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WorksheetsQBO Review Domain 1
Total questions: 22
Worksheet time: 12mins
How many authorized users can you have with QBO Plus?
1
5
25
no limit
What two reports do you compare when migrating data from QB Desktop to QBO?
P&L
Balance sheet
Open Invoices
Cash Flow
Employees who punch in and out in QBO are authorized users.
True
False
Use this icon for things you change once in a while.
Gear icon
New Icon
Help Icon
Apps Icon
This type of accounting generally provides a company with a better sense of financial health because it looks not only at what you have on hand, but what is coming in and going out in the future.
Accrual Accounting
Cash Accounting
Where do you find the "Close the Books" option?
Settings: Account & Settings: Sales
Settings: Account & Settings: Usage
Settings: Account & Settings: Time
Settings: Account & Settings: Advanced
Tracking by class can let you compare departments, grants, or other funding streams.
True
False
Automated Workflows are set up by creating...
conditions and actions.
schedules and actions.
conditions and events.
schedules and events.
What do you use to track income, material and labor expense for individual contracts?
Customers
Projects
Accounts Payable
Accounts Receivable
When creating a new customer, what MUST be unique?
Display Name
Company Name
Contact Name
Company ID number
Which list has the names and contact information of people and companies you purchase from?
Vendor
Customer
Products and Services
Chart of Accounts
Which list has the names and contact information of people and companies you sell to?
Vendor
Customer
Products and Services
Chart of Accounts
When you want to import a list, what do you have to do to make sure the fields (like name and phone number) on your spreadsheet are sent to the correct fields in QuickBooks Online?
Browse to upload the file.
Map the information.
Download a sample file.
Resolve cells highlighted in red.
What type of list cannot be imported into QBO?
Transactions
Customers
Products
Vendors
What list do you use to view financial transactions within a current accounting period?
Chart of Accounts
Sales
Customer List
Vendor List
Can you delete list entries?
Yes
No
If you accidentally create a duplicate customer, but you haven't entered any transactions yet, what is the best way to resolve the duplication?
Delete the duplicate.
Make the duplicate inactive.
Merge the duplicates.
Ignore it.
If you accidentally create a duplicate customer and have entered transactions using the new customer, how do you merge the accounts?
Make the contact names match.
Make the company names match.
Make the display names match.
You cannot merge accounts.
What are two reasons for creating a recurring transaction? (Choose 2)
Save time.
Reduce errors.
Laziness.
Security.
What are the three types of recurring transactions? Choose 3.
Scheduled
Unscheduled
Reminder
Automated
What must be equal when you make a journal entry?
Credits and debits
Vendors and Customers
Income and Expenses
Equity and Assets
Why should you limit the apps you use in QBO?
More apps = more risk
More apps = more fees
More apps = more access
More apps = more work
