Question 1 of 15 Donna has categorized all payments for building power and wateras Rent. These payments should have been categorized as Utilities.In QuickBooks Online Accountant, which tool will be the most usefulto remedy this issue? A. Reclassify Transactions B. Undo Bank Reconciliation C. Write off invoices in a batch D. Enter Adjusting Journal Entries E. Repair transactions in Register Question 2 of 15 Every quarter you close out Wayne’s books and run a quarterlycomparison report package for him. This quarter, you notice thatnumbers are not aligning with your last report package. What is thebest way to identify changes made to a closed period? A. Reports > Accountant Reports > Exceptions to ClosingDate B. Reconciliation History > Look for deleted/changestransactions C. Tools/Gear Icon > Company Settings > Advanced >Closing Date D. Tools/Gear Icon > Audit Log > Filter for changes madeto closed period E. Reports > All Reports > Business Overview > Changesto Closed Period Question 3 of 15 Aside from the Client List, where else can you begin aProConnect Tax Online tax return from QuickBooks Online? A. The Company Tools when logged in as an Accountant user B. The Company Tools when logged in as Master Administrator C. The Accountant ToolBox when logged in as the Accountantuser D. The Taxes tab from the left side navigation bar in QuickBooksOnline Accountant E. The Taxes tab from the left side navigation bar when loggedin as Master Administrator Question 4 of 15 MB’s School of Beauty calls you because their beginning balanceis off in their reconciliation window for their checking account.You log in and see that there are many transactions that werechanged/deleted on the last couple of months’ reconciliations. Shelikes to do as much she can on her own. Which of the following nextsteps would you take? A. Enter a journal entry to Opening Balance Equity to compensatefor the difference B. Advise her to use the Undo button to undo the reconciliationand re-reconcile the account C. Undo the previous months’ reconciliations for her so that shecan re-reconcile each month D. Advise her to complete the reconciliation as normal, then usethe auto-adjustment feature to balance the reconciliation E. Re-enter the changed/deleted transactions and manuallyreconcile them in the register, then advise her to complete thecurrent month’s reconciliation as usual Question 5 of 15 Which of the following describes the functionality of the CloseBooks tool? A. Locks transactions prior to a certain date B. Cancels the QuickBooks Online subscription C. Purges transaction history prior to a certain date D. Sets user permissions to certain areas of the books E. Closes the QuickBooks Online company and returns you to theClient List Question 6 of 15 How can you set the default date for most reports? A. Accountant Toolbox > Report Tools B. Accountant Toolbox > Default Settings C. Accountant Toolbox > Settings and Reports D. Gear Icon > Manage My Account > Defaults E. Gear Icon > Account and Settings > Advanced >Accounting Question 7 of 15 The Write off invoices tool does which of the following? A. Takes into account sales tax B. Creates credit memo in the current period C. Creates credit memo as of the invoice date D. Creates a discount on the invoice as of the invoice date E. Allows you to choose which item from the Products andServices list to use Question 8 of 15 Ben set up one expense account for each one of his shippingvendors in the Chart of Accounts and wants to consolidate thebalances into one shipping expense account. Which of the followingis the best option to help Ben reach his goal? A. Merge accounts with the Merge Account button in the Chart ofAccounts B. Merge the old shipping accounts by renaming them with the newshipping expense account name C. Delete all incorrectly mapped transactions and re-enter themto the new shipping expense account D. Delete the old shipping accounts and map future transactionsto the new shipping expense account E. Use the reclassify transactions tool to reclassify thetransactions to the new shipping expense account Question 9 of 15 Hector’s Hobby Shop has bank accounts and credit cards syncedwith QuickBooks Online; however, his credit card sync has stoppedworking and has red errors in the Bank Feeds center. He tries theUpdate button, but gets errors. What is the first thing you shouldtry in order to repair the banking connection? A. Import a .qbo file B. Delete the account sync from the Bank Feed Center, thenreconnect C. Contact Hector’s bank to determine why the connection isn’tworking D. Click Add Account to add the account to the Bank Feed Centerwith a new connection. Then, merge the two accounts E. Click on the pencil to edit the account details. Then, updatethe account sign in information for the account that isn’tworking Question 10 of 15 Why wouldn’t you want to post a payment against an invoicedirectly to a bank account? A. It will duplicate income B. It will create a negative Accounts Receivable C. It won’t reduce Accounts Receivable correctly D. The deposits from the bank statement automatically post toincome E. The deposits in QuickBooks generally won’t match up with thedeposits on the bank statement Question 11 of 15 When running reports for Mariette’s Marketing in QuickBooksOnline, you notice that the income amount is unusually high but A/Rbalances look okay. Which of the following errors could be thereason? A. Received Payments posted directly to the bank account B. Used journal entries to record income instead of invoices C. Entered customer credits to get their A/R balances to becorrect D. Received Payments against Invoices, then posted Payments toDeposits E. Received Payments against invoices, then posted Deposits toincome accounts Question 12 of 15 Your client calls you to figure out why he suddenly has anamount showing in his balance sheet for Opening Balance Equity.Which of the following errors could he have made that would resultin a balance existing in the Opening Balance Equity account? A. Condensed the file B. Entered an owner’s draw banking transfer C. Entered an owner’s draw banking transfer D. Received new inventory items on a bill without making apurchase order E. Entered an opening balance when setting up the liabilityaccount for a new truck purchase Question 13 of 15 Your client recorded a check in the prior fiscal year that didnot clear and was re-issued in the current fiscal year. They areaccrual based taxpayers and the return for the prior fiscal yearhas been completed. Which of the following is the best method torepair this issue? A. Use the Write Off Invoices tool to void the check in thecurrent fiscal year B. Delete/void the check from the prior fiscal year and create anew check in the current fiscal year C. Delete the check and re-enter as a bill payment using thesame check number and date originally used D. Change the date and the check number of the original checkentered in the prior fiscal year to match the new check number anddate E. Create a deposit to the same expense account as the originalcheck but dated in the current period, then reconcile them againsteach other Question 14 of 15 Trudie Lyn calls you because a bill is still showing due but sheknows she paid it and her bank and credit cards are all reconciled.You determined she recorded an expense instead of paying the billthrough bill payment. What steps would you take to repair thisissue? A. Delete the bill B. Delete the expense and create a bill payment C. Enter a credit memo to offset the amount of the bill D. Open the expense and add the bill from the transactiondrawer E. Created a delayed credit and when the next bill comes, applythe delayed credit to the bill Question 15 of 15 When going in to reconcile a bank account, you realize that thebeginning balance does not match the statement. Where can you viewchanges made to a bank account’s reconciled period? A. Chart of Accounts B. Audit Trail Report C. Reconciliation Report D. Reconciliation History E. Banking Changes screen . . .
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