1. The two most common categories for categorizing financial transactions in QuickBooks Online are chart of accounts and products and services items.

What 4 lists could you also use to categorize financial transactions?

1. Class
2. Projects
3. Location
4. Warehouse
5. Customer
6. Username

2. Which 2 statements are true regarding classes in QuickBooks Online?

1. Class labels can be changed to suit a particular client
2. You can assign multiple classes to a transaction
3. Columns in a customized Balance Sheet by Class will always balance
4. Classes can be assigned to both the source and target of a transaction
5. The Not Specified column on a Profit and Loss by Class represents transactions that have not had a class specified

3. What are 2 options for assigning classes?

1. Assign one class per row in a transaction
2. Assign a default class to customers and vendors
3. Assign one class to an entire transaction
4. Assign a class to all transactions
5. Assign a default class to General Ledger accounts

4. Which statement is true about Location tracking in QuickBooks Online?

1. Location labels (for example, "Division" or "Territory") can be changed to suit the individual business
2. QuickBooks Online Advanced allows for unlimited hierarchical levels of locations
3. Location tracking is available in all subscription levels of QuickBooks Online
4. Sub-locations do not count toward QuickBooks Online usage limits
5. Locations affect only the source of a transaction

5. Which 2 statements about Location tracking in QuickBooks Online are true?

1. The Location can be added to a Bill Payment
2. The Location can be selected on each row of an invoice
3. The Location can be selected on each row of a journal entry
4. The Location cannot be filtered on the Bank Deposit
5. The Location can be filtered on the Pay bills screen

6. Which 2 customizations need to be made to see the profitability of products and services for a specific job or jobs?

1. Add a column for benchmarking
2. Display columns by Product/Service
3. Add a column for percentage of row
4. Display columns by Customers
5. Filter for one or more specific customers or sub-customers

7. Which 2 of these statements are true for projects in QuickBooks Online?

1. Projects with unbilled transactions can be deleted
2. Clients get one-click access to an already filtered Project Profitability report
3. Projects can't be turned off once they're enabled in a client's books
4. Projects are available in all 4 versions of QuickBooks Online
5. A transaction line created in QuickBooks Online can have both a project and a sub-customer assigned
6. Projects can be added to transactions when processing bank feeds

Peter's Properties records rental income and expenditures on behalf of numerous landlords. Peter needs to track by landlord, by property, and by tenants.

8. Which one method of monitoring income and expenditure would be most appropriate, especially if the client needs to re-charge expenses for costs incurred to maintain properties?

1. Sub-customers
2. Projects
3. Locations
4. Classes

9. Carla's Contracting wants to start doing time and materials jobs. She does not have the ability to mark an expense as Billable.

Why might this be?

• Track billable expenses and items as income has not been enabled
• Time tracking has not been enabled
• Make expenses and items billable has not been enabled
• Track expenses and items by customer has not been enabled

10. Your client, Sadie's Car Parts, has set the following Expense settings:

She has incurred the following billable charges for a particular customer. Because she uses markup, she does not enter a sales price when setting up items.

Vendor/Employee	Expense Cost	Item Cost	Delayed charge	Time	Billable rate per hour
Ellis Equipment Rental	500.00
Hicks Hardware		750.00
John Johnson				10	20
Sam Samson			450.00	4	50
Tom Thompson		1000.00

Assuming there's no sales tax, what is the total amount of the billable charges for this customer?

1. 3325
2. 3410
3. 3315
4. 3100

11. Which 2 statements are true about billable expenses?

1. The purchase transaction related to a billable expense can use another asset account
2. A default markup percentage can be added automatically on the invoice
3. Invoicing for a billable expense must always use an income account
4. A default markup dollar amount can be added automatically on the invoice
5. The purchase transaction related to a billable expense can use an income account

12. Which statement is true about time tracking and billable time in QuickBooks Online?

1. The starting day of the working week can be changed
2. Unlimited time tracking users can be invited to enter their own time in all subscription levels of QuickBooks Online
3. When no service item is specified on the timesheet, QuickBooks won't bring the time onto the invoice
4. Employees can never see and edit their billing rates in QuickBooks Online

13. The employees of Marsha's Market track their own time using QuickBooks Online basic time tracking. She has asked how to view all the time entered this year for one particular employee.

Which report should she run?

1. Unbilled Time
2. Recent/Edited Time Activities
3. Time Activities by Vendor Detail
4. Time Activities by Employee Detail
5. Time Activities by Employee Summary

14. Stanley Smith, Attorney-at-Law, has the following types of charges for his clients. For which of these options would you enter a delayed charge?

1. Title insurance payment of behalf of client
2. Staff time entered in QuickBooks Online
3. Monthly retainer
4. Court recording fees
5. Parking expense from a client meeting

15. What advantage does the Unbilled Charges report have vs. the Unbilled Time report in QuickBooks Online?

1. It displays entries in terms of their dollar value
2. Any user of QuickBooks Online can run this report
3. Only the Accountant user of QuickBooks Online can run this report
4. It includes billable expenses and delayed charges in addition to unbilled time

16. Which 2 statements are true about estimates and progress invoicing in QuickBooks Online?

1. An invoice can be created for more than the estimate, even when the estimate is closed
2. Multiple invoices can be created from one estimate
3. Progress invoicing is only available in QuickBooks Online Plus or Advanced
4. Multiple estimates can be added to one invoice
5. A progress invoice can be made recurring

17. What is the process for adding multiple estimates to an invoice?

1. Customers > Select customer > Select multiple estimates > Batch actions > Create invoice
2. + New > Invoice > Enter Customer > Select multiple estimates from drawer
3. All sales > New transaction > Progress invoice
4. Open existing estimate > Create invoice > Select multiple estimates from drawer