Quickbooks Online Exam (Updated) 2024 with 100% Correct & Verified Solutions

Quickbooks Online Exam (Updated) 2024 with 100% Correct & Verified Solutions Quickbooks online, what is the difference between voiding and deleting a check? - 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. Which three tasks can you perform when using Bank Feeds in the Banking area? (Choose 3) - Answer- A. Issue a Stop Payment request for a check B. Match transactions entered in Quickbooks to the bank information as they clear the bank. D. Unreconcile a previously cleared transaction Move each financial report from the list on the left to the correct description on the right. 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. - 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. - 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 - 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. - 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 3) It is divided intro three sections: Operations, Investments, and Financing 4) It is another name for an income statement for companies that use accrual accounting - Answer- 1) False 2) True 3) True 4) False Which list can you import into Quickbooks Online Plus from the import Data screen? - Answer- C. Products and Services What are three recurring transaction types in Quickbooks Online? (Choose 3) - Answer- B) Reminder C) Scheduled E) Unscheduled For which two reasons should you connect your online bank accounts to Quickbooks Online? (Choose 2) - Answer- A. To ensure that your data remains secure B. To help prevent data entry errors You need to record a new transaction from a sales receipt In which order should you perform the actions? 1) Match the the receipt 2) Select the receipt to make corrections or add missing inforamation 3) Upload an image of the receipt to Quickbooks Online 4) Create a new expense - Answer- 3 1 4 2 What is a reason for setting up products or services in Quickbooks Online? - Answer- B) To automatically message customers when items are in stock. You want to pass on some of your costs directly to customers in QuickBooks Online. You are able to assign a customer to a cost, but you cannot mark it as billable. You need to make costs billable in Quickbooks Onlin