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QuickBooks Online Certification Questions & Answer

Quickbooks ProAdvisor and looking for Quickbooks online certification exam answers for self-assessment, then this post is only for you, here we discussed all which is necessary to qualify a Quickbooks certification exam 2021. In this modern world, everyone wants to grow as much as can. And get more information to visit us. <br><br>https://www.accountwizy.com/quickbooks-online-certification-exam-answers/

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QuickBooks Online Certification Questions & Answer

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  1. QuickBooks Online Certification Questions & Answer Accountwizy.com

  2. QuickBooks Online Certification Quickbooks ProAdvisor and looking for Quickbooks online certification exam answers for self-assessment, then this post is only for you, here we discussed all which is necessary to qualify a Quickbooks certification exam 2021. In this modern world, everyone wants to grow as much as can. Quickbooks are accounting software and gaining popularity and their demand is also increasing, that’s why students start focusing on Quickbooks and they want to be certified experts in QuickBooks, these experts are also known as ProAdvisors. www.accountwizy.com/quickbooks-online-certification-exam-answers

  3. All about Quickbooks Online Certification Exam Questions & Answers Question 1.What are the differences between ITEMS and ACCOUNTS? Answer. Items: products and services that you sell. They are used on transactions such as invoices and purchase orders. All items must point to an account. Accounts: categories in which financial transactions are organized into reports, such as profit & loss and balance sheet. Some accounts carry balances such as accounts receivable and accounts payable; some accounts report information over a period of time, such as income and expenses. www.accountwizy.com/quickbooks-online-certification-exam-answers

  4. Question 2. What are the two primary Reports in QuickBooks (financial statements)? Answer:Profit & loss Balance sheet Question 3. What is the Undeposited Funds Account? Answer : The temporary account that QuickBooks uses when a payment is received from a client but not deposited in the bank (QuickBooks bank register) yet. www.accountwizy.com/quickbooks-online-certification-exam-answers

  5. Question 4. What does the collapse and expand button do on standard reports? Answer: It shows or hides sub-accounts. Question 5. How do you program QuickBooks to repeat a recurring transaction? Answer: Memorize Reports: (CRT+M) Automate Transaction Entry will create automatically the transaction in the future. Question 6. What are Classes in QuickBooks and how would you use them? Answer: They are used to create departments or cost centers to measure profits and less for each class. www.accountwizy.com/quickbooks-online-certification-exam-answers

  6. Question 7 . How is the MEMO text box in bills, invoices, checks, etc. useful for report filtering and transaction research? Answer: You can “tag” a transaction with a code, you can search notes within transactions. Question 8. What challenges and/or issues can come across when using classes.. Specially on a balance sheet by Class? Answer: Unclassified transactions. Balance sheet by class can have issues with unclassified or unbalanced transactions. Question 9. What financial reports should you prepare at the end of the year in order to prepare for tax preparation or other types of financial reporting? Answer: Profit & Loss, balance sheet A/R Aging, A/P Aging, Inventory Valuation Summary, sales by rep, Profit by job, etc.. www.accountwizy.com/quickbooks-online-certification-exam-answers

  7. Question 10. What is the difference between a Custom Summary Report and a Custom Transaction Detail Report? Answer: Summary: Contains totals for a customer or vendor / totals for a particular account Detail: Line by line, transaction by transaction, Itemized transaction. Question 11. Which accounts are affected when you enter time in QuickBooks? Answer: Accounts Receivable. Question 12. What is the primary reason for setting a closing date in QuickBooks? Answer: To restrict users from deleting, editing, or adding transactions to last year. www.accountwizy.com/quickbooks-online-certification-exam-answers

  8. Question 13. Your new employee earned an annual salary of $40,000. How do you enter this into QuickBooks? Answer: Enter 40,000 in the payroll info window. What steps must you complete to use the payroll center to pay payroll liabilities? Question 14. What steps must you complete to use the payroll center to pay payroll liabilities? Answer: Set deposit frequencies. Question 15. When you create a new company file, QuickBooks asks for your start date. What is the best definition of start date in QuickBooks? Answer: The day you choose to start recording the financial records in QuickBooks. www.accountwizy.com/quickbooks-online-certification-exam-answers

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