Which of the following can you do when customizing the design of sales forms?

Select any font you have installed on your computer

When customizing the content of a sales form, which of the following can you do with the columns in the table section?

You can change the order in which the columns are presented

You can show or hide all of the columns in the table

Which of the following statements are TRUE regarding invoices?

Affects accounts receivable accounts

Customer payment is a separate transaction

Supports accrual-basis accounting

Which of the following statements are TRUE regarding sales receipts?

Supports accrual-basis accounting

Your client received eight checks from customers for outstanding invoices. They recorded the payments to the Undeposited Funds account and now they have deposited the payments at the bank. How should they record this in QuickBooks?

They should group the payments together and record the deposit at the bank as a single deposit

They should use a journal entry to move the payments from the Undeposited Funds account to the bank account

They should create a bank deposit record for each separate check

They should create a receive payment record to adjust the amount in the accounts receivable account

In which one of the following scenarios should you use a Bank deposit transaction in QuickBooks to record the activity?

When your client wants to record receiving funds from loan proceeds

When your client wants to apply a customer payment to an open invoice

When your client wants to record sales from an upcoming trade show and provide sales receipts

When your client wants to make a deposit to a vendor

Which types of customer statements can QuickBooks generate?

Statements that show sales transactions and payments between two specified dates

Statements that show a beginning balance with a list of sales transactions for a selected date range, and a running balance

Statements that show only open transactions

Statements that show only credit card or online payments made between two specified dates

Statements that only show sales receipts

What does QuickBooks do when automatically applying credits for a customer?

It applies credits to the next invoice created if there are no open invoices

It applies credits to the oldest open invoice first

It holds the credits and applies them manually based on user selection

It applies credits to the newest open invoice first

In which of these scenarios would a scheduled recurring transaction be the best automation option?

When invoices are sent monthly to a customer for fixed amounts and descriptions

When sales receipts are sent monthly to a customer for fixed amounts and descriptions

When there are pre-authorized payments to a cell phone provider for amounts that vary each month

When invoices are sent monthly to a customer for varying amounts and descriptions

Which of the following reports would be LEAST helpful to them?

Income by Customer Summary report

Which of the following statements is FALSE regarding naming conventions when adding a vendor to QuickBooks?

The Company name appears on all bills and purchase orders created for this vendor

The Vendor display name is the name used to display the vendor in QuickBooks

The Vendor display name can be the same as another customer or vendor

The Company name and the Vendor display name can be the same in both places or they can different

When adjusting Automation options in the Account and settings, which of the following selections will affect all transactions, not just those relating to expenses and vendors?

Pre-fill forms with previously entered content

Which of the following statements about purchase orders is FALSE?

A purchase order is an accounting transaction, which means it affects balances in your client's accounts

Once a purchase order has been created, its status is Open

When the client receives the items from the purchase order, it can be copied to a bill

When the client receives the items from the purchase order, it can be added to an expense

When might a client want to manually record an expense, rather than categorizing it when it comes in through the bank feed?

When the expense needs to appear in a company report immediately

When the expense is greater than $10

When a large expense is incurred

Which of the following statements about recording money-out transactions using items is FALSE?

You specify the purchase account for the item when you create an expense or bill

To add items to sales and expense forms you must switch on the option to Show Items table on expense and purchase forms in a client's account settings

Recording money-out transactions using items enables tracking at a more detailed level than the categories used in the chart of accounts

You can record money-out transactions using items instead of, or as well as, categories

Which of the following statements regarding a vendor credit is FALSE?

Can affect the profit and loss statement

Reduces money that your client owes to a vendor

What is the best way to record a payment to a credit card?

Use the Pay down a credit card feature to record moving funds from the bank account to the credit card account

Record the credit card statement as a bill and then record the payment as a bill payment

Record the payment directly as income to balance the credit card account

Use the Transfer feature to move the transaction from the bank account to the credit card account

Which of the following is NOT shown on an Accounts Payable Aging Summary report?

Total amount spent with each vendor in the period

The balance of each unpaid bill

Balances grouped by days past due

The balance of each unused credit

Which of the following statements about uploading transactions into a client's QuickBooks account are TRUE?

When connecting accounts, your client will be asked to select the date range they want to import transactions from

If you want to import further back than the bank allows, you can do it manually in bulk by importing a .csv file

Transactions can be uploaded for newly connected accounts but not existing linked accounts

All banks only allow imports from the previous 12 months

Which of the following statements regarding bank rules is FALSE?

Bank rules can only be set up by an accountant user in QuickBooks

Bank rules can automatically split transactions

Bank rules can automatically post transactions to the appropriate account

Bank rules can be copied, edited, or deleted

Which of the following statements is FALSE regarding a receipt that has been uploaded to QuickBooks and is showing in the Receipts tab of the Transactions center?

Transactions in the For review tab in the Transactions center are included in QuickBooks search for existing transactions to match to the receipt

It's not recorded anywhere else in a client's QuickBooks account until it's been reviewed

QuickBooks will look for existing transactions already in QuickBooks that match the uploaded receipt to help prevent duplicate transactions

It either must be categorized and added as a new transaction or matched to an existing transaction

What is an advantage of bank-to-bank transfer matching?

It identifies high-confidence matches of money moved between two bank accounts connected to QuickBooks and flags them as Paired to another transaction

It contacts the bank on behalf of the client and orders the transfer of funds

It allows a regular transfer between bank accounts in the Transactions center to be set up

It automatically accepts high-confident matches of money moved between bank accounts connected to QuickBooks, streamlining the workflow by removing the need to take action to match or add a paired transaction

If you can't find a matching transaction in QuickBooks for an item in the bank feed, what might the issue be?

A received payment was recorded directly into the Checking account for $540 and it was deposited at the bank at the same time as five other checks

An expense was allocated to a credit card instead of a debit card

A bill was entered for $125 and when it comes into the bank feed it's for $175

A check was entered into QuickBooks more than 30 days ago

What's the motto when reviewing QuickBooks suggested matches for transactions in the bank feed?

Trust the suggestion; verify that it's correct

Integrity in numbers; clarity in reports

Record diligently; audit confidently

Think critically; question everything

Which of the following DOES NOT happen when you are categorizing money-out transactions and you add a transaction from the bank feed?

It moves to Pending and will be recorded once a receipt is attached

An accounting transaction is recorded

It moves to the Categorized tab

It's listed in the categorization history for the same customer or vendor

Which statement is TRUE about recording a transaction as a transfer?

It can be used to move money between different accounts in your client's chart of accounts

You can use a transfer to move money from a business account to a personal account

It can be used to split a transaction across multiple accounts

You can use a transfer to pay bills directly

What happens when payments that are held in the Undeposited Funds account are deposited at the bank and it's recorded in QuickBooks?

Increases (debits) the Bank account

Decreases (credits) the Undeposited Funds account

Increases (debits) the Undeposited Funds account

Decreases (credits) the Accounts Receivable account

Which of the following statements is FALSE regarding grouped deposits?

When payments are grouped together and deposited at the bank as a single deposit, the individual payments received from customers show up in the bank feed

When payments are grouped together and deposited at the bank as a single deposit, the total deposit amount will show up in the bank feed

By holding payments received in the Undeposited Funds account until they are deposited, a single bank deposit can be created for these multiple payments

When the payments are grouped together and recorded as a single bank deposit, it's straightforward to manage these transactions in the bank feed

Which of the following statements are TRUE regarding reconciling a bank account in QuickBooks?

Transactions added or matched in the Transactions center are automatically checked on the Reconcile screen

A couple of days after the statement is issued by the bank is a great time to do the reconciliation because it gives everything time to clear the bank

The primary admin can undo reconciliations

Accounts can only be reconciled if the client has enrolled to enable their statements to be automatically uploaded to their QuickBooks account

When reconciling, the Difference amount shows the difference between the statement ending balance and the cleared balance in QuickBooks. It automatically updates when you include or exclude a transaction. At what point in relation to it, should you select the Finish now button?

When you have investigated any unclear transactions, the difference is zero, and you're confident that it's accurate and all is as it should be

As soon as you have checked everything that matches your bank feed, regardless of the Difference amount

When you have put a check mark next to each transaction in the reconciliation

What is a potential impact of manually marking a transaction as reconciled (R) in the register?

Causes discrepancies in beginning balances

Automatically matches it to bank statements

Prevents future errors in reconciliation

Improves accuracy of reconciliation

What is shown in the Additional information section of a Reconciliation report?

Any changes that have happened to the reconciled transactions covered in the report since the reconciliation

All the items that have cleared the bank

A summary of the bank statement information and the register details

Uncleared checks and payments, and uncleared deposits and other credits

When setting up for your period-end reviews, what can you do in Reports options (accessed from Accountant tools) that can save you time during your review?

Set the default time frame for reports

Select the reports to be included in management reports

Favorite the reports you will use the most

Schedule reports to be emailed to you and the client

If your client's bank accounts aren't connected to QuickBooks, what additional setup task do you need to do at period end?

Collect bank statements from the client

Remove the related account from the Accounts reconciliation tab, as it can't be reconciled

Add an additional item to the Account reconciliation tab reminding you to exclude these accounts from your reconciliation process

Request your client to manually, individually add all bank and credit card transactions into QuickBooks

Which of the following transactions are NOT flagged in the Transaction review tab of the Books review center?

Transactions created via journal entries

When reviewing uncategorized transactions in the Books review center, which of the following statements is TRUE?

You can reclassify the transaction within the Books review center

You'll need to access the full details of a transaction using the Search field before you can reclassify it

You will need your client to reclassify these for you

You can only reclassify expense transactions within the Books review center

What does the Outstanding transactions section of the Account reconciliation tab of the Books review center show?

Any unresolved transactions that were not addressed during the Transaction review stage of Books review

A list of transactions that are more than 90 days old

Any unpaid bills from the period

Any unusual transactions, for example, a bill from a vendor for a much higher value than previous bills

QBO ProAdvisor Level 1 Quiz

Authored by Pranay Patel

English

University

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54 questions

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MULTIPLE SELECT QUESTION

30 sec • 1 pt

A ProAdvisor is talking to a potential new client about working together. How could an understanding of the QuickBooks and Intuit solutions help the ProAdvisor in this conversation?

It will ensure that the client subscribes to every Intuit product available

It will help them engage with the client if they are already using any of these products

It will help them advise the client on their marketing strategy

It will help them determine the products that will best help this client

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which QuickBooks Payroll plan(s) comes with QuickBooks Time as part of the subscription?

Elite only

Premium and Elite

All plans

None-QuickBooks Time isn't included in any QuickBooks Payroll plans

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Being a ProAdvisor comes with a range of benefits. Where can you find out more about these in QuickBooks Online Accountant?

Accountant tools

The General settings gear

The ProAdvisor center

The Work center

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where can you enable account numbers for the chart of accounts?

The Dashboards center

The Advanced tab in Account and settings

The Reports center

The Client overview center

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the centers in QuickBooks Online allows your client to connect their bank accounts to QuickBooks, and is where you can see a bank feed from connected accounts?

Sales

Reports

Expenses

Transactions

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You are creating a new item in your client's products and service list. This item is provided to your client's customers, and can be one-time, recurring, or fixed-fee. Which item type should you choose to set this?

Inventory

Non-inventory

Service

Bundle

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you want to take a customer out of the records to help maintain a clean customer list, what should you select from the Action column for that customer?

Make inactive

Delete

Edit

Remove

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QBO ProAdvisor Level 1 Quiz

A ProAdvisor is talking to a potential new client about working together. How could an understanding of the QuickBooks and Intuit solutions help the ProAdvisor in this conversation?

Which QuickBooks Payroll plan(s) comes with QuickBooks Time as part of the subscription?

Being a ProAdvisor comes with a range of benefits. Where can you find out more about these in QuickBooks Online Accountant?

Where can you enable account numbers for the chart of accounts?

Which of the centers in QuickBooks Online allows your client to connect their bank accounts to QuickBooks, and is where you can see a bank feed from connected accounts?

You are creating a new item in your client's products and service list. This item is provided to your client's customers, and can be one-time, recurring, or fixed-fee. Which item type should you choose to set this?

If you want to take a customer out of the records to help maintain a clean customer list, what should you select from the Action column for that customer?

Which of the following can you do when customizing the design of sales forms?

When customizing the content of a sales form, which of the following can you do with the columns in the table section?

For those clients subscribed to QuickBooks Online Plus and Advanced plans, what can be done with estimates?

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