QuickBooks Advanced Certification

Question 27 of 50

Which of the following tasks can be performed using the (+) New Button in QuickBooks Online?

ACreate a new user

BCreate a new account

CCreate new customers and suppliers

DCreate new transactions

EReconcile bank account

Question 28 of 50

Where can you create a new product or service in QuickBooks Online?

ATools menu > Other Functions

BNew button > Lists

CGear Icon > Lists

DNew button > Other

Question 29 of 50

Bank rules:

ACategorise bank transactions automatically

BChange the price of a product or service depending on factors such as the date or customer.

CCategorise bank transactions manually

DCreate automatic banking feeds

Question 30 of 50

Which of the following statements accurately describes bank rules?

ABank rules are company settings used to restrict certain users from accessing the banking transactions

BBank rules allow users to specify the frequency that QuickBooks Online downloads transactions from the bank

CBank rules are set up by users to allow QuickBooks Online to populate transaction fields with specified information

DBank rules are set by QuickBooks Online to automatically match downloaded transactions to manually entered transactions to inventory

EBank rules are set up by users to allow QuickBooks Online to automatically post downloaded transactions to the bills register

Question 31 of 50

Setting up GST:

ACreates a GST Liabilities Payable and ATO Clearing Account in your Chart of Accounts

BAllows you to Run GST Reports

CAllows the master admin to Lodge BAS/IAS to the ATO

DAll of the above

Question 32 of 50

Businesses expecting a GST turnover of more than $10 million can switch from Simpler to Detailed GST codes within the Tax Settings of the GST Centre in QuickBooks Online.

ATrue

BFalse

Question 33 of 50

To view reports for BAS, go to the GST tab, and then select the:

ARun reports button

BExpenses tab on the sidebar

CSettings

DPayment Tab

Question 34 of 50

An important report to run prior to lodging the BAS is the:

ATransactions without GST report

BGST Amendments report

CGST Summary report

DAll of the above

Question 35 of 50

Choose all answers that apply.

If you identified some problems with the BAS, this may be due to

Incorrect coding of transactions

Missing transactions

None of the above

Question 36 of 50

You are logged into your client's QuickBooks Online company through QuickBooks Online Accountant. After saving and closing a transaction in the company, you realise that you made an error. What is the best way to access the recent transaction list to reopen and fix the transaction?

AReports > All Reports > Recent transactions report

BClick in the search box and choose the recent transaction from the drop-down list

CClick on the recent transactions button next to the quick create button in the centre of the top toolbar

DPress CTRL+F to bring up a search box and enter the dollar amount of the transaction to look it up and edit it

ETransactions > Chart of Accounts and open the register for the account that you posted the transaction to, then open and edit the transaction

Question 37 of 50

GST liabilities and PAYG liabilities must always be lodged to the ATO at the same frequency in QuickBooks Online.

ATrue

BFalse

Question 38 of 50

With online banking, you are only able to use an exported file to upload transactions from your bank.

ATrue

BFalse

Question 39 of 50

After you have lodged a BAS, where will changes made to a transaction in a previously lodged BAS appear?

AGST Reconciliation Report

BGeneral ledger detail report

CIt will be added to your next BAS reporting period and you can also see it in the BAS Exception (Amendment) report

DYou will see the changes in the GST Detail report.

Question 40 of 50

Locations can be used to further categorise transactions. Which statement is NOT true about Locations?

ALocations can be organised with sub-locations

BThere are 5 levels of sub-locations

CLocations can be set up with separate settings

DLocations can be assigned to each row of a transaction