URGENT HELP NEEDED!!

1. Which 4 statements regarding the Chart of Accounts are true? (Select all that apply)

To add a new account, open the Chart of Accounts by selecting Accounting from the Left Navigation Bar, then selecting New to open the Account window

The Sales of Product Income account is a default account when inventory is turned on

Uncategorized Income and Uncategorized Expense are default accounts for online banking activity

If you add a new account, the detail type determines which financial statement this account will appear on

When you specify a sales price/rate when setting up Products and Services, you link them to the Chart of Accounts

You should inactivate an account from the Chart of Accounts if it is not relevant to your business

2. What are 3 important reasons to reconcile bank and credit card accounts at set dates? (Select all that apply)

To verify transactions have the correct date assigned to them

To verify that an account balance is within its credit limit

To verify that all transactions have been recorded for the period

To verify that previously reconciled transactions have not been changed since the last reconciliation

To verify that the bank has not lost its connection to QuickBooks Online

3. Which 4 statements are correct regarding the QuickBooks Online Receipt Capture feature? (Select all that apply)

The Receipt Capture feature uses Optical Character Recognition (OCR) technology to read and transform receipt data to QuickBooks Online

If QuickBooks Online finds an expense already entered in QuickBooks Online, it will suggest that you match the receipt to the existing transaction

You can snap a picture of a receipt, then review, match, or add it directly from the QuickBooks Mobile app

QuickBooks Online will fill in the fields it can for the expense using the OCR data

You can assign a payee, account, payment date, category, description, amount, and memo to the expense transaction in the Review screen.

You can only have one sender email registered to forward receipts in each company

4. Which 2 recommendations regarding Bank Feed best practice workflows are correct? (Select all that apply)

Complete Add transactions first, then move on to Match transactions

Complete Match transactions first, then move on to Add transactions

Match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, or Deposits, but not open invoices

Match downloaded Bank Feed transactions to Invoice Payments, Sales Receipts, Deposits, or open invoices

Exclude the downloaded transaction from the For Review tab if QuickBooks Online doesn't immediately find a match