What is the reason for setting up products or services in QBO?

To have a standard terminology for customers on sales forms

In QBO, which items should you mark as Billable? Options: Products or services you sell to a customer who is also a vendor, Expenses for which a customer should reimburse you, Services that you provide to a customer, Products that you sell to a customer

Expenses for which a customer should reimburse you

In what way does the QB payments feature differ from traditional payments?

When a customer pays through QB payments, QBO automatically receives the payment.

Which statement describes 1099 workers?

1099 workers are independent contractors

A bill debits ________________ credits _____________________.

the expense account, Accounts payable

During a business trip, you pay for expenses using the company credit card. After the trip, you upload images of your expense receipts to QB. You import the transactions from the linked credit card account. You need to assign the expenses to the appropriate accounts. What should you do?

Match the receipts to transactions

For which items is the “Income account used when recording a sale” field available?

Inventory items and Service items

A list of criteria QBO uses to automatically categorize transactions for you

In QBO, what is the difference between void and deleting a check?

Voiding a check keeps it in reports but reduces its value to zero. Deleting a check removes it from reports other than the Audit Log.

What information does an Accounts Receivable Aging report present?

Unpaid balances for each customer, grouped by days past due

What is the correct Journal Entry to record the annual depreciation of a forklift that depreciates at a rate of $1,000 per year? Options: Debit: Depreciation Expense $1,000; Credit: Accumulated Depreciation $1,000; Debit: Depreciation Expense $1,000; Credit: Depreciation $1,000

Debit: Depreciation Expense $1,000; Credit: Accumulated Depreciation $1,000

What does a payment term of “Net 15” mean?

The customer must pay the invoice in full within 15 days of the invoice date.

What does the audit log display?

Transactions that affect your company file, including the time and associated user.

You want to pass on some of your costs directly to customers in QBO. You are able to assign a customer to a cost, but you cannot mark it as billable. You need to make costs billable in QBO. What should you do?

In the Account and Settings area, on the Expenses tab, toggle on Make expenses and items billable.

What are the four types of products and services that can appear on QB sales form? Options: Bundle, Group, Inventory, and Service; Group, Inventory, Inventory Assembly, and Service; Flat fee, Package, Part, and Service; Bundle, Inventory, Non-Inventory, and Service

Bundle, Inventory, Non-Inventory, and Service

Which statement describes 1099 workers?

1099 workers define for themselves when, how, and where they work.

In QBO, what is the effect of the vendor credit for damaged shirts ordered from a vendor?

Credit the cost of the damaged shirts to the Vendor Credits and Refunds income account.

QuickBooks Online Certification Pre-Test 2024 Flashcards

Student preview

59 questions

Show all answers

1.

FLASHCARD QUESTION

Front

You must select Save and Close to record the journal entry.

Back

False

2.

FLASHCARD QUESTION

Front

QuickBooks Online automatically inserts the date and the next available journal entry number. Select TRUE or FALSE.

Back

True

3.

FLASHCARD QUESTION

Front

After you enter the account for the debit transaction, QBO automatically enters the account for the credit transaction. Select TRUE or FALSE.

Back

False

4.

FLASHCARD QUESTION

Front

Hangers on which you display

Back

Non-inventory

5.

FLASHCARD QUESTION

Front

Shirts you regularly stock and sell to customers

Back

Inventory

6.

FLASHCARD QUESTION

Front

A shirt you ordered for a specific customer but do not usually sell is classified as:

Back

Non-inventory

7.

FLASHCARD QUESTION

Front

Which QBO transactions can be made recurring? Check and Journal Entry, Bill and Pay Bills, Deposits and Time Entry, Invoice and Receive Payment

Back

Check and Journal Entry

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