Intuit QuickBooks Certified User (QBCU) Exam:
Questions & Answers( Solved)
Features and Benefits of QB Online Plus - ANSWERCloud-based and accessed via
internet, can be accessed anywhere.
*Users don't have to download, install or maintain software on PC.
*Accountant can be invited to access company file remotely.
*Monthly fee- Intuit manages all updates.
QB Online Simple Start - ANSWER$30/month
-for basic accounting and only 1 user.
QB Online Essentials - ANSWER$55/month
- for time tracking and up to 3 users.
QB Online Plus - ANSWER$85/month
-for project management and inventory. up to 5 users.
QB Online Advanced - ANSWER$200/month
-for more advanced features, reporting and up to 25 users.
Migrating a company to QBO - ANSWERChoose a plan, upload data, migrate data
(odyssey resources), review data and complete process.
Primary Admin - ANSWERmain user who has access to every part of the QB account.
Can manage all users and other tasks. Can transfer role to a new/ existing QB user.
Company Admin - ANSWERhas access to every part of the account. Can do
everything primary admin can do except edit/ remove primary admin's access.
Standard User - ANSWERcan set varying levels of access. Can work with customers,
sales, suppliers, and expenses. Can also enter timesheets, add users, update
company info or manage subscriptions.
Levels of access for a standard user - ANSWERAll access
Limited Access- Customers and sales
LA: vendors and purchases
LA: customers only
LA: vendors only
LA: customers and vendors
None
Reports only user - ANSWERcan see all reports, except those that show payroll,
contact info or audit log. Can create customer reports bit can't view actually view
transactions. (They do not count toward user limits.)
, Time-tracking only user - ANSWERcan invite employees/ suppliers as time-tracking-
only users. They can only enter their own time sheets. Only access is to see time
sheet and time reports. (They do not count toward user limits.)
Company info you can edit - ANSWER(Gear icon-> account and settings)
Company logo, company name, legal name, EIN, Tax form, Industry, Company email,
Customer-facing email, Company phone, website, company address, customer-
facing address, legal address, marketing preferences with intuit.
Does QB require you to close books? - ANSWERNo. however, it does allow you to
limit access to a closed accounting period by setting up a password.
Why are you required to enter a pw before making any changes that will alter closing
balance? - ANSWERto keep you from accidentally adding, editing or deleting any
transactions.
What 2 options are available when setting up Close the Books? - ANSWERAllow users
to make changes to transaction in closed period after only a warning.
-Allow users to make changes only after issuing a warning and a password (safer).
Accrual basis Accounting - ANSWERshows income when the work is done, and shows
expense when they are incurred.
If the work has been done, but you haven't been paid. - ANSWERThere will be
accounts receivable for the amount owed to you.
if the expense has been incurred but not yet paid. - ANSWERThere will be accounts
payable for amount you owe.
Cash basis accounting - ANSWERshows income only when customers pay you and
shows expenses only when we pay them.
revenue would only include cash sales, and credit sales for which the customer has
already paid.
expenses you only include cash purchases and credit purchases for which we have
already paid the bill.
Locations and Classes - ANSWERbest for tracking large categories of your business.
not individual job or projects.
Projects Feature - ANSWERfor if you want to analyze your business on a project by
project basis.
Location Tracking and Class tracking - ANSWERlets you track your income and
expenses. you can use both or either location/ class tracking.
Location tracking - ANSWERallows you to assign a location to an entire transaction.
ex:(stores)
Questions & Answers( Solved)
Features and Benefits of QB Online Plus - ANSWERCloud-based and accessed via
internet, can be accessed anywhere.
*Users don't have to download, install or maintain software on PC.
*Accountant can be invited to access company file remotely.
*Monthly fee- Intuit manages all updates.
QB Online Simple Start - ANSWER$30/month
-for basic accounting and only 1 user.
QB Online Essentials - ANSWER$55/month
- for time tracking and up to 3 users.
QB Online Plus - ANSWER$85/month
-for project management and inventory. up to 5 users.
QB Online Advanced - ANSWER$200/month
-for more advanced features, reporting and up to 25 users.
Migrating a company to QBO - ANSWERChoose a plan, upload data, migrate data
(odyssey resources), review data and complete process.
Primary Admin - ANSWERmain user who has access to every part of the QB account.
Can manage all users and other tasks. Can transfer role to a new/ existing QB user.
Company Admin - ANSWERhas access to every part of the account. Can do
everything primary admin can do except edit/ remove primary admin's access.
Standard User - ANSWERcan set varying levels of access. Can work with customers,
sales, suppliers, and expenses. Can also enter timesheets, add users, update
company info or manage subscriptions.
Levels of access for a standard user - ANSWERAll access
Limited Access- Customers and sales
LA: vendors and purchases
LA: customers only
LA: vendors only
LA: customers and vendors
None
Reports only user - ANSWERcan see all reports, except those that show payroll,
contact info or audit log. Can create customer reports bit can't view actually view
transactions. (They do not count toward user limits.)
, Time-tracking only user - ANSWERcan invite employees/ suppliers as time-tracking-
only users. They can only enter their own time sheets. Only access is to see time
sheet and time reports. (They do not count toward user limits.)
Company info you can edit - ANSWER(Gear icon-> account and settings)
Company logo, company name, legal name, EIN, Tax form, Industry, Company email,
Customer-facing email, Company phone, website, company address, customer-
facing address, legal address, marketing preferences with intuit.
Does QB require you to close books? - ANSWERNo. however, it does allow you to
limit access to a closed accounting period by setting up a password.
Why are you required to enter a pw before making any changes that will alter closing
balance? - ANSWERto keep you from accidentally adding, editing or deleting any
transactions.
What 2 options are available when setting up Close the Books? - ANSWERAllow users
to make changes to transaction in closed period after only a warning.
-Allow users to make changes only after issuing a warning and a password (safer).
Accrual basis Accounting - ANSWERshows income when the work is done, and shows
expense when they are incurred.
If the work has been done, but you haven't been paid. - ANSWERThere will be
accounts receivable for the amount owed to you.
if the expense has been incurred but not yet paid. - ANSWERThere will be accounts
payable for amount you owe.
Cash basis accounting - ANSWERshows income only when customers pay you and
shows expenses only when we pay them.
revenue would only include cash sales, and credit sales for which the customer has
already paid.
expenses you only include cash purchases and credit purchases for which we have
already paid the bill.
Locations and Classes - ANSWERbest for tracking large categories of your business.
not individual job or projects.
Projects Feature - ANSWERfor if you want to analyze your business on a project by
project basis.
Location Tracking and Class tracking - ANSWERlets you track your income and
expenses. you can use both or either location/ class tracking.
Location tracking - ANSWERallows you to assign a location to an entire transaction.
ex:(stores)
