Which 2 statements regarding source and target data are true?

• Transactions cannot have more than one line of target data
• Source account data must be a balance sheet account
• Source data provides information about classes
• Transactions typically have one line of source data

Which statement is true about Class tracking in QuickBooks Online?

• Each class is limited to 5 hierarchical levels including the parent class
• The customized Balance Sheet by Class report should always balance by class
• A sub-class can have several parent classes
• Once turned on, Class tracking cannot be turned off
• When you assign one class to an entire transaction, it affects the source

What are 2 options for assigning classes?

• Assign a default class to customers and vendors
• Assign a class to all transactions
• Assign one class to an entire transaction
• Assign one class per row in a transaction
• Assign a default class to General Ledger accounts

Which statement is true about Location tracking in QuickBooks Online?

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

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

• The Location can be selected on each row of a journal entry
• The Location can be selected on each row of an invoice
• The Location cannot be filtered on the Bank Deposit
• The Location can be filtered on the Pay bills screen
• The Location can be added to a Bill Payment

Including the parent, how many hierarchical levels of sub-customers can you have?

• 6
• 7
• 5
• 11

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

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

In QuickBooks Online, what are 3 benefits and features of projects verses using sub-customers?

• Billing a job separately from the parent customer
• Running consolidated reports for multiple affiliated projects
• Viewing a dashboard showing the profit margin of multiple projects at once
• Seeing the Time Cost by Employee or Vendor report within the Projects Center dashboard
• Creating a project for any level of sub-customers, if needed
• Generating pre-filtered project-specific reports
• Allocating a separate address to the project from the parent customer

What are the 3 types of billable charges for which you can invoice at a later date in QuickBooks Online?

• Estimates
• Billable Time
• Purchase Orders
• Delayed Charges
• Billable Expenses
• Billable Supplies

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?

• 3325
• 3100
• 3315
• 3410

Which 2 statements are true about billable expenses?

• Invoicing for a billable expense must always use an income account
• A default markup dollar amount can be added automatically on the invoice
• A default markup percentage can be added automatically on the invoice
• The purchase transaction related to a billable expense can use an other asset account
• The purchase transaction related to a billable expense can use an income account

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

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

Question 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?

• Time Activities by Employee Detail
• Time Activities by Vendor Detail
• Time Activities by Employee Summary
• Recent/Edited Time Activities
• Unbilled Time

Question 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?

• Monthly retainer
• Title insurance payment of behalf of client
• Court recording fees
• Staff time entered in QuickBooks Online
• Parking expense from a client meeting

Question 15

Where are 2 ways that you can view all unbilled charges?

• Total billable charges report
• Unbilled charges report
• Unbilled Activity segment of the money bar in All Sales tab
• Unbilled Activity segment of the money bar in the Invoices tab
• Open charges report

Question 16

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

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

Question 17

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

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

Answer rating: 100% (QA)

1 The two true statements regarding source and target data are 1 Source data provides information about classes Source data is typically used to provide information about the origin or nature of the t... View the full answer