QB Section 1 Q&A Guide for exams
Which 2 features in QuickBooks Online can help a professional services company track
profitability by client? ANSW - Price rules
-Profit and Loss by Customer Report
Recurring transactions
Customer Statements
-Projects
What are the 3 primary ways to migrate client data to QuickBooks Online? ANSW - -
use the import data tool
use the export data tool
create recurring transactions
-enter data manually into quickbooks online forms and check registers
-convert data from existing quickbooks Desktop file
Which 2 QuickBooks subscription levels would support a client who needs to track how
much inventory is in stock at any given time? ANSW - essentials
simple start
-advanced
-plus
self-employed
You are adding a new client subscription through QuickBooks Online Accountant.
Which billing option would you choose if you want Intuit to bill your client? ANSW -
Accountant discount
ProAdvisor Discount
Client billing
-Direct Discount
To determine the scope of a bookkeeping clean-up engagement, you are reviewing the
Client Overview tab for a potential client. You notice that there is a large amount in the
Opening Balance Equity account. Which 2 reasons could be causing this balance?
ANSW - Transactions in the Banking Center were added without assigning an account
to them
-An opening balance was entered when an inventory item was created
-An opening balance was entered when creating a new Other Current Asset account*
An opening balance was entered when setting up sales tax
A reconciliation adjustment was posted when completing a bank reconciliation
Which 2 features in QuickBooks Online can help a professional services company track
profitability by client? ANSW - Price rules
-Profit and Loss by Customer Report
Recurring transactions
Customer Statements
-Projects
What are the 3 primary ways to migrate client data to QuickBooks Online? ANSW - -
use the import data tool
use the export data tool
create recurring transactions
-enter data manually into quickbooks online forms and check registers
-convert data from existing quickbooks Desktop file
Which 2 QuickBooks subscription levels would support a client who needs to track how
much inventory is in stock at any given time? ANSW - essentials
simple start
-advanced
-plus
self-employed
You are adding a new client subscription through QuickBooks Online Accountant.
Which billing option would you choose if you want Intuit to bill your client? ANSW -
Accountant discount
ProAdvisor Discount
Client billing
-Direct Discount
To determine the scope of a bookkeeping clean-up engagement, you are reviewing the
Client Overview tab for a potential client. You notice that there is a large amount in the
Opening Balance Equity account. Which 2 reasons could be causing this balance?
ANSW - Transactions in the Banking Center were added without assigning an account
to them
-An opening balance was entered when an inventory item was created
-An opening balance was entered when creating a new Other Current Asset account*
An opening balance was entered when setting up sales tax
A reconciliation adjustment was posted when completing a bank reconciliation
