Please help to answer the questions using Quick Books Online -5e (2021)

31. A Sales Receipt is essentially a combination of which two transactions? (Select two answers)

Select one or more:

a. Bank deposit

b. Check

c. Estimate

d. Invoice

e. Receive payment

32. QuickBooks Online can connect to which of the following types of financial accounts? Select all that apply.

Select one or more:

a. Investment account at national bank

b. Loan account for a loan from a friend

c. Bank account

d. Credit card account

33. You would like to change the name of one of the general ledger accounts created by QBO during the setup process. What is the first step to do this?

Select one:

a. Select My Accountant from the Navigation bar and ask your CPA to do this

b. Click on the icon+ and select Chart of Accounts

c. Click on the icon +and select Account and Settings

d. Select Accounting from the Navigation bar and select Chart of Accounts

34. QBO must be backed up by the user _______.

Select one:

a. Every month.

b. Never. QBO is backed up by Intuit.

c. Every day.

d. Every week.

35. Your accountant has completed all the year-end accounting work and submitted your final financial statements to the bank and other external agencies as required. What can you do to help prevent users of QuickBooks Online from modifying transactions that have occurred in the past?

Select one:

a. Change user access to limit the dates they can enter transactions.

b. Archive all prior year transactions on a backup file and then delete them from the QuickBooks Online company.

c. Open Account and Settings and enter a closing date as of the end of the completed year.

d. Start a new QuickBooks Online company for the new year.

36. What report would let you how much money, in total, each customer owes your company?

Select one:

a. Accounts payable aging detail report

b. Sales by Customer Summary report

c. Accounts receivable summary report

d. Transaction list by vendor report

e. Balance Sheet report

37. Which of the following are tasks that can be automated in QuickBooks Online? (Select all that Apply).

Select one or more:

a. Apply credits.

b. Import bills from vendors.

c. Invoice unbilled activity.

d. Pre-fill forms with previously entered content.

38. Credit card transactions that are downloaded from a bank feed into QuickBooks Online are _____________ compared to entering an Expense directly in QuickBooks Online which is _______. (Assume bank rules are not used).

Select one:

a. not automatically posted; automatically posted

b. automatically posted; automatically posted

c. automatically posted; not automatically posted

d. not automatically posted; not automatically posted

39. Michael is the owner of 5 snow cone stands in the state of Colorado. He would like your company to provide products and services to each of the five different snow cone stands, but he wants you to send all invoices to his main office. He also wants to be able to pay with one consolidated check and to receive a combined statement of account. Select the best method below to use when setting up these customers to satisfy Michaels request.

Select one:

a. Create one customer for the main office. Every time you create a new invoice, manually change the shipping address on the invoice.

b. Create 5 individual customers. Each customer will have the billing address of the main office and the shipping address of the snow cone stand.

c. Create one parent customer for the main office and create 5 sub-customers, one for each of the snow cone stands. Select Bill with parent on each sub-customer.

d. Create one parent customer for the main office and create 5 sub-customers, one for each of the snow cone stands. Select Bill this customer on each sub-customer.

40. Before a report can be set to be automatically emailed every week from QBO, the report ______.

Select one:

a. must be on the screen of the user who wants to email it

b. must be saved as a custom report

c. must be exported to Excel

d. must be saved in a pdf format

41. Terms are used on which of the following customer transactions?

Select one:

a. Credit memo

b. Invoice

c. Sales Receipt

d. Estimate

42. All of the following are money-out type transactions except which one.

Select one:

a. Check

b. Pay bills

c. Expense

d. Credit memo

43. Which of the following details can be found on an audit log?

Select one:

a. The date of any change to your books

b. The name of the user who made the change

c. The type of change or event

d. All of the above can be found on the audit log.

45. All of the following transactions below would be good candidates to use a bank rule except which one?

Select one:

a. Monthly rent expense payments

b. Utility expense

c. Purchases of fuel for your work trucks

d. Hourly payroll worker paycheck