1.To enable customize features and setting that apply to your company, click the,

a.

Bell Icon

b.

Button '+ New' located on the top right.

c.

Gear Icon

d.

Dashboard

QUESTION 2

1.To setup the sales taxes in QuickBooks, go to,

a.

The Gear Icon, under Settings and click on Company Settings.

b.

The Navigation Bar (left), click on Taxes and choose Sales Taxes.

c.

The Accountant Tools above, click on Chart of Accounts and create a Sales Tax account.

d.

The Navigation Bar (left), click on Sales and choose Sales Taxes.

QUESTION 3

1.You can create accountant type users.These users will have unlimited access to all areas of QuickBooks. When setting an accountant user, by inviting the accountant, all you need to enter is their email address and password.

True

False

QUESTION 4

1.By clicking onto the Accountant Tool at the top, you can view some of the following Quick Links:

a.

Reconcile, Journal Entries, Write of Invoices, Credit Memos.

b.

Journal Entries, Reports, Reconcile, Sales Discount.

c.

Chart of Accounts, Journal Entries, Reconcile, Reports

d.

Chart of Accounts, Reports, Funds Transfer, Journal Entries.

QUESTION 5

1.The Create (+New) button at the top left, displays a list of transactions that you can create. Transactions are grouped into four general categories:

a.

Banking, Product and Services, Customers, Suppliers

b.

Customers, Suppliers, Payroll, Other

c.

Customers, Banking, Payroll, Suppliers

d.

Product and Services, Banking, Payroll

QUESTION 6

1.A category is a means of classifying products and services you sell to customers. Categories save you time when completing transaction forms, since you can search for items by category.

True

False

QUESTION 7

1.An invoice is a form on which you record details about a sale to a customer who owes you money. It lists the services you're providing or the products you're selling. It also shows the quantity and price or rate of each item.

True

False

QUESTION 8

1.A non-inventory part is one of the types of line items you can use when you are filling out a sales form or purchase form. Non-inventory part items do not track merchandise that:

a.

You purchase but do not resell.

b.

Materials that are used in the delivery of your services.

c.

You purchase and resell but do not stock in inventory or track as inventory.

d.

None of the above

QUESTION 9

1.If you need to keep track of Accounts Payable, each of your suppliers must be set up on the Suppliers list.

True

False

QUESTION 10

1.Below are the two steps used to track accounts payable in QuickBooks, the third step is optional.

a.

Deferred Charges - Enter Bill - Print Bill Payment Cheques

b.

Enter Bill - Pay Bill - Print Bill Payment Cheques

c.

Receive Inventory - Enter Bill - Pay Bill

d.

Deferred Charges - Receive Inventory - Enter Bill

QUESTION 11

1."Accumulated depreciation" is typically what kind of account in QuickBooks?

a.

A subaccount of a fixed asset account

b.

A subaccount of a current asset account

c.

An expense account

d.

A subaccount of a liability account

QUESTION 12

1.If your business is buying or selling goods and services outside of Canada you may choose to enable the multicurrency feature in QuickBooks. After it's enabled QuickBooks create and stores a list of currencies on the Currency List.

True

False

QUESTION 13

1."Retained Earnings" is:

a.

The accumulation of a company's net income or loss from its start date

b.

The amount of money that a business retains for paying employees

c.

The earnings from non-essential business services

d.

The amount of interest saved from paying off a loan early

QUESTION 14

1.The Bank Reconciliation Reports details include:

a.

List of cleared cheques and payments

b.

List of cleared deposits and credit

c.

List of uncleared cheques and payments

d.

All of the above

QUESTION 15

1.You can transfer funds between most balance sheet accounts in your chart of accounts (except between A/P and A/R accounts).

True

False

QUESTION 16

1.To track reimbursable expenses and time you can use one or more transaction types. Which one of the following transactions is not likely to be considered;

a.

Weekly timesheets

b.

Single Time Activity

c.

Invoicing

d.

Expenses

QUESTION 17

1.QuickBooks recognizes when you are converting an estimate to an invoice and asks you the question: How much do you want to invoice? Which of the following options would not be offered?

a.

Total of all estimate lines

b.

Percentage of each line

c.

Custom amount for each line

d.

None of the above

QUESTION 18

1.When you are creating a Credit Memo it is not necessary to use the same Product/Service item that is in the original invoice. QuickBooks will automatically adjust the same account that was used on the original transaction.

True

False

QUESTION 19

1.To create a recurring template with a schedule associated with it, select the interval for how often the transaction will be created. Which of the following interval that is not included in the QuickBooks list?

a.

Weekly

b.

Monthly

c.

Semi-annually

d.

None of the above

QUESTION 20

1.QuickBooks can be setup to automatically remind you when bill payments are due.

True

False

QUESTION 21

1.The Canada Revenue Agency (CRA) requires you to keep a current federal and provincial TD5 form on file for each of your employees. For Qubec employees, you must keep a federal TD5 form and a provincial form on file.

True

False

QUESTION 22

1.The three ways to input time data are as follows:

a.

Weekly time sheets, single time activities, add hours to pay cheque.

b.

Weekly time sheets, single time activities, Vehicle Mileage report.

c.

Single time activities, Stopwatch, Vehicle Mileage report.

d.

Single time activities, QuickBooks Timer, Vehicle Mileage report.

QUESTION 23

1.QuickBooks Online does not reimburse mileage for employees through the payroll. You would need to setup the employee as a vendor, and then create a billable expense.

True

False

QUESTION 24

1.Which of the following best describe QuickBooks On-Line method to cost inventory?

a.

The last units purchased (Last In) to be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.

b.

The average cost of an inventory item, equals the total cost of the items currently in stock, divided by the number in stock.

c.

The first units purchased (First In) will be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.

d.

The next units purchased (Next In) to be the first units sold (First Out) and QuickBooks will adjust your assets and Cost of Goods Sold (COGS) accordingly.

QUESTION 25

1.A bundle is a way of grouping products and services that you often sell together. Bundles save time when you create sales transactions. Instead of entering each product or service as a separate line item, you just enter the bundle itself.

True

False

QUESTION 26

1.There are several different types of reports available for you in QuickBooks Online. The basic reports types are the following:

a.

Transaction Reports, List Reports, Accountant Reports, Financial Reports

b.

Financial Reports, General Reports, List Reports, Accountant Reports

c.

Transaction Reports, List Reports, Summary Reports, Detail Reports

d.

Accountant Reports, List Reports, Tax Reports, Detail Reports

QUESTION 27

1.The profit and loss report provides you with your business' performance in any specific period of time. This report is also known as an income statement. It summarizes your income and expenses for the month or year (or any period), so you can tell whether you're operating at a profit or a loss.

True

False

QUESTION 28

1. The Reports Centre is divided into three tabs. The tabs are located at the top of the Reports Centre. The tabs include are

a.

Standard, Accountant Reports, Management Reports

b.

Custom Report, Management Reports, Accountant Reports

c.

Management Reports, Custom Reports, Quick Reports

d.

Standard, Custom Report, Management Report

QUESTION 29

1.Which of the following would not show up on a "Goods and Services / Harmonized Sales Tax Return"?

a.

Installment and other annual filer payments.

b.

Adjust Quantity/Value of inventory on hand

c.

Adjustments (Sales)

d.

Input tax credits (ITCs)

QUESTION 30

1.Once you turn on the multiple currency preference, you cannot turn it off. You can no longer change your home currency.

True

False