Question

QUESTION 1 You have received an invite to be the accountant for a client who already...

QUESTION 1

  1. You have received an invite to be the accountant for a client who already has a QuickBooks Online account. Where will you find the Accept Invite button?

    Within the client dashboard

    This will be assigned to a team member

    On your QuickBooks Online Accountant Dashboard

    Within the invitation email

5 points   

QUESTION 2

  1. There are four types of items in the Products and Services list. If your client wanted to sell a combination of products and services, such as a computer service, IT support for a year, and a pack of USB sticks (for example), what type would you select from the list?

    Non-Inventory

    Bundle

    Inventory

    Service

5 points   

QUESTION 3

  1. What type of Product or Services items is only available in Plus and Advanced subscriptions levels?

    Bundles

    Non-Inventory items

    Inventory items

    Services

5 points   

QUESTION 4

  1. How much is saved for a lifetime of a client's subscription through the wholesale discount?

    50%

    30%

    15%

    10%

5 points   

QUESTION 5

  1. Where can you find the QuickStart template of client onboarding tasks?

    In the Apps tab of your QuickBooks Online Accountant firm

    In the Work tab of your QuickBooks Online Accountant firm

    In the Team tab of your QuickBooks Online Accountant firm

    In the ProAdvisor tab of your QuickBooks Online Accountant firm

5 points   

QUESTION 6

  1. To be listed in the QuickBooks App Center, app must __________. Which option correctly completes the sentence?

    Offer a free subscription

    Be developed by Intuit

    Meet strict requirements and undergo a testing process

5 points   

QUESTION 7

  1. Look at this statement and decide whether it's true or false.

    Once Chris has connected his QuickBooks Online account to his bank, his bank activity is automatically added to his books.

    True

    False

5 points   

QUESTION 8

  1. Once a client list is imported, where can the customers from the list be found in QuickBooks Online?

    Under the Customers tab in the Sales Center

    By running an Accountant report

    Under the Customers tab in the Expense Center

5 points   

QUESTION 9

  1. There are four types of Products and Services. What Type would you select for a collection of Products and Services that you sell together? For example, a gift basket with a collection of specific beauty products.

    Service

    Non-Inventory

    Bundle

    Inventory

5 points   

QUESTION 10

  1. Which QuickBooks subscription allows invoicing and tracking business expenses but does not track account receivable or sales tax?

    QuickBooks Online Accountant

    QuickBooks Expense

    QuickBooks Self-Employed

    QuickBooks ProConnect Tax Online

5 points   

QUESTION 11

  1. What is a vendor?

    A customer that needs his tree trimmed

    A neighbor that offers to purchase your products.

    A business that supplies products for your business

    The business that purchases products from another business

5 points   

QUESTION 12

  1. When would you recommend merging accounts to a client?

    If two accounts are being used for the same thing

    When the client asks if they can put everything in one account

    When a client has added more than one of the exact same accounts unnecessarily

    If there are too many account active in the Chart of Accounts

5 points   

QUESTION 13

  1. A client must already have an existing QuickBooks Online account before an accountant can work with the client?

    True

    False

5 points   

QUESTION 14

  1. Once you've imported a customer list, where will you find the customers listed in this client list?

    Under the Customers tab in the Sales Center

    By running an Accountant report

    Under the Customers tab in the Expenses Center

5 points   

QUESTION 15

  1. The Client Overview is a great way to see your client’s account at a glance. What are they key benefits of this? (select all that apply)

    Concise subscription information

    Recent banking activity stats

    Outstanding task reminders

    Early indications of banking errors

5 points   

QUESTION 16

  1. Wholesale billing has three key benefits. What are they? (select all that apply)

    Bundling all client subscriptions into one invoice

    Direct billing

    Faster payments

    Easy tracking

    Switching anytime

5 points   

QUESTION 17

  1. If an opening balance of $100 is recorded for a vendor you just added, QuickBooks Online creates a journal entry. Which option from the list below are features of this journal entry?

    The journal entry will increase Accounts Payable

    The journal entry will decrease the vendor balance account

    Details about the bills will be recorded automatically

    The journal entry will increase the Opening Balance Equity account

5 points   

QUESTION 18

  1. The ________________ organizes financial transactions to allow you and your client to analyze the business’s financial data, run financial reports, and prepare for taxes.

    Chart of Accounts

    Sales Center

    Customer List

    Profit and Loss

5 points   

QUESTION 19

  1. Which of the options are true of setting up and editing a Chart of Accounts?

    Merged accounts can’t be unmerged

    Numbers in a QuickBooks Online Chart of Accounts can’t be changed

    Merged accounts can be unmerged

    Deactivated accounts can be reactivated

5 points   

QUESTION 20

  1. Craig wants to add a new non-inventory product for pesticides. This is something he purchases from a vendor, but he doesn't chart customers for it directly. It's just something he uses as part of his gardening service. What account should he link it to in the Chart of Accounts?

    Supplies (expenses)

    Pest Control Services (income)

    Office Expenses (expense)

    Accounts Payable (liability)

Homework Answers

Answer #1

1.Within the invitation email

When the client sends an invite, the accountant user should pull up the invitation in the email where he or she would find the accept invite button

2.Bundle

Under QuickBooks online plus, bundle is available which enables one to package as well as sell multiple items as a single product or service.

3.Inventory items.

Inventory items are only available in plus and advanced subscription levels and are added to QuickBooks when bought or sold.

4.50%
Under QuickBooks subscription, a wholesale discount includes a discount of 50% off the list price for the lifetime of the client's subscription.

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