QuickBooks Test 1 Practice

What are the three recurring transaction types in QuickBooks online? (Choose three)

• Reminder

  
  

• Unscheduled

  
  

• Template

  
  

• Scheduled

  
  

• Automatic

  
  

For which two reasons should you set up the services and products you sell in QuickBooks online?

• So QB online can automatically reorder inventory items when they read the reorder print

  
  

• So you can track sales by product and service

  
  

• So your bank can track your product and service sale for tax purposes

  
  

• So you can add each product and service to invoices, sales receipts, expenses, and other sales forms

  
  

Shows assets, liabilities and equity at one point in time.

• Balance Sheet

• Profit and loss statement

Used to understand changes in revenue and expenditure.

• Balance Sheet

• Profit and loss statement

Show income, expenses, and net income during a specific time period.

• Balance Sheet

• Profit and loss statement

Provides information about the current financial health of business.

• Balance Sheet

• Profit and loss statement

Match the following

• Classes

• Track transactions by city or region

• Projects

• Track job costs and income

• Locations

• Track transaction by departments in a company

You own a retail clothing store. You order three dozen shirts from a vendor. Two of the shirts arrive with obvious manufacturing errors. You contact the vendor, who offers you a credit. In QB online what is the effect of the vendor credit?

• Credit the cost for the damaged shirts to the Vendor Credits and Refunds income account

  
  

• Reissue the vendor invoice for a lower amount

  
  

• Refund the cost of the damaged shirts in cash

  
  

• Credit the account you need to make the purchase

  
  

Which two statements describe the difference between the recording expenses on checks and as credit card expenses?

• A check debits the expense account and credits the bank

  
  

• A credit card expense debits the credit card payable and credits the expense account

  
  

• A check debits the expense account and credits Account Payable

  
  

• A credit card expenses debits the expense account and credits card payable

  
  

What is a reason for setting up products or services in QB online?

• To automatically schedule reordering items that are out of stock

  
  

• To have standard terminology for customers on sales forms

  
  

• To automatically message customers when items are in stock

  
  

• To create customizable formulas in reports that you export to spreadsheets