooks? โ ~~~When a customer requests a bid, quote, or proposal. Your boss asks you to record an order she just placed for some inventory. You haven't received the items yet, and don't owe anything to your vendor at this time. How would you record this in quickbooks? โ ~~~Click the + icon and select Purchase Order. Fill out the form and save the transaction. True or False: To create an invoice you must use a product or service. โ ~~~True. True or False: Products/Services allow you to track your sales in more detail without cluttering your Chart of Accounts or Profit & Loss โ ~~~True. True or False: You can use one product/service to represent different services or goods โ ~~~True What transaction should you enter if a customer returns a damaged product or, in the case of a service, complains so much you decide to offer a refund? โ ~~~Credit memo
