Question

A small consulting company wants to make the switch to QuickBooks Online. All of their expenses are paid at the time they are incurred, so there is no need to track bills in the system. There is only one person from the company who requires access to the system. The client wants financial reports such as Profit & Loss and Balance Sheet, A/R, and budget reports. Which of the following QuickBooks products would best suit their requests and requirements?

A. QuickBooks Online Plus

B. QuickBooks Self-Employed

C. QuickBooks Online Essentials

D. QuickBooks Online Accountant

E. QuickBooks Online Simple Start

QuickBooks Online Plus offers what inventory costing method that Desktop editions do not, with the exception of QuickBooks Enterprise Solutions Platinum subscription?

A. LIFO

B. FIFO

C. Average Cost

D. Standard Cost

E. None. All offerings are the same

Middletown Marketing wants to switch to QuickBooks Online and needs 3 people to access the data. They would like to set up recurring billing for their retainer based clients. Based on this information, which QuickBooks Online product would be the best fit?

A. QuickBooks Online Plus

B. QuickBooks Self-Employed

C. QuickBooks Online Essentials

D. QuickBooks Online Simple Start

E. None - QuickBooks Online does not support these features

Middletown Marketing wants to switch to QuickBooks Online and needs 3 people to access the data. They would like to set up recurring billing for their retainer based clients. Based on this information, which QuickBooks Online product would be the best fit?

A. QuickBooks Online Plus

B. QuickBooks Self-Employed

C. QuickBooks Online Essentials

D. QuickBooks Online Simple Start

E. None - QuickBooks Online does not support these features

Which of the following actions is performed outside of Account and Settings?

A. Add new users

B. Turn on class tracking

C. Specify terminology for customers

D. Enter a closing date and password

E. Select whether to show account numbers in dropdown menus and reports

Your non-profit client wants to adjust their fiscal year in QuickBooks Online. Where do you find the accounting related preferences to make this change?

A. Gear Icon > Your Account

B. Gear Icon > Tools > Set fiscal year

C. Accountant Toolbar > Accounting Settings

D. Gear Icon > Account and Settings > Advanced

E. After setup, you cannot change the fiscal year in QuickBooks Online

What would you do to confirm the accurate import of your QuickBooks Desktop data into QuickBooks Online?

A. Look for import confirmation email

B. Run Verify Data in QuickBooks Online

C. Perform Data Rebuild in QuickBooks Online

D. Compare the Cash-based Balance Sheet and Profit & Loss for All Dates

E. Compare the Accrual-based Balance Sheet and Profit & Loss for All Dates in both QuickBooks Online and QuickBooks Desktop

Which of the following steps does NOT need to be performed to prepare your QuickBooks Desktop data for conversion?

A. Ensure the file is under 350,000 targets

B. Enter a closing password in QuickBooks Desktop

C. Create a backup before QuickBooks desktop runs the Rebuild action

D. Correct errors in the QuickBooks data before uploading to QuickBooks Online

E. None - all of the above are recommended conversion preparation steps for QuickBooks Online

Where do you find accounting-related preferences?

A. Gear Icon > Your Account

B. Alerts > Change Preferences

C. Gear Icon > Account and Settings

D. AccountantCenter > Accounting Settings

E. Accountant Toolbar > Accounting Settings

Laura has decided to make the switch to QuickBooks Payments for merchant services and just received notification that her application has been approved. Which of the following is her next step?

A. Buy the card reader for mobile devices

B. Wait one week to begin processing payments

C. Call QuickBooks Payments support to complete setup

D. Verify that the merchant account is linked to QuickBooks

E. Call to confirm the start date for processing payments, based on the kind of products she sells

Which of the following lists are NOT accessed through the Gear icon?

A. Classes

B. Customers

C. Chart of Accounts

D. Products & Services

E. Recurring Transactions

Which of the following is a feature in the QuickBooks App that is not available in a regular browser?

A. Offline changes sync back to the cloud

B. Access to dropdown menus for screens and reports

C. App works on multiple devices like Mac, PC, and tablets

D. Gives you the ability to download a local backup of your QuickBooks Online data

E. App gives you access to Accountant tools not available through QuickBooks Online Accountant

Which of the following tasks can you perform using the Quick Create feature in a QuickBooks Online company?

A. Create new user

B. Create new account

C. Create new transactions

D. Create new customers and vendors

E. Create new employees and run payroll

You are logged into your client’s QuickBooks Online company through QuickBooks Online Accountant. After saving and closing a transaction in the company, you realize that you made an error. What is the best way to access the recent transaction list to reopen and fix the transaction?

A. Reports > All Reports > Recent transactions report

B. Click in the search box on the toolbar and choose the recent transaction from the drop down list

C. Click on the recent transactions button next to the quick create button in the center of the top toolbar

D. Press CTRL+F to bring up a search box and enter the dollar amount of the transaction to look it up and edit it

E. Transactions > Chart of Accounts and open the register for the account that you posted the transaction to, then open and edit the transaction

Answer 1

Answers for the quesitons are as follows:

A small consulting company wants to make the switch to QuickBooks Online. All of their expenses are paid at the time they are incurred, so there is no need to track bills in the system. There is only one person from the company who requires access to the system. The client wants financial reports such as Profit & Loss and Balance Sheet, A/R, and budget reports. Which of the following QuickBooks products would best suit their requests and requirements?

Answer D. QuickBooks Online Accountant

QuickBooks Online Plus offers what inventory costing method that Desktop editions do not, with the exception of QuickBooks Enterprise Solutions Platinum subscription?

Answer B: FIFO

Middletown Marketing wants to switch to QuickBooks Online and needs 3 people to access the data. They would like to set up recurring billing for their retainer based clients. Based on this information, which QuickBooks Online product would be the best fit?

Answer D. QuickBooks Online Simple Start

Middletown Marketing wants to switch to QuickBooks Online and needs 3 people to access the data. They would like to set up recurring billing for their retainer based clients. Based on this information, which QuickBooks Online product would be the best fit?

Answer D. QuickBooks Online Simple Start

Which of the following actions is performed outside of Account and Settings?

Answer A. Add new users

Your non-profit client wants to adjust their fiscal year in QuickBooks Online. Where do you find the accounting related preferences to make this change?

Answer D. Gear Icon > Account and Settings > Advanced