What is the recommended browser for QuickBooks Online?
Chrome
To locate a transaction that was previously entered, where do you go?
Search
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S-Corporations are a very good shield against personal liability and a wise choice of entity for any business that may seek venture capital funding in the future.
True
If you want to import your QuickBooks desktop data to QuickBooks Online, where would you find this option?
Gear icon
Which of the following is not a requirement of an S-Corporation?
Have multiple classes of stock
When looking at the dashboard, which of these will you find?
All of the answers listed
The QuickBooks mobile app allows instant access to your QBO data from your mobile device.
True
Which QuickBooks subscription is most popular?
Plus
The revenue earned from the sale of goods or services, or the money an individual receives in conpensation for their labor.
Income
The company that we are setting up follows what type of corporate entity.
S-Corporation
Amounts due to Vendors or suppliers for goods or services received that you have not yet paid for
Accounts Payable
Something you owe; a company debt
Liability
Which of the following is not a requirement of an S-Corporation?
Have multiple classes of stock
A long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income.
Fixed Asset
The balance of money owed to you for goods received or services delivered but not yet paid by customers.
Accounts Receivable
What do you use Terms for in QuickBooks? [Choose the BEST answer!]
To determine when a customer's invoice is due.
Where would you go to recategorize all expenses for a vendor?
Vendor Center >Click the Vendor >Select Transactions >Batch Actions >Categorize Selected
Which report displays a list of unpaid invoices by customers?
Open Invoice
You received payments for multiple invoices, and now you need to deposit them. Where do you go next/
+New Icon >Bank Deposit
You just opened the mail and need to post three payments for open invoices. Where do you go to record the payments?
+ New Icon >Receive Payments
You sold product to a customer and received payment at the time of sale. Now you need to record the sales in QuickBooks. Which form would you use?
Sales Receipt
You need to identify which customers purchase the most merchandise or services. Which report will help you do this?
Sales by Customer Summary
Put the 2 steps for entering a vendor credit and using it when you pay the bill in the correct order.
1. Click the Global Create Button, Plus sign, and select Vendor Credit.2. Click the Global Create Button, Plus sign and select Pay Bills.
1. Click the Global Create Button, Plus sign, and select Vendor Credit., , 2. Click the Global Create Button, Plus sign and select Pay Bills.
Your Accountant is upset that changes are being made to last year's numbers. How can you stop this from happening?
NOTIn the Advanced section of the Company Settings, set a Closing Date.
A DEPOSIT can be made recurring.
False
The direct costs attributed to producing a service or product for sale, and has a direct relationship between these costs and revenue.
NOT Cost of Good Service
A financial statement of assets, liabilities, and capital; the report details the balance of income and expenditures over a specified period of time.
NOT Journal
To add Locations to track Income and Expenses, where do you go?
NOT Gear >Products and Services
The net worth of a company. The difference between what you owe and what you own.
NOT Liabilities
An economic resource that will be used to generate economic benefit and it categorized in the order of how liquid the asset is: current, fixed and other.
NOT Income
Which of the following statements is not true about Products and Services?
NOT You can set up and manage categories to group Products and Services
Your boss asks you to remove an account from the Chart of Accounts (you don't use it anymore). You would do this by simply deleting the account from QuickBooks
False
To manage your chart of accounts....
Left navigation bar
Click Accounting
Click Chart of Accounts
True
A cash flow projection shows the amount of money expected to come into a business minus money expected to go out over a determined amount of time.
True
Which transaction does not affect the customer's balance?
NOT Payments
Your Accountant is upset that changes are being made to last year's numbers. How can you stop this from happening?
NOT In the Advanced section of the Company Settings, set a Year End Final Date.
What your company owns (Bank Accounts, Petty Cash)
NOT Equity
Provides a summary view of balances we owe Vendors or Suppliers
NOT Expense by Summary
The net worth of a company representing the difference between acompany's liabilities and assets. Equity represents the health of a business as it represents the amount of money left after all of the debts are satisfied.
NOT Asset [Show Less]