Which of the following statements about customer addresses are correct?
A. Both a billing and shipping address are required.
B. The customer’s billing address is the address used for the credit card they use to pay you.
C. The billing and shipping address must be the same address.
D. The shipping address is where you ship the products they purchase
B & D
For each of the following statements choose whether is applies to INVOICES, SALES RECEIPTS, or BOTH
1. A name is not required
2. Use for when the customer pays later.
3. You can save, send, and attach the transaction to an email directly from QuickBooks Online.
4. Increases the Accounts Receivable balance
5. Use when the customer pays at the time of sale.
- Sales Receipt
- Invoice
- Both
- Invoice
- Sales Receipt
Which of the following are TRUE about QuickBooks Payments?
A. When a customer pays their invoice with a credit card or bank transfer with QuickBooks Payments, QuickBooks Online automatically records the payment transaction for you.
B. When using QB payments, you or your customer can enter the payment details.
C. QBO records the fees for the month in one transaction automatically, so you don’t have to enter it manually.
D. QB payments accepts debit cards, credit cards, PayPal, cash, and bank transfers
A & B
For each statement related to customer and sales tax, select TRUE or FALSE.
You can not override the amount of sales tax that QBO calculates on a sales transaction
FALSE
For each statement related to customer and sales tax, select TRUE or FALSE.
You can mark a product or service as taxable or nontaxable on the sales transaction.
TRUE
For each statement related to customer and sales tax, select TRUE or FALSE.
If you sell a taxable item to a nontaxable customer, QBO will not calculate any sales tax.
TRUE
For each statement related to customer and sales tax, select TRUE or FALSE.
The default tax status for all new customers is taxable.
TRUE
Which two statements are TRUE regarding billable expenses and items?
A. Turn on billable costs in the expenses area in settings.
B. Use the billable check mark to identify expenses that you want to invoice your customer for.
C. Once you check the billable selection, it can not be changed.
D. Billable costs are available in all QBO versions.
A & B
You are using projects to track your expenses. You invoice your customer for the expenses related to the project. Which reports do you use to see the unbilled costs? (choose two)
A. Billable costs detail from the reports window
B. Unbilled and reimbursable costs by job from the reports window.
C. Unbilled Time and expenses from the project tab.
D. unbilled Time and Unbilled Charges from the reports window.
C and D
For each statement related to 1099 workers, select TRUE or FALSE.
1099 workers are independent contractors.
TRUE
For each statement related to 1099 workers, select TRUE or FALSE.
You must withhold income taxes for 1099 workers.
FALSE
For each statement related to 1099 workers, select TRUE or FALSE.
Companies usually provide health insurance, sick pay, and vacation pay to 1099 workers.
FALSE
For each statement related to 1099 workers, select TRUE or FALSE.
1099 workers determine how, when, and where they work to complete tasks.
TRUE
For each statement related to 1099 workers, select TRUE or FALSE.
1099 workers are either full-time or part-time employees.
FALSE
You mailed a check to pay your monthly rent. The check was lost in the mail and was never cashed. What should you do with the check in QuickBooks?
A. Change the amount of the check to zero.
B. Delete the check.
C. Make a journal entry to reverse the check.
D. Void the check.
D
If you have a check to a vendor that will never be cashed, you should void the check in QBO to show that it will never clear the bank, and then reissue a new check for the vendor if needed.
For each sentence, complete by choosing the correct option, VOID or DELETE.
If you ( ) a transaction it erases it completely from your books, the only place you will see it is on the Audit Log
DELETE
For each sentence, complete by choosing the correct option, VOID or DELETE.
If you ( ) a transaction it zeros out the dollar amount, but the transaction remains, so you can see it in your books.
VOID
For each statement about voiding or deleting a transaction, select TRUE or FALSE.
Deleting a check notifies the bank to place a stop payment on the check.
FALSE
For each statement about voiding or deleting a transaction, select TRUE or FALSE.
Voiding a bill payment check does not void the associated bill.
TRUE
For each statement about voiding or deleting a transaction, select TRUE or FALSE.
Deleting a bill payment also deletes the associated bill.
FALSE
For each statement about voiding or deleting a transaction, select TRUE or FALSE.
Deleting a transaction removes it entirely from your books, including the audit log.
FALSE
For each statement about voiding or deleting a transaction, select TRUE or FALSE.
Voiding a transaction allows you to still see it in the customer or vendor record, but reduces the amount to zero.
TRUE
What best describes the process to use when a vendor issues you a credit memo for damaged products that you return?
A. Enter a vendor credit using the original category/item in QBO, and apply the vendor credit to the bill in the pay bills window.
B. Hold on to the paper credit memo, and when you get the next bill, reduce the amount you record in QBO by the amount of the vendor credit.
C. Enter a bill with a negative amount using the category/item in QBO, and apply it to the original bill in the pay bills window.
D. Enter a vendor credit using the vendor credits and refunds account, and apply the vendor credit in the pay bills window.
A
You are recording a credit card expense in QBO. How does the expense transaction affect the accounts?
A. It credits the credit card expense and credits the business expense account.
B. It debits the expense account and credits the bank.
C. It credits Accounts Payable and credits the expense account.
D. It debits the expense accounts and credits the credit card payable account.
D
