Instruction: Please help me choose the correct answer on the following questions.

Question 1

What is the impact on reports if you delete a Profit and Loss account that has a non-zero balance?

a. The account will show on reports with (deleted) appended

b. The account will not show on the reports

c. The account will show, but with a zero balance

d. The account will show, but with a negative value

Question 2

You're reviewing your client's credit card account when you find an outstanding transaction.

Depending on what caused the error, which 3 of these methods could you use to correct the account balance?

a. Void the transaction

b. Delete a duplicate transaction

c. Unreconcile the transaction

d. Adjust existing entries

Question 3

As you're reviewing a client's Profit and Loss accounts, you find an account called Reconciliation Discrepancies account. This account has a balance of $1,250.

What does this signify?

a. The client undid a reconciliation, then redid it.

b. The client forced a reconciliation by adding an adjustment

c. In Bank feeds, QuickBooks Online posted the difference between the amount of a transaction and the amount that cleared the bank to this account

Question 4

You reconcile a client's bank account up to today and see that their Undeposited Funds account has a debit balance for today. The client has told you that all payments have been deposited.

What else will you likely find?

a. Overstated income

b. Understated expenses

c. Overstated accounts receivable

d. Post-dated Receive payments transactions

Question 5

Your accrual-basis client wants to write off bad debt for a customer who just went out of business. The debt is from a single taxable invoice for $101 for a service purchase that happened one year ago.

Why shouldn't you use the Write off invoices tool in this case?

a. The Write off invoices tool can't be used for amounts in excess of $100

b. The Write off invoicestool doesn't account for sales tax calculations or for transactions that may be from a closed period

c. The Write off invoices tool can't be used for service items

d. The Write off invoices tool can't be used for customers who have gone out of business

Question 6

If you find negative total inventory in a client's company, you should run an Inventory Valuation Detail report for that product.

Which 2 statements about this report are correct?

a. The QTY column represents the count of products bought or sold on that transaction

b. The Cost column represents the FIFO estimate in QuickBooks Online of the value of the product sold

c. The QTY ON HAND column represents the running count of product on hand

d. The QTY AVAIL column represents the quantity available to sell after the transaction is complete

Question 7

Which 2 of the following can you change with the Reclassify transactions tool in QuickBooks Online Accountant?

a. Journal entry transactions

b. The account a transaction is assigned to

c. The class/location a transaction is assigned to

d. Transactions on an accrual basis

e. The customer a transaction relates to

Question 8

What does QuickBooks Online create when you make an adjustment to an account using the Prep for taxes tool?

a. A delayed charge

b. A refund receipt

c. An adjusting journal entry

d. A recurring journal entry

Question 9

Which 3 of the following statements about recording payments to contractors on 1099s are true?

a. Not all payments should be included on a 1099-NEC

b. Payments to contractors made by debit card shouldn't be included on a 1099-NEC

c. You can mark a vendor as being eligible for 1099s on their Vendor Details page

d. Payments to contractors made by credit card should be included on a 1099-NEC

Question 10

Which of these is true about the closing date in QuickBooks Online?

a. Only an Accountant user can set, edit, or delete a closing date

b. Only the Primary Admin user can set, edit, or delete a closing date

c. Users with rights to setting or editing the closing date don'tneed to know the password to change it

d. The Exceptions to Closing Date report is available only to Accountant users

Question 11

When reclassifying transactions based on location, why will all target lines on the transaction be changed even if they post to different accounts?

a. Because you can only have one location per line

b. Because QuickBooks Online can't reclassify multiple transactions

c. Because you can only have one location per transaction

d. Because the Reclassify transactions tool can't reclassify by locations

Question 12

What is a clearing account?

a. A bank type of holding account whose balance should always be zero

b. An expense account used to record transfers between accounts

c. A temporary income type of account used for deposits