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• Q1
• The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of
the following statements are true about
... [Show More] the Chart of Accounts, how to make changes
to the Chart of Accounts, and how products and services are linked to the Chart of
Accounts?
Your answer:
To add a new account, you open the Chart of Accounts by selecting Accounting from the left
navigation, then select New to open the Account window
The Sales of Product Income account is a default account when inventory is turned on
Uncategorized Income and Uncategorized Expense are default accounts for online banking
activity
If you add a new account, the category type determines on which financial statement this
account will show
Delete an account from the Chart of Accounts if it is not relevant to your business
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• Q2
• A great feature of QuickBooks Online is that there are other lists you can utilize to
make it easier to fill in forms. Where would you go to find these lists?
Your answer:
Go to the Gear icon and select All Lists
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• Q3
• Look at the following 2 statements:
Statement 1 - “QuickBooks Online _____________ is the do-it-for-me option; a
complete payroll service with a team of US-based payroll experts to take care
of payroll for your client.”
Statement 2 - “You can also link up ____________ with QuickBooks to simplify
workflow and save yourself a significant amount of time. You’ll benefit from a
seamless, end-to-end experience that translates a client’s QuickBooks Online
books into a tax return.”
Identify the products that fit in the spaces to correctly complete the statements.
Your answer:
Full-Service Payroll; ProConnect Tax Online
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• Q4
• Where would you go to add a new vendor or find the link to import a vendor
list into QuickBooks Online?
Choose the most viable method from the options below, although other methods
may be available.
Your answer:
The New vendor button in the Vendors tab of the Expenses screen
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• Q5
• As part of understanding your client’s needs, you should find out what their
sales tax requirements are for their business and locality.
What information is needed to set sales tax up for a client in QuickBooks Online who
only does business in their home state? Select the 4 options you think apply.
Your answer:
Their company address?
When did their current tax period start?
How often they have to file a tax return?
When they started collecting sales tax for the agency?
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• Q6
• If you want to give one or more of your employees acce.....................CONTINUED [Show Less]