Ques 1: What is the quickest way to place orders for all your low stock inventory items?
(a) Filter the products and services list, in the Action column for each displayed inventory products and choose Reorder.(b) Click the Low stock box at the top of the Products and Services list to filter the list. In the Action column for each displayed inventory product, choose Reorder.
(c) Filter the products and services list, click the checkbox in the header row to select all the listed products, and then click Create purchase orders in Batch actions.
(d) Filter the products and services list to show low stock inventory products, click the checkbox in the header row to select all the listed products, and then click Reorder in Batch actions.
Feedback
This approach can set up orders for low stock inventory with only a few steps.
Ques 2: What type of transaction do you create to record depreciation for a company vehicle?
(a) journal entry
(b) liability
(c) one deposit and one expense
(d) expense
Answer: Option(A): journal entry
Feedback
You create a journal entry to record the depreciation in a fixed asset depreciation account and a depreciation expense account.
Ques 3: If e-file isn't available for a sales tax agency, which task can you perform in QuickBooks Online?
(a) Generate sales tax payments you can remit to sales tax agencies.
(b) Produce a sales tax report you can use to fill out your sales tax forms and record a sales tax payment.
(c) Generate sales tax forms you can submit to sales tax agencies.
(d) Record a sales tax payment.
Answer: Option(B): Produce a sales tax report you can use to fill out your sales tax forms and record a sales tax payment.
Ques 4: You use classes to track performance by product line and you want to run a profit and loss report that shows separate results for each class. How would you customize the report to do this?
(a) Set the report type to Accrual.
(b) Specify that the columns display classes.
(c) Sort the report by class.
(b) Filter the report by class.
Answer: Option(B): Specify that the columns display classes.
Feedback
To create a report that shows profit and loss for each class, you choose Classes in the Column box.
Ques 5: If you need to find all the open bills whose totals are greater than $5,000, you need to use _____.
(a) Advanced search
(b) the Search icon at the top right of the QuickBooks Online screen.
(c) the Search box on the Customer screen
(d) the Search box on the Vendors screen
Answer: Option(A): Advanced search
Ques 6: You can perform all of these actions on the QuickBooks Online dashboard except what?
(a) Display an editable list of expense transactions.
(b) Display an editable list of invoices.
(c) Change the time period for the profit and loss shown.
(d) Change the time period for the expenses shown in the pie chart.
Answer: Option(A): Display an editable list of expense transactions.
Feedback
Clicking the Expenses box displays an expense transaction report, not an editable list of expense transactions.
Ques 7: What is the main advantage of pass-through corporations over other corporate structures?
(a) Profits are not taxed within the corporation.
(b) They have lower operating costs.
(c) The ownership structures can take many forms.
(d) They are simpler to establish.
Answer: Option(A): Profits are not taxed within the corporation.
Feedback
Profits are only taxed when taken out by shareholders or owners.
Ques 8: John is interested in establishing an electronics recycling business as a nonprofit corporation. What is the downside of John having this type of corporation?
(a) John will have little control over the corporation.
(b) John will not be able to take a salary.
(c) John's income will be taxable.
(d) John cannot personally gain from the growth of the business.
Answer: Option(D): John cannot personally gain from the growth of the business.
Feedback
John's only compensation will be his salary from the nonprofit.
Ques 9: Which action promotes burn flexibility?
(a) buying a warehouse facility
(b) renting month-to-month office space
(c) entering a long-term contract for purchasing raw materials
(d) hiring permanent staff
Answer: Option(B): renting month-to-month office space
Ques 10: A business has projects that can last six to nine weeks, followed by weeks of irregular income. Last year, average monthly expenses were $14,450. About how much cash should the business keep on reserve?
(a) $5,000 to $10,000
(b) $60,000 to $90,000
(c) $20,000 to $35,000
(d) $150,000 to $200,000
Answer: Option(B): $60,000 to $90,000
Feedback
The business should have on hand enough cash to cover expenses for at least three months, plus a little more for the longer cycle times.
Comments
Post a Comment