Question 1

Which 2 statements are true regarding cash vs accrual on a budget vs. actual report? In Quickbooks Online

A- You need to change the Accounting method in Account and Settings

B- The actual column changes according to accounting method specified

C- Only the Budget Overview has the accounting method setting

D- Both budget and actual columns change when changing the accounting method

E- The budget information does not change when changing the accounting method

Question 2

What 2 statements are true of the bank-to-bank transfer matching feature in QuickBooks Online?

A- It contacts the bank and orders the transfer of funds for you

B- It identifies likely transfers of funds across connected bank accounts in the bank feed

C- It works only between two bank accounts, not credit card accounts

D- It works with post-dated transactions

E- It identifies a likely transfer in the bank feed as "Paired to another transaction"

Question 3

What 2 statements are true about the Grouping feature in the QuickBooks Online Banking center?

A- It's available to Accountant users only

B- It's turned on via the Grid gear icon

C- It's available in QuickBooks Online Plus and Advanced only

D- Once it's turned on, it cannot be turned off

E- It's available in the for review tab

Question 4

What are 3 reasons a previously entered transaction may not be found in the bank feed?

A-The transaction was reconciled

B-The transaction was entered by an Admin user

C-The transaction was previously matched to another downloaded transaction

D-The transaction was recorded using a different bank or credit card account

E- The transaction was entered as a bank transfer

F- The transaction was entered as an adjusting journal entry

Question 5

Which 2 actions does QuickBooks Online use to try and recognize bank feed items?

A- Match amounts to several invoices or bills

B- Match reconciled transactions

C- Match transactions already entered

D- Apply user-created rule

E- Automatically create rule, based on past transactions

Question 6

When does QuickBooks Online suggest creating a rule?

A- When a third transaction with the same bank description is assigned to the same payee and account as two previous transactions

B- The first time you add a payee and category

C- When a second transaction is categorized the same way as the first transaction with the same bank description

D- When the date and the payee are the same as the preceding transaction

Question 7

What account is automatically assigned if you do not select a category when recording a purchase transaction via the bank feeds?

A- Uncategorized Asset

B- Ask My Accountant

C- Uncategorized Expense

D- Miscellaneous Expense

E- Non-specified Expense

Question 8

What are 2 ways a user can turn off Suggested rules in QuickBooks Online?

A- Gear icon > Account and Settings > Expenses > uncheck Show suggested rules

B- Banking > For review > Grid Gear icon > uncheck Show suggested rules

C- Banking > Rules > Delete rules

D- Suggested rule pop-up > select Don't show me this again

E- Banking > Rules > edit any rule > select Disable suggested rules

Question 9

Bank rules are exported to what kind of file type?

A- PDF

B- TXT

C- XLSX

D- CSV

E- XLS

Question 10

When would you split a credit card payment between the non-primary subaccounts?

A- When you are making a partial credit card payment

B- When you want to create a journal entry to zero out the non-primary subaccounts

C- You should always split credit card payments

D- When you are paying the full liability from the statement

Question 11

If QuickBooks Online doesn't find a match in the bank feeds, which of these does it do next?

A- Looks for open purchase orders

B- Looks for a similar transaction posted to another payment account

C- Looks for recurring transactions

D- Looks for user-created rules

E- Looks for open estimates

Question 12

What does bank-to-bank transfer matching do?

A- It detects a transaction for the same date and opposing amount and will flag it as "Paired to another transaction"

B- It prevents clients from posting transfers

C- It allows you to create and send a bank-to-bank transfer to the banking institution directly from the Banking center

D- It automatically posts transfers without any user action