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Quickbooks Online Exam 2024 – Questions & Answers
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Quickbooks Online Exam 2024 – Questions & Answers
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Quickbooks Online Exam 2024 – Questions & Answers When setting up a new QuickBooks account, which of the following is TRUE about the Chart of Accounts? Correct Ans - It is possible to add more accounts after starting a new company. This is correct. QuickBooks creates a Chart of Accounts for you, but you can add, edit, and/or remove accounts afterstarting a new company in QuickBooks.
You just set up a new QuickBooks company and your employer needs you to create a Chart of Accounts. Which of the following is TRUE? Correct Ans - Accounts are automatically created based upon your industry type, however you CAN add more accounts later. This is the correct answer. A Chart of Accounts is created when a company is first set up, however you can add more
accounts after the startup process.
You're setting up a new QuickBooks account for a business that just hired you.
The company has a list of accounts with opening balances (e.g. loan, vehicles, etc.). Where do you enter these balances when setting up the QuickBooks account? Correct Ans - You can enter opening balances using a Journal entry or directly into account registers. However, this is not recommended for
non-accountants. You can enter open invoices to record the balance owed to you (Accounts Receivable) and open bills to record what you owe (Accounts Payable). Correct. Entering opening balances can be tricky because of the "other side" of the opening balance entry. Usually one uses an Equity account, but this depends on the date you enter opening balances.
Your employer wants you to create a new QuickBooks company. What information should you know (because you can't change it later)? Correct Ans - The company's industry Correct. QuickBooks uses this information to change settings and create a Chart of Accounts for you. You can change settings after set up. And while you can edit, add, and delete accounts, it can be more time consuming that simply selecting an industry.
You'd like to change the company address in Account and Settings screen. What's the first step to open the Account and Settings? Correct Ans - Click the icon on the home page Correct. This is where you can access Account and Settings. Note, in some companies, this option may be called Company Settings. Your employer asks you to update your businesses contact info. How do you access the Account and Settings screen to do this? Correct Ans - Click the
icon on the home page Correct. This is where you access Account and Settings.
The link for settings is sometimes called "Company Settings" and in other companies it might be called "Account and Settings". d
What does "Privacy mode" on the home page do? Correct Ans - It hides the values displayed on the profit and loss, bank accounts, and other sensitive financial information. Correct
You're working in QuickBooks at a coffee shop for a few hours and don't want to share all of your company's financial details with everyone there. How can you fix this? Correct Ans - Click the Privacy mode switch on the home page to prevent sensitive financial information from being displayed in this window. Correct
You need to set up a new user so they can see reports, but do NOTHING else in
QuickBooks. Put the steps for setting up a user (who can only see reports) in the correct order. (Note: You don't have to choose all the steps.) Correct Ans - a. In the Manage Users screen, click "New"(2) b. Choose User Type "Reports Only" and click Next (3) c. Click the Reports Tab Enter the user's email address and click Next (4) d. In the reports tab, select users and then click New. e. Click the Company menu and choose Manage Users (1)
What are three areas where you can find and do everything you need? Correct Ans - (to create new transactions), (for settings, lists and activities you don't do often), and navigation bar on left (to work in specific functional areas, e.g. customers or reports) Correct
Your new employer asks about the menu choices at the top of the screen ( ). Select the statement about the menu that is FALSE Correct Ans - You can
create your own menus in the Advanced tab of Account and Settings Correct. You can't create menus in QuickBooks while accessing your data via a web browser. You can use a desktop app to access your QuickBooks data which does have a menu.
Regular or Custom users are set up with one of the following levels of access: Correct Ans - All, None, or Limited This is the correct choice. Within Limited,
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