Question 37 of 50 Your client is using advanced matching in the bank feed to find a match for a deposit that was made last week. While in the match transactions screen, he realizes that a rebate cheque was missing from the deposit, and he wants to enter it right onto the deposit. What two things are true about using the resolve difference feature in this scenario? One or more of your selected options was incorrect. Selecting even just one incorrect option will earn no credit for this question. Please try again. QuickBooks Online creates a journal entry to reflect the added information QuickBooks Online creates a new deposit to reflect the added information The total amount of the deposit - including the resolving transaction - will appear as two separate deposits on your bank reconciliation screen The total amount of the deposit - including the resolving transaction - will appear as a single deposit on your bank reconciliation screen QuickBooks Online creates a resolving transaction that posts to a Reconciliation Discrepancy account that gets automatically created Question 31 of 50 Which 3 statements are true regarding Bank Rules? One or more of your selected options was incorrect. Selecting even just one incorrect option will earn no credit for this question. Please try again. You can have up to five conditions apply to a rule Rules apply to unaccepted transactions only You can identify the rule right in the transaction QuickBooks Online only applies one rule per transaction You can set conditions for the rule to be based on date Question 28 of 50 You have turned on Multicurrency with CAD as the home currency, and you have created an invoice for 1,000 euro. The exchange rate for an invoice on the date of the transaction is 1.16849 . It is the end of the year and you want to revalue the euro currency to the current exchange rate of 1.163061 for the outstanding invoice. What is the effect on the realized exchange gain/loss account? A $5.43 loss B $5.43 gain c. 5.43 loss D 5.43 gain E There is no effect Question 29 of 50 Which 2 statements are true about currency revaluations? One or more of your selected options was incorrect. Selecting even just one incorrect option will earn no credit for this question. Please try again. Currency revaluations always affect accounts receivable as an unrealized gain Currency revaluations affect bank accounts as a realized gain or loss Currency revaluations appear as expenses or deposits and certain lines can appear as $0.00 Currency revaluations change the number of foreign currency units Amounts for Accounts Payable and Receivable lines in currency revaluations appear as $0.00 Question 30 of 50 You are reviewing your client's Multicurrency company Balance Sheet, and the balance as of the previous fiscal year-end for their US bank account, which they closed last year, is a $10 debit balance in Canadian dollars (the home currency). However, the US dollar balance correctly indicates the account has been closed. Select 2 reasons why this would be the case or how to remedy it. One or more of your selected options was incorrect. Selecting even just one incorrect option will earn no credit for this question. Please try again. You have to create a journal entry debiting foreign exchange gain or loss $10 and crediting the US bank account $10 The US bank account has not been reconciled as of the last fiscal year-end The Balance Sheet shows the cumulative balance of the account in the home currency based on the home currency value of each of the transactions using the exchange rate that appears on each screen You have to perform a currency revaluation for the US bank account as of the current date You have to perform a currency revaluation for the US bank account as of the last fiscal year-end Question 37 of 50 Your client is using advanced matching in the bank feed to find a match for a deposit that was made last week. While in the match transactions screen, he realizes that a rebate cheque was missing from the deposit, and he wants to enter it right onto the deposit. What two things are true about using the resolve difference feature in this scenario? One or more of your selected options was incorrect. Selecting even just one incorrect option will earn no credit for this question. Please try again. QuickBooks Online creates a journal entry to reflect the added information QuickBooks Online creates a new deposit to reflect the added information The total amount of the deposit - including the resolving transaction - will appear as two separate deposits on your bank reconciliation screen The total amount of the deposit - including the resolving transaction - will appear as a single deposit on your bank reconciliation screen QuickBooks Online creates a resolving transaction that posts to a Reconciliation Discrepancy account that gets automatically created Question 31 of 50 Which 3 statements are true regarding Bank Rules? One or more of your selected options was incorrect. Selecting even just one incorrect option will earn no credit for this question. Please try again. You can have up to five conditions apply to a rule Rules apply to unaccepted transactions only You can identify the rule right in the transaction QuickBooks Online only applies one rule per transaction You can set conditions for the rule to be based on date Question 28 of 50 You have turned on Multicurrency with CAD as the home currency, and you have created an invoice for 1,000 euro. The exchange rate for an invoice on the date of the transaction is 1.16849 . It is the end of the year and you want to revalue the euro currency to the current exchange rate of 1.163061 for the outstanding invoice. What is the effect on the realized exchange gain/loss account? A $5.43 loss B $5.43 gain c. 5.43 loss D 5.43 gain E There is no effect Question 29 of 50 Which 2 statements are true about currency revaluations? One or more of your selected options was incorrect. Selecting even just one incorrect option will earn no credit for this question. Please try again. Currency revaluations always affect accounts receivable as an unrealized gain Currency revaluations affect bank accounts as a realized gain or loss Currency revaluations appear as expenses or deposits and certain lines can appear as $0.00 Currency revaluations change the number of foreign currency units Amounts for Accounts Payable and Receivable lines in currency revaluations appear as $0.00 Question 30 of 50 You are reviewing your client's Multicurrency company Balance Sheet, and the balance as of the previous fiscal year-end for their US bank account, which they closed last year, is a $10 debit balance in Canadian dollars (the home currency). However, the US dollar balance correctly indicates the account has been closed. Select 2 reasons why this would be the case or how to remedy it. One or more of your selected options was incorrect. Selecting even just one incorrect option will earn no credit for this question. Please try again. You have to create a journal entry debiting foreign exchange gain or loss $10 and crediting the US bank account $10 The US bank account has not been reconciled as of the last fiscal year-end The Balance Sheet shows the cumulative balance of the account in the home currency based on the home currency value of each of the transactions using the exchange rate that appears on each screen You have to perform a currency revaluation for the US bank account as of the current date You have to perform a currency revaluation for the US bank account as of the last fiscal year-end