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WorksheetsQuickBooks Online Quiz
Total questions: 16
Worksheet time: 8mins
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
QuickBooks Online’s default Chart of Accounts is typically sufficient for all businesses and doesn’t require customization.
True
False
When setting up users in QuickBooks Online, it is recommended to give them access to all areas of the business.
True
False
You can record opening balances and historical transactions directly in the account register in QuickBooks Online.
True
False
It is better to delete the default Chart of Accounts and import a company-specific template for a more accurate setup.
True
False
The "Products and Services" section in QuickBooks Online can be used to manage both products and services but not to track inventory.
True
False
Match the types of items (Service, Inventory, Non-inventory and Bundle) to the descriptions.
Use this item type to track items you often sell together
Inventory
Item type that allows you to track the quantity you buy, sell and have on hand.
Bundle
Items you buy and sell, but you do not track the quantity on hand.
Non-Inventory
Item type used to track the work you perform for your customers.
Service
