(a) all income and expense transactions for the project including billable time and expenses
(b) invoices and vendor bills
(c) invoices and billable time and expenses
(d) all income and expense transactions for the project including estimates, billable time and expenses, and purchase orders;''
Feedback
The profit margin represents the percentage of profit for the project. You must enter all income and expense transactions associated with the project, including invoices, sales receipts, credit memos, bills, checks, credit card changes, and so on.
Ques 2: In the Pay Bills screen, you can make it easier to select the bills you want to pay by filtering the open bill list by all of these except _____.
(a) vendor type
(b) due date
(c) overdue status
(d) payee
Answer: Option(A): vendor type
Feedback
QuickBooks Online doesn't include a vendor type.
Ques 3: You have recorded several payment receipts including checks and credit card payments. What steps must you perform to deposit the checks in your bank account?
(a) Record a deposit in QuickBooks Online for only the check payments and then deposit the checks at your bank.
(b) Record one deposit in QuickBooks Online for all received payments and then deposit the payments at your bank.
(c) Record a deposit in QuickBooks Online for only the check payments.
(d) Deposit the checks at your bank.
Feedback
To keep your records accurate, you must record a deposit in QuickBooks Online that matches what you deposit at the bank, which is for checks in this example. Credit card payments will show up as separate deposits. You must also deposit those checks at the bank.
Ques 4: What kind of statement includes all open transactions regardless of the date range?
(a) transaction statement
(b) balance forward statement
(c) open item (last 365 days)
(d) any kind of statement with the date range left open
(b) Print a reminder for a specific customer.
(c) Send email reminders to customers one at a time.
(d) Send email reminders to individual customers or a batch of customers.
Feedback
You can send a reminder to an individual customer from the Action column or you can send reminders to a batch of customers using Batch actions.
Ques 6: Behind the scenes, creating a sales receipt for a cash sale performs the equivalent of which step?
(a) creating an invoice and receiving payment for it
(b) creating an invoice, receiving and depositing the payment for it
(c) creating an invoice
(d) creating an estimate and then creating an invoice from the estimate
Answer: Option(A): creating an invoice and receiving payment for it
Feedback
Creating a sales receipt is the equivalent of creating an invoice and immediately receiving payment for it, which to your bank account or Undeposited Funds account.
Ques 7: You need at least QuickBooks Online Plus or Advanced in order to _____.
(a) fill in weekly timesheets
(b) mark time as billable to customers
(c) calculate the hours worked based on start and end times
Feedback
QuickBooks Online Plus and Advanced include the option to mark time as billable to customers. QuickBooks Online Essentials and lower editions do not include this feature.
Ques 8: When you create a progress invoice, the options you can choose to specify how much to invoice include all of these except _____.
(a) fixed dollar amount of each line
(b) custom amount for each line
(c) percentage of each line
(d) total of all estimate lines
Answer: Option(A): fixed dollar amount of each line
Feedback
Although there is a way to specify the dollar amount for each estimate line, the How much do you want to invoice dialog box does not include that specific option.
Ques 9: Which sequence of steps should you perform to subtotal several lines in an invoice?
(a) Select all the rows you want to subtotal. Below the table, click the Add subtotal button.
(b) Select all the rows you want to subtotal. In the rightmost table column, click the down arrow and choose Subtotal.
(c) Select the last row of the lines you want to subtotal. Below the table, click the Add subtotal button.
(d) Insert a line after the last row of the lines you want to subtotal. In the new line, add a Subtotal service item.
Answer: Option(C): Select the last row of the lines you want to subtotal. Below the table, click the Add subtotal button.
Ques 10: A purchase order represents _____.
(a) a record of what you purchased from a vendor, which you use to pay the vendor what you owe
(b) a form that tells a vendor what you need to purchase from them
(c) a firm commitment to purchase the exact items and quantities listed on the purchase order
(d) a form that confirms what a customer has ordered from your company
Answer: Option(B): a form that tells a vendor what you need to purchase from them
Comments
Post a Comment