Answers

 

Section score breakdown Sections (5)Score 1. 2. 3. 4. 5.

Section 1 94% Section 2 86% Section 3 81% Section 4 100% Section 5 93% Show less Average section score 90.8%

SECTION 1  

Q1

Which section in the New Client Checklist helps you understand your client's needs to determine the features and solutions required? Edit answer  Your answer:

Features and Solutions 

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Q2

Which 4 list types can be directly imported into QuickBooks Online from Excel? Edit answer  Your answer:

Customers Products and services Vendors Chart of accounts  

Q3

Which 2 QuickBooks subscription levels would support a client who needs to track how much inventory is in stock at any given time? Edit answer  Your answer:

Plus Advanced 

Q4

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What are 3 benefits of the ProAdvisor Discount Program? Edit answer  Your answer:

Ability to add, remove, or change clients' subscriptions Up to 30% off subscriptions for your clients Itemized billing of all firm-billed subscriptions 

Q5

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Which 2 reasons could be causing this balance? Edit answer 

 

Your answer:

An opening balance was entered when an inventory item was created An opening balance was entered when creating a new Other Current Asset account Q6

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Where can she see which apps are connected to the client’s account without signing out of the account? Edit answer  Your answer:

Overview > Company Setup 

Q7

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Which 3 are benefits of using apps with QuickBooks Online? Edit answer  Your answer:

They can provide additional insight into various parts of a business They can solve industry-specific needs They can reduce time spent on data entry 

Q8

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Where are 2 places you can search for apps that work with QuickBooks Online? Edit answer  Your answer:

www.apps.com The Apps tab in QuickBooks Online Accountant Q9

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How will QuickBooks notify you when subscribing to receive updates and resolutions on QuickBooks Online outages or slowdowns? Edit answer  Your answer:

Email 

Q10

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What are 2 ways you can clean up her chart of accounts to reduce the number of accounts shown? Edit answer  Your answer:

Merge duplicate accounts Make accounts inactive 

Q11

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Which users will be able to see account numbers if they are enabled? Edit answer  Your answer:

All users will see the account numbers.  

Q12 When would you recommend merging accounts to a client? Edit answer 

 

Your answer:

When the client sets up two accounts accou nts that are used for the same purpose 

Q13

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What is the maximum number of characters allowed in the account number field? Edit answer  Your answer:

7  

Q14 Where would she navigate to assign a preferred vendor? Edit answer  Your answer:

Sales > Products and services > Edit under un der the Action column > Preferred vendors dropdown d ropdown 

Q15

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What must each product/service item be mapped to? Edit answer  Your answer:

Chart of accounts 

Q16

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There are four item types to choose from in QuickBooks Online. Edit answer  Your answer:

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These are products that are bought boug ht and sold, and where it is necessary to track quantities on hand. You must subscribe to QuickBooks Online Plus or Advanced to use this feature Inventory (in QuickBooks Online Plus and Advanced only)

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These are products bought and sold where it isn't necessary to track quantities on hand, such as small parts used in the installation or delivery of a product Non-inventory

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This is a collection of products and services that are sold together, such as the installation of a product that includes both labor and materials Bundle

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This includes services that are provided to customers, such as an emergency service call visit or other labor Service

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Q17

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Where would he go to add the additional term? Edit answer  Your answer:

Gear > All lists > Terms > New

SECTION 2 

Q1

 

What are 2 ways to add a new customer to QuickBooks Online?

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Edit answer  Your answer:

Sales > Customers > New customer  Gear icon > Import data > Customers 

Q2

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What are 2 ways to add a new vendor to QuickBooks Online? Edit answer  Your answer:

Gear > Import data > Vendors Expenses > Vendors > New vendor  Q3

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What does QuickBooks Online automatically create to record the balance owed when adding a vendor with a non-zero opening balance? Edit answer  Your answer:

Journal entry Q4

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What connection method eliminates the need to provide a bank user name and password after the initial setup process? Edit answer  Your answer:

OAuth  

Q5

Where should you go to link to a new bank account in a client's QuickBooks Online company? Edit answer  Your answer:

Banking Center  

Q6

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When first setting up Sales tax for a client, what information will be prepopulated? Edit answer  Your answer:

Sales tax filing frequency  

Q7

Which 4 methods allow clients to process digital payments from customers using QuickBooks Payments? Edit answer  Your answer:

Sending Sales receipt to a customer via email Entering apayments manually as a Sales receipt Taking client payment via the Pay Now button on an emailed invoice

 

Running a card through a card reader attached to a mobile device 

Q8

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Where would your client navigate to view the status of a bill payment that was paid using Melio? Edit answer  Your answer:

Open bill payment > View online payment  

Q9

Which 2 team user roles have permission to view and search for apps using the Apps tab in QuickBooks Online Accountant? Edit answer  Your answer:

Primary Admin Full Access 

Q10

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Which 2 QuickBooks Online Payroll subscription levels include QuickBooks Time? Edit answer  Your answer:

Premium Elite 

Q11

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Which 3 of these features are benefits of QuickBooks Online Payroll Premium? Edit answer  Your answer:

Same-day direct deposit Access to QuickBooks Time Premium Expert review  

Q12

Which 3 options for customizing invoices can you access via the Custom form styles > Invoice template? Edit answer  Your answer:

Change invoice color schemes Add a logo Change invoice fonts  

Q13

What user type is appropriate for nonprofit companies that need to provide reporting access to their board members? Edit answer  Your answer:

Reports only user  

Q14

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Which statement about switching between Accountant and Business view is true?

 

Edit answer  Your answer:

 Navigation labels may vary depending on whether you are in Business or Accountant view Q15

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In the Overview tab of the Client List, what filter can be applied to only show clients assigned to a specific team member? Edit answer  Your answer:

Lead

SECTION 3 Q1

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When downgrading a client’s subscription, what will be affected as a result of the downgrade? Edit answer  Your answer:

All discounts will be removed 

Q2

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The statement can be downloaded in which 2 file types? Edit answer  Your answer:

PDF CSV 

Q3

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How does Teresa update the lead for her client in QuickBooks Online? Edit answer  Your answer:

Clients > Filter > Edit leads > Select the new lead > Save 

Q4

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Which filter can be used to find a specific project when in the Work area? a rea? Edit answer  Your answer:

Project name 

Q5

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Which 2 status options can be selected when changing the status of a task? Edit answer  Your answer:

Blocked In progress 

Q6

 

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Which 2 are QuickStart templates provided in the Work area for ProAdvisors to use when setting up a new project? Edit answer  Your answer:

Bi-weekly payroll Monthly bookkeeping 

Q7

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Where would your client navigate within QuickBooks Online to see documents that you have shared with them? Edit answer  Your answer:

My accountant > Shared documents  

Q8 By posting to Undeposited Funds, you can create a single bank deposit for multiple payments, making it easy Blank 1 . When receiving a payment, make sure Blank 2Edit answer  Your answer:

Blank 1 - to match your bank register with your bank statement Blank 2 - the "Deposit to" account is Undeposited Funds Funds 

Q9

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Which common workflow error can cause duplicate expenses in QuickBooks Online? Edit answer  Your answer:

Creating a bill to record a vendor expense, and creating a check to the vendor for the same expense 

Q10

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Which user has access to the Voided/deleted transactions tool? Edit answer  Your answer:

Primary admin user   

Q11

What are 2 tools you can use to identify possible issues in a QuickBooks Online Company? Edit answer  Your answer:

Transaction Journal report Voided/deleted transactions tool  

Q12

Which feature helps streamline the purchasing process once a customer approves an estimate? Edit answer  Your answer:

Create purchase order from an estimate

 

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Q13

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What are 4 status types that can be assigned to an estimate in QuickBooks Online? Edit answer  Your answer:

Rejected Pending Closed Accepted 

Q14

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How can you convert an estimate to an invoice? Edit answer  Your answer:

Sales > Customers > Select Estimate > Open transactions > Select make invoice option at the  bottom 

Q15

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What are 2 ways to start a Credit memo in QuickBooks Online? Edit answer  Your answer:

Sales > All Sales > New Transaction > Credit Memo + New > Credit memo 

Q16

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Which statement type should she choose? Edit answer  Your answer:

Open Item

SECTION 4  

Q1

What are 2 ways to access the vendor credit screen in QuickBooks Online? Edit answer  Your answer:

+ New > Vendor Credit Expenses Center > New Transaction > Vendor Vend or Credit 

Q2

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In which 3 cases would you y ou use the "Add funds to this deposit" grid in a Bank deposit? Edit answer  Your answer:

When a company doesn’t record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts When an employee reimburses the company You receive a tax refund from the IRS

 

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Q3 What type of transaction in QuickBooks Online allows her to record the sale and the payment on a single screen? Edit answer  Your answer:

Sales receipt 

Q4

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What type of transaction is recorded when a customer pays via a payment pay ment link? Edit answer  Your answer:

Sales receipt 

Q5

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Which statement about adjusting journal entries in QuickBooks Online is true? Edit answer  Your answer:

Only Accountant users can create adjusting journal entries 

Q6

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What are 3 benefits of the Pay down credit card feature? Edit answer  Your answer:

It prevents mis-categorization of credit card payment transactions It prevents common errors that affect the company's financial statements It provides easy-to-understand language for non-accountant users  

Q7 1. Select the + New button from the left-hand navigation and select Blank 1 in the Other column 2. Select the credit card account that is being paid 3. Select the Blank 2 , if applicable 4. Enter the amount and the date of payment 5. Select the account the payment is being made from 6. Finally, select Blank 3Edit answer  Your answer:

Blank 1 - Paydown credit card Blank 2 - Payee Blank 3 - Save 

Q8

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Which statement is true about the Transfer feature? Edit answer  Your answer:

The Transfer feature can be used to move funds between two balance sheet accounts 

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Q9

What are the 3 ways to capture bills and receipts so that they can be matched to transactions and added to the bank feed?

 

Edit answer  Your answer:

Forwarding by email Via the mobile app File upload 

Q10

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In which tab in the Banking Center do bills and receipts appear after they are added? Edit answer  Your answer:

Receipts 

Q11

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When an excluded transaction is reinstated, which tab will it appear under? Edit answer  Your answer:

For review 

Q12

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Which 3 of these statements regarding bank rules are true? Edit answer  Your answer:

Bank rules can automatically add transactions to the register  Bank rules can be copied, edited, or deleted Bank rules can be prioritized  

Q13

Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online? Edit answer  Your answer:

To view the Bank statement, select History by account Transactions added or matched in the Banking Center are automatically marked tentatively cleared To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement  

Q14

How does QuickBooks Online use smart learning in its reconciliation tool to help find any hidden transactions? Edit answer  Your answer:

It can identify transactions where the transaction date is in a future period and the cleared date is in the statement period 

Q15

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Where would you navigate to undo a prior reconciliation as an Accountant user? Edit answer 

 

Your answer:

Reconcile > History by account > Down arrow > Undo 

Q16

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What are 2 ways to begin setting up a recurring transaction in QuickBooks Online? Edit answer  Your answer:

Gear > Recurring transactions Select the Make recurring option at the bottom of the desired transaction

SECTION 5 Q1

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Which of these are customizable labels that clients can assign to transactions of their choice? Edit answer  Your answer:

Tags 

Q2

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Where would you navigate in QuickBooks Online to generate a Balance Sheet report? Edit answer  Your answer:

Reports > Business overview > Balance Sheet Q3

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Which 2 of these datasets can be visualized using custom charts in the Performance Center? Edit answer  Your answer:

Accounts receivable Expenses 

Q4

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Which report shows the book (purchase or cost) value of inventory items with quantity on hand? Edit answer  Your answer:

Inventory Valuation Summary (or Detail) 

Q5

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Where can you select this option for them? Edit answer  Your answer:

Customize > General

 

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Q6

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How would she accomplish this? Edit answer  Your answer:

Copy an existing template under Custom reports and save to Management reports 

Q7

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Which are 2 open issues that you can view from the Transaction review tab? Edit answer  Your answer:

Unapplied payments Undeposited funds 

Q8

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What are the 3 status options? Edit answer  Your answer:

To do Waiting Done 

Q9

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What are 2 limitations of the Reclassify transactions tool? Edit answer  Your answer:

You cannot change the payment bank account when reclassifying expense transactions You cannot change the account for inventory adjustments 

Q10

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What are the correct steps to access and begin reclassifying transactions? Edit answer  Your answer:

Accountant Tools > Reclassify transactions 

Q11

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When can an Accountant user use the Write off invoices tool? Edit answer  Your answer:

When a customer has outstanding invoices that will not no t be paid 

Q12

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What are the correct steps to begin the Write off invoices process? Edit answer  Your answer:

Accountant Tools > Write off invoices  

Q13

At year end, what 2 reports can be used to verify that all bank and credit card accounts on the balance sheet have been reconciled?

 

Edit answer  Your answer:

Reconciliation Report Reconciliation Discrepancy Report 

Q14

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Which 3 items are included in the substantiation requirements? Edit answer  Your answer:

Vehicle type, date placed in service, and total mileage (including business, commuting, and  personal) 

Q15

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Which 2 options are benefits of using the Close books feature? Edit answer  Your answer:

It keeps track of any changes chang es made after the closing date was set to closed period transactions It can prevent users from changing transactions in a closed period 

Q16

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How can you find the Exceptions to Closing Date report? Edit answer  Your answer:

Reports > For my accountant