Your client runs a small cleaning business.

Many of their customers sign up for a

regular weekly clean but only want to be charged monthly.

Which feature of QuickBooks Online can help your client track how much to
invoice at the end of the month?

• Delayed charges
• Delayed credit
• Sales receipt
• Estimate

Which 3 of these accounts do you need to assign in QuickBooks Online when

adding a new inventory item?

• An Inventory Asset account

• A Cost of Goods Sold account
• An Inventory Liability account
• An Income account
• A Depreciation account

Which of the following is not a reason why you might need to adjust sales tax
liability?

• When a penalty needs to be added

• When the number of items purchased changes
• When the client needs to adjust up or down because a tax agency accepts whole
dollars only
• When a prepayment needs to be made

What are 2 ways to turn off the Suggested rules feature in QuickBooks Online?

• Deselect the Show suggested rules option in the Advanced tab of Account and
Settings
 • Deselect the Show suggested rules checkbox in the Grid Gear icon in the For
Review screen in the Banking center
• Select Don’t show me this again on the Suggested rules pop-up
• Deselect the Show suggested rules option from the dropdown next to New rule
in the Rules center
• Select Don’t show me rules from the Grid Gear icon in the Rules center

What 2 types of transactions are omitted from a report run on the cash basis?

• Unmatched bank transactions

• Unpaid accounts receivable
• Unpaid accounts payable
• Unbalanced journal entries
• Retained earnings from prior periods

On which 2 transaction types there is no location field?

• Receive payment
• Transfer
• Expense
• Journal entry
• Bank deposit

Which 2 of the lists or reports below could you use to troubleshoot negative
inventory?

• Sales Performance report

• Inventory Valuation Summary report
• Terms list
• Products and Services list

Which of the following transactions does QuickBooks Online Advanced not

allows users to batch-create?

• Transfers
• Bank deposits
 • Checks
• Invoices
• Expenses
• Bills
• Sales receipts

Which 3 of the actions below can be performed when using progress invoicing in
QuickBooks Online?

• Calculating the percentages of line-items on an estimate to be invoiced on

invoices
• Editing individual invoice lines to change their amounts
• Creating multiple estimates from the same estimate
• Copying line items directly from an estimate onto an invoice
• Copying line items directly from an estimate to a bill

Which 3 billable charges can you invoice at a later date in QuickBooks Online?

• Billable expenses
• Delayed charges
• Billable time
• Estimates
• Billable stationery

For which 3 of the following accounts can they set a budget?

• Petty Cash
• Sales Income
• Cost of Goods Sold
• Travel Expense
• Accumulated Depreciation
• Inventory

What should you do to record the payment for the client?

• Select Sales tax settings, then select Record Payment from the Actions column
 • Select View return for the required tax return, then select Record Payment
• Scroll down on the list of shortcuts and select the Record a sales tax payment
option
• You can’t record a sales tax payment from the Sales Tax center. You need to
select Pay sales tax in Accountant Tools

What are the 2 recognized methods of recording and managing prepayments to

vendors in QuickBooks Online?

• Write a check or create a bill, and record the prepayment to an Other Current
Asset (OCA) account, increasing the balance until you’re ready to pay the final bill
• Write a check to the vendor recording the prepayment to a Retainers Expense
account, then create a vendor credit to adjust the vendor bill for the amount of the
total retainers
• Use the Pay Bills function to pay a vendor bill, but don’t apply the payment to
the bill yet
• Pay the vendor and post the payment to the accounts payable (A/P) account,
applying it later when the bill arrives

Which 3 of the following statements are true about working with corporate
credit cards in QuickBooks Online?

• Individual cardholder accounts, including the primary/master card, are set up

as subaccounts to the parent account
• The only method you can use to record a payment to a corporate credit card is
to enter payments manually by creating an expense transaction
• If you are paying off the full amount of the credit card, an easy way to record the
credit card payment is to use an expense transaction and split the payment between
the different credit cards
• With corporate credit cards, one card is usually designated as the primary, or
master card

What are 3 reasons why QuickBooks Online might not suggest a match for a bank
transaction?

• The transaction is posted to the wrong account

• The transaction is outside the date range in which QuickBooks Online searches
• The amount of the transaction posted in QuickBooks Online is greater or less
than the amount that cleared the bank
 • The transaction was entered automatically by a Rule
• The transaction was entered automatically by a third-party app

A client needs your help. A customer’s payment has failed and she doesn’t know what the
easiest way is to reduce her bank account balance and also increase accounts receivable for
the amount now owed again.

What do you suggest?

• Create a service item for the bounced check with the income account posting to
Accounts Receivable and invoice the customer for the amount of the bounced check
• Create a service item for the bounced check with the income account posting to
the bank account and invoice the customer for the amount of the bounced check
• Re-invoice the customer for the original work done
• Enter an expense transaction and post it to bank fees

When you’re looking at a transaction journal, which component of a transaction

includes the date, memos, accounts, class, and job?

• Source
• Target
• Categorization tag
• Level

In which tab of Account and Settings can you turn on Class tracking?

• Company
• Billing and subscription
• Sales
• Expenses
• Advanced

What should you do before deleting a balance sheet account that has a non-zero
balance?

• Rename the account

• Create a refund receipt
 • Reclassify the balance
• Void/delete the transactions that make up the non-zero balance

Your cash-basis client has informed you that a customer has refused to pay their invoice.
There is sales tax on the invoice.

What’s the best way to deal with the invoice?

• Use the Write off invoices tool

• Delete the invoice
• Create a credit memo
• Post to a bad debt expense account

Which 2 of these situations could cause payments for services to an applicable

payee not to appear in the 1099 Wizard for submission to the IRS?

• Total payment made to the applicable payee aren't at or above the $600
threshold level
• The Track payments box for 1099 isn’t checked on their Vendor Details screen
• They live in another state

hich 2 of these statements are true about the Tasks center?

• You can only assign tasks to users with custom roles

• You can attach documents to tasks
• You can export tasks in Excel and PDF format
• You can only use the Tasks center to monitor work inside QuickBooks Online
• You can set tasks to repeat at a specified frequency

Which 3 of the following statements are true about Spreadsheet Sync?

• Multiple team member can be concurrently logged into Spreadsheet Sync for the
same company
• Spreadsheet Sync lets clients build reports using QuickBooks Online data that
refresh with the latest transaction data from the company file
• Spreadsheet Sync only works with Excel Office 365
 • Clients can create and edit transactions in Spreadsheet Sync and then post them
back into their QuickBooks Online company file

Which 2 of these steps do you need to take before creating a Project estimate that
includes both estimated revenue and costs?

• Set up an Estimate Inventory account in the chart of accounts

• Enable the Estimate feature in Account and Settings
• Map each product and service item to be used on an estimate to an income and
an expense account
• Reset the quantity on hand value for each product and service item to be used
on an estimate
• Enable and configure the Projects feature in Account and Settings

Clients can deactivate custom roles from the Roles tab in the Manage users screen.

What would be a reason for not being able to deactivate a custom role?

• The custom role was created by the Primary Admin

• The company exceeded the number of allowed users
• There are still users assigned to that role
• The person trying to deactivate the custom role is not the Primary Admin
• Which words correctly complete this statement about working with inventory in
QuickBooks Online?
•

Select the correct option from the dropdown.

Recording the purchase of an inventory item increases
_______ the Inventory Asset account on the
balance sheet by the quantity multiplied by the cost, and ____ the Quantity on Hand units for
that item. also increases

What should you do to record the payment for the client?

• Select Sales tax settings, then select Record Payment from the Actions column
• Select View return for the required tax return, then select Record Payment
• Scroll down on the list of shortcuts and select the Record a sales tax payment
option
 • You can’t record a sales tax payment from the Sales Tax center. You need to
select Pay sales tax in Accountant Tools

A client needs your help. A customer’s payment has failed and she doesn’t know what the
easiest way is to reduce her bank account balance and also increase accounts receivable for
the amount now owed again.

What do you suggest?

• Create a service item for the bounced check with the income account posting to
Accounts Receivable and invoice the customer for the amount of the bounced check
• Create a service item for the bounced check with the income account posting to
the bank account and invoice the customer for the amount of the bounced check
• Re-invoice the customer for the original work done
• Enter an expense transaction and post it to bank fees

How do you make a report available to be sent via email on a scheduled basis?

• Add it to one of the Management reports

• Select the 3 vertical dots next to the report in the Standard reports tab
• Select Save customization on the displayed report and save it as a custom report
• Select Edit next to the report in the Standard reports tab

For how many days in advance does the Cash flow tab project your clients’ cash
flow?

• 30
• 120
• 60
• 90

Projects help clients organize all the transactions that make up a customer project and
track profitability.

To which other transaction categorization feature is Projects most similar?

• Class
 • Location
• Job
• Sub-customer

Which 3 of the following statements are true about Spreadsheet Sync?

• Multiple team member can be concurrently logged into Spreadsheet Sync for the
same company
• Spreadsheet Sync lets clients build reports using QuickBooks Online data that
refresh with the latest transaction data from the company file
• Spreadsheet Sync only works with Excel Office 365
• Clients can create and edit transactions in Spreadsheet Sync and then post them
back into their QuickBooks Online company file