QuickBooks Online Certification Exam Answers & Questions
Question 1: Which features are exclusive to QuickBooks Enterprise and not found in any
other version?
Answer:
Here are a few of QuickBooks Enterprise's special features:
● 5 to 30 users is the maximum
● Unlimited number of items as opposed to Pro/Premier's maximum of 14500
● Strong aspects of the inventory
● Operates more quickly in a multi-user network setting with individual user access per region
Question 2: Which of the QuickBooks Pro and Premier versions differs most?
Answer:
● Using QuickBooks Premier, you can handle reports related to your industry, like Wholesale
and manufacturer, Retail, Non-Profit, Professional, Contractor, and services, and generate
purchase orders straight from sales orders and change orders. This function is absent from
QuickBooks Pro.
Question 3: What are the key pointers for a newcomer looking to expedite their QuickBooks
work?
Answer:
Before opening the QuickBooks program, the following points should be remembered:
● Check the date. Reports with incorrect dates are invariably inaccurate.
● Instead of using Enter, use Tab: Enter at an angle that is opposite of what you wish.
● Utilize shortcuts: putting in data entry more quickly, especially when dealing with dates. In
addition, eliminate duplicate transactions and reconcile accounts.
● If you find a lost page, use the Home page.
● Observe accounting rules, including those regarding revenue recognition and cost matching.
Question 4: Which financial reports, whether for tax preparation or another purpose, need to
be created at the end of the year?
Answer:
, ● Profit and Loss and Balance Sheet A6 At the end of the year, A/R Aging, A/P Aging,
Summary of Inventory Valuation, Profit by Job, and so on need to be created for tax
preparation.
Question 5: What distinguishes a Custom Summary Report from a Custom Transaction
Detail Report?
Answer:
The distinction between a customized summary report and a comprehensive report is as follows.
● Detail: A thorough transaction that is line by line and transaction by transaction.
● Summary: Contains the totals for a certain account or the totals for a vendor and client.
Question 6: Where in QuickBooks Online is the transfer funds function located?
Answer:
● The transfer funds feature in QBO is included under the "Quick Create" option.
Question 7: What makes establishing a password and a closing date so important?
Answer:
● Because an email is sent to the accountant automatically.
Question 8: When entering customer or vendor services, is it permissible to enter statement
costs one by one?
Answer:
● No, statement charges cannot be entered consecutively like vendor or customer services.
Question 9: Which of the following describes a feature of Payroll Online in QuickBooks?
1. The customer sends in payroll tax payments and forms,
2. exporting to QuickBooks Desktop for Mac.
3. Operated from a separate website that has a central customer list.
4. Employee payments are facilitated through either printed paychecks or direct deposits.
Answer:
, ● Operated from a separate website that has a central customer list.
Question 10: What steps will you take to tidy up the Vendors list if you find that two or more
names that are similar in the Vendor Center refer to the same vendor?
Answer:
● We will combine similar vendor names in such a case.
Question 11: To view the cleared checks, which account registration must be opened?
Answer:
● Verifying the Account.
Question 12: Note the distinction between items and accounts.
Answer:
The distinctions between the accounts and the items are as follows.
● Accounts: Reports on these financial transactions, such as balance sheets and profit and loss
reports, are created. Certain accounts, such as those for income and expenses, accounts
payable, and accounts receivable, have balances.
● Items: These are the goods and services you sell and utilize for invoicing and purchase orders,
among other transactions.
Question 13: What distinguishes entering a bill from writing a check?
Answer:
● When you write a check, you are simultaneously registering and paying an expense. The date
of payment and the expense won't be separated by any period. On the other hand, inputting a
bill will result in costs that must be paid later.
Question 14: How can I export financial reports from QuickBooks to Excel?
Answer:
The ways to download the financial reports to Excel are listed below.
, ● Launch any report first, then select the Excel option.
● Firstly, you need to open Excel on your PC and create a new spreadsheet.
● Export to Excel first, then search for data, statistical analysis, and graph creation.
Question 15: Can you provide instructions for adding a new customer to your client's
QuickBooks Online Company, following these steps?
1. Input the customer's name, phone number, and email as provided on the client's given
business card.
2. ____________________________
3. Revise the customer details and select the customer name from the available list. Access
the Edit option and input the reseller number if the customer is non-taxable.
4. _____________________________
5. Choose a Credit Card as the preferred payment method.
Answer:
2: Choose the Add Customer option.
4: Click on Payment and Billing.
Question 16: How can information be imported into QuickBooks Online?
Answer: Below are the various ways outlined to input information into QuickBooks Online:
● Utilize the Export Data Tool and Import Data Tool.
● Employ the Attachments Tool for input.
● Manually input data into the QBO forms.
Question 17: What does it mean when inventory shows a negative value?
Answer:
● A negative inventory indicates that there's no stock available for sale. To address this issue,
you can generate a Quick report for the item and investigate any discrepancies in the inventory
transactions.
Question 18: How do I input statement charges in QuickBooks?
Answer:
● First things first, log in to your QuickBooks account.
Question 1: Which features are exclusive to QuickBooks Enterprise and not found in any
other version?
Answer:
Here are a few of QuickBooks Enterprise's special features:
● 5 to 30 users is the maximum
● Unlimited number of items as opposed to Pro/Premier's maximum of 14500
● Strong aspects of the inventory
● Operates more quickly in a multi-user network setting with individual user access per region
Question 2: Which of the QuickBooks Pro and Premier versions differs most?
Answer:
● Using QuickBooks Premier, you can handle reports related to your industry, like Wholesale
and manufacturer, Retail, Non-Profit, Professional, Contractor, and services, and generate
purchase orders straight from sales orders and change orders. This function is absent from
QuickBooks Pro.
Question 3: What are the key pointers for a newcomer looking to expedite their QuickBooks
work?
Answer:
Before opening the QuickBooks program, the following points should be remembered:
● Check the date. Reports with incorrect dates are invariably inaccurate.
● Instead of using Enter, use Tab: Enter at an angle that is opposite of what you wish.
● Utilize shortcuts: putting in data entry more quickly, especially when dealing with dates. In
addition, eliminate duplicate transactions and reconcile accounts.
● If you find a lost page, use the Home page.
● Observe accounting rules, including those regarding revenue recognition and cost matching.
Question 4: Which financial reports, whether for tax preparation or another purpose, need to
be created at the end of the year?
Answer:
, ● Profit and Loss and Balance Sheet A6 At the end of the year, A/R Aging, A/P Aging,
Summary of Inventory Valuation, Profit by Job, and so on need to be created for tax
preparation.
Question 5: What distinguishes a Custom Summary Report from a Custom Transaction
Detail Report?
Answer:
The distinction between a customized summary report and a comprehensive report is as follows.
● Detail: A thorough transaction that is line by line and transaction by transaction.
● Summary: Contains the totals for a certain account or the totals for a vendor and client.
Question 6: Where in QuickBooks Online is the transfer funds function located?
Answer:
● The transfer funds feature in QBO is included under the "Quick Create" option.
Question 7: What makes establishing a password and a closing date so important?
Answer:
● Because an email is sent to the accountant automatically.
Question 8: When entering customer or vendor services, is it permissible to enter statement
costs one by one?
Answer:
● No, statement charges cannot be entered consecutively like vendor or customer services.
Question 9: Which of the following describes a feature of Payroll Online in QuickBooks?
1. The customer sends in payroll tax payments and forms,
2. exporting to QuickBooks Desktop for Mac.
3. Operated from a separate website that has a central customer list.
4. Employee payments are facilitated through either printed paychecks or direct deposits.
Answer:
, ● Operated from a separate website that has a central customer list.
Question 10: What steps will you take to tidy up the Vendors list if you find that two or more
names that are similar in the Vendor Center refer to the same vendor?
Answer:
● We will combine similar vendor names in such a case.
Question 11: To view the cleared checks, which account registration must be opened?
Answer:
● Verifying the Account.
Question 12: Note the distinction between items and accounts.
Answer:
The distinctions between the accounts and the items are as follows.
● Accounts: Reports on these financial transactions, such as balance sheets and profit and loss
reports, are created. Certain accounts, such as those for income and expenses, accounts
payable, and accounts receivable, have balances.
● Items: These are the goods and services you sell and utilize for invoicing and purchase orders,
among other transactions.
Question 13: What distinguishes entering a bill from writing a check?
Answer:
● When you write a check, you are simultaneously registering and paying an expense. The date
of payment and the expense won't be separated by any period. On the other hand, inputting a
bill will result in costs that must be paid later.
Question 14: How can I export financial reports from QuickBooks to Excel?
Answer:
The ways to download the financial reports to Excel are listed below.
, ● Launch any report first, then select the Excel option.
● Firstly, you need to open Excel on your PC and create a new spreadsheet.
● Export to Excel first, then search for data, statistical analysis, and graph creation.
Question 15: Can you provide instructions for adding a new customer to your client's
QuickBooks Online Company, following these steps?
1. Input the customer's name, phone number, and email as provided on the client's given
business card.
2. ____________________________
3. Revise the customer details and select the customer name from the available list. Access
the Edit option and input the reseller number if the customer is non-taxable.
4. _____________________________
5. Choose a Credit Card as the preferred payment method.
Answer:
2: Choose the Add Customer option.
4: Click on Payment and Billing.
Question 16: How can information be imported into QuickBooks Online?
Answer: Below are the various ways outlined to input information into QuickBooks Online:
● Utilize the Export Data Tool and Import Data Tool.
● Employ the Attachments Tool for input.
● Manually input data into the QBO forms.
Question 17: What does it mean when inventory shows a negative value?
Answer:
● A negative inventory indicates that there's no stock available for sale. To address this issue,
you can generate a Quick report for the item and investigate any discrepancies in the inventory
transactions.
Question 18: How do I input statement charges in QuickBooks?
Answer:
● First things first, log in to your QuickBooks account.
