QuickBooks Online Quiz

Which of the following is critical to have before setting up a QuickBooks Online company file?

• Customer contact list

• Business marketing plan

• Employee payroll details

• General company information, address, and banking account names

What is the purpose of the migration utility in QuickBooks Online?

• To move data from QuickBooks Desktop to QuickBooks Online

• To delete old transactions

• To create new user accounts

• To upgrade the software version

What is the best start date for a QuickBooks Online company file?

• The date the business owner first thinks about starting a business

• The first day of a period, month, quarter, or year

• The date the first sale is made

• The date the business receives its first invoice

What is the default Chart of Accounts in QuickBooks Online based on?

• The user's preference

• The industry chosen during setup

• Historical financial data

• The owner's business name

In QuickBooks Online, which of the following account types is NOT part of the Chart of Accounts?

• Assets

• Liabilities

• Expenses

• Dividends

How many accounts are allowed in the Chart of Accounts for all QuickBooks Online subscription types except Advanced?

• 500

• 250

• 100

• 1,000

Which of the following actions can you NOT perform in the Chart of Accounts?

• Add a new account

• Edit existing accounts

• Merge accounts of different types

• Inactivate accounts

What is a key feature of QuickBooks Online’s "Products and Services" feature?

• It tracks payroll information automatically

• It links products or services to accounts in the Chart of Accounts

• It automatically generates monthly financial reports

• It creates an invoice template

How can you organize products and services in QuickBooks Online?

• By categories

• By customer preference

• By invoice date

• By the employee handling the sale

You can only add products and services from the Chart of Accounts, not from individual transaction forms.

• True

• False