Reference no: EM131488253

Assignment

Question 1
Linsay's Landscaping wants to make notes in QuickBooks each time she services a client to streamline the invoicing process at the end of the month. She does not want these records to affect any month or year to date financial reports throughout the month until she invoices the client. Which of the following transaction types do you recommend she uses to achieve this goal?
A. Invoice
B. Credit Memo
C. Sales Receipt
D. Delayed Charge
E. Statement Charge

Question 2
Chris's Construction wants to be able to record estimates in QuickBooks and convert the estimates to invoices once jobs are complete. Which feature must be turned on in order to enable this workflow?
A. Turn on estimates
B. Copy estimates to invoices
C. Allow Invoices to be created from estimates
D. There is nothing special that needs to be done
E. This is not possible to achieve in QuickBooks Online

Question 3
Seth's Screw Manufacturing wants to get paid faster by utilizing the features in the Online Invoicing Portal. Which of the following items are benefits of using the Online Invoicing Portal?
A. Customizable invoice templates
B. Past due statements can be sent to customers
C. A secure password must be entered to view the online invoice
D. Clients can correspond with their customers regarding invoice details
E. Recipient can set up automatic payment for future invoices sent to their Intuit ID

Question 4
QuickBooks Payments allows you to process ACH payments electronically. Your customer receives the invoice through email and clicks the link to "Pay Now." After they enter the payment information, what is the next step in this transaction?
A. A check is automatically sent to your bank for deposit
B. A confirmation email is sent prompting you to "Accept Payment"
C. The payment is transferred to a secure holding account for 3 business days
D. The invoice will show a status of "paid" and the date payment was received
E. Your client receives an email that they must click to approve payment details and complete payment processing

Question 5
Dan's Doughnuts pays his oil delivery company at time of service. When each delivery is made, Dan writes a paper check for the amount and gives it to the delivery rep. What is the recommended method to record this transaction in QuickBooks Online?
A. Enter as a Check and manually enter the check number
B. Enter as a Check, mark ‘To Print' and print the check stub for a record
C. Enter through the Expenses window and select Cash as payment type
D. Open the bank account register and manually enter the check in to the register
E. Enter the Bill through Quick Create, then record the Bill Payment with the check number

Question 6
Which of the following is considered a non-posting transaction?
A. Bill
B. Invoice
C. Estimate
D. Payment
E. Bill Payment

Question 7
Where would you go if you want to pay multiple bills at one time?
A. Quick Create > Pay Bills
B. Vendors > Gear > Pay Bills
C. Transactions > Expenses > Pay Bills
D. Vendors > Select Bills > Batch Actions > Pay Bills
E. You cannot pay multiple bills at one time in QuickBooks Online

Question 8
Where can you print checks in QuickBooks Online?
A. Reports > Print checks
B. Home page > Print checks
C. Quick Create > Print Checks
D. Gear Icon > Tools > Print Checks
E. Transactions > Banking Transactions > Print checks

Question 9
Dan wants to be able to assign expenses to customers. Which of the following features does he need to turn on to reach this goal?
A. Turn on job costing
B. Automatically invoice unbilled activity
C. Track expenses and items by customer
D. QuickBooks Online does not support this feature
E. Show items table on purchase and expense forms

Question 10
Which of the following defines a transfer transaction in QuickBooks Online?
A. Paying a vendor via ACH
B. Paying an employee via direct deposit
C. Accepting payments from a customer via ACH
D. Moving money from one balance sheet account to another
E. Moving money between any two accounts on the Chart of Accounts

Question 11
You have entered a customer payment against an invoice and want to deposit it with a rebate from the office supply store. What is the best method for creating the deposit?
A. Enter vendor credit for the rebate, open Deposits window, check the boxes next to the customer payment and the vendor credit
B. In Deposit window, use the Add New Deposits table to enter the customer payment to accounts receivable and the rebate to other income
C. In Deposit window, check the box next to the customer payment, and use the Add New Deposits table to enter the rebate to office expense
D. In Deposit window, use the Add New Deposits table to enter the customer payment to the corresponding income account and the rebate to other income
E. In Deposit window, use the Add New Deposits table to enter the customer payment to the corresponding income account and the rebate to office expense

Question 12
What does QuickBooks Online allow you to do with a Journal Entry that QuickBooks Desktop does not?
A. Enter item quantities on an entry
B. Use more than one currency per entry
C. Apply payments against invoices on an entry
D. Record multiple accounts receivable and accounts payable lines per entry
E. Record an out of balance entry and automatically adjust the difference to Opening Balance Equity

Question 13
Dale has hired an employee and is ready to get started with QuickBooks Online Payroll. How do you turn the payroll feature on in his QuickBooks Online company?
A. Quick Create > Run Payroll > Upgrade
B. Contact QuickBooks Online customer service to add payroll
C. Gear Icon > Manage Subscription > Get started with Payroll button
D. Select Employees from the left navigation bar > Turn on Payroll button
E. Click the company name from the QuickBooks Online Accountant client list. From the client detail page, choose ‘Add Payroll'

Question 14
Which of the following are standard payroll reports in QuickBooks Online?
A. Payroll Transaction Detail, Payroll Transactions by Customer
B. Payroll Tax Liability Report, Payroll Tax Payments by Vendor
C. Unpaid Time Report, Payroll Details Report, Employee Payroll Cost Detail
D. Payroll Summary Report, Payroll Details Report, Payroll Tax Liability Report
E. Payroll Summary by Customer, Payroll Details by Employee, Payroll Tax Payments

Question 15
Kaydee's Cookies started out as a one woman show selling her baked goods at the farmers market. She recently moved into a commercial space and is hiring some staff - and she has reached out to you to get her set up with an accounting and payroll solution. She wants to use QuickBooks Online, but she wants to have full control of the payroll processing, reporting and tax payments. What service would be the best fit?
A. Intuit Full Service Payroll
B. QuickBooks Online Payroll
C. A third party payroll provider
D. QuickBooks Full Service Payroll
E. Intuit Online Payroll for Accountants.