QuickBooks Online Exam (Updated) – Accounting, Bookkeeping, and Financial Management
Study Guide
Whterm-1ich three tasks can you perform when using Bank Feeds in the Banking area? (Choose
3) - correct answer ✔✔Match transactions entered in QuickBooks to the bank information as
they clear the bank.
Create a Receive Payment transaction if invoices are open in QuickBooks and one or more
payments have cleared the bank.
Unreconcile a previously cleared transaction
Quickbooks online, what is the difference between voiding and deleting a check? - correct
answer ✔✔D. 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.
Move each financial report from the list on the left to the correct description on the right.
(Balance Sheet or Profit and loss statement)
1) Show assets, liabilities, and equity at one point in time.
2) Used to understand changes in revenues and expenditures
3) Shows income, expenses, and net income during a specific time period.
4) Provides information about the current financial health of a business. - correct answer ✔✔1)
Balance sheet
2) Profit and loss statement
3) Profit and loss statement
4) Balance sheet
For each statement about managing unbilled expenses in Quickbooks Online, select True or
False.
, 1) The unbilled costs by job report displays the unbilled expenses
2) If you clear the billable check box for a cost, it is no longer a business expense.
3) You can change the billable status of a cost by selecting or clearing the Billable check box on
the check. - correct answer ✔✔1) True
2) False
3) True
For each aspect of a report, select YES is you can customize that aspect or No if you cannot.
1) The data range
2) The accounting
3) The way numbers are formatted - correct answer ✔✔1) Yes
2) Yes
3) No
For each statement about Quickbooks Online Plus, select True or False
1) Quickbooks Online Plus provides inventory tracking
2) Quickbooks Online Plus allows up to 5 user license
3) Quickbooks Online Plus provides project profitability tracking.
4) Quickbooks Online Plus includes Payroll support at no additional cost. - correct answer ✔✔1)
True
2) True
3) True
4) False
For each statement about the Cash Flow Statement, select True or False
1) if shows a business's assets, liabilities, and equity
2) It summarizes the cash flowing in and out of a business
Study Guide
Whterm-1ich three tasks can you perform when using Bank Feeds in the Banking area? (Choose
3) - correct answer ✔✔Match transactions entered in QuickBooks to the bank information as
they clear the bank.
Create a Receive Payment transaction if invoices are open in QuickBooks and one or more
payments have cleared the bank.
Unreconcile a previously cleared transaction
Quickbooks online, what is the difference between voiding and deleting a check? - correct
answer ✔✔D. 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.
Move each financial report from the list on the left to the correct description on the right.
(Balance Sheet or Profit and loss statement)
1) Show assets, liabilities, and equity at one point in time.
2) Used to understand changes in revenues and expenditures
3) Shows income, expenses, and net income during a specific time period.
4) Provides information about the current financial health of a business. - correct answer ✔✔1)
Balance sheet
2) Profit and loss statement
3) Profit and loss statement
4) Balance sheet
For each statement about managing unbilled expenses in Quickbooks Online, select True or
False.
, 1) The unbilled costs by job report displays the unbilled expenses
2) If you clear the billable check box for a cost, it is no longer a business expense.
3) You can change the billable status of a cost by selecting or clearing the Billable check box on
the check. - correct answer ✔✔1) True
2) False
3) True
For each aspect of a report, select YES is you can customize that aspect or No if you cannot.
1) The data range
2) The accounting
3) The way numbers are formatted - correct answer ✔✔1) Yes
2) Yes
3) No
For each statement about Quickbooks Online Plus, select True or False
1) Quickbooks Online Plus provides inventory tracking
2) Quickbooks Online Plus allows up to 5 user license
3) Quickbooks Online Plus provides project profitability tracking.
4) Quickbooks Online Plus includes Payroll support at no additional cost. - correct answer ✔✔1)
True
2) True
3) True
4) False
For each statement about the Cash Flow Statement, select True or False
1) if shows a business's assets, liabilities, and equity
2) It summarizes the cash flowing in and out of a business
