Section 1: Complex Conversions
Section 1: Complex Conversions
Section 1: Complex Conversions
1. Using the dropdown list to complete the sentence, choose the option that is both accurate and an
attribute that indicates that QuickBooks Online is suitable. The limit on_________ in QuickBooks Online
is __________.
a. Customer message field on sales forms; 1000 characters
b. Yes, upgrade my subscription to 6-10 billable users
2. What steps are considered “best practice” prior to using the QuickBooks Desktop Pro/Premier
Conversion tool? Select 5 from the options below:
Make a backup of the data file;
Update QuickBooks Desktop to latest release;
Use the Verify Data tool in QuickBooks Desktop;
Verify total target count is within allowable range;
Create the new QuickBooks Online subscription in QuickBooks Online Accountant
3. Which items will not convert at all with the QuickBooks Desktop Conversion tool? Select 5 from the
options below:
Price Levels;
User Permissions;
Custom Customer;
Custom Sales Form Styles;
Multiple Unit of Measures
4. It connects to QuickBooks Desktop using Web Connector and syncs to QuickBooks Online. Paula
wants her office manager to be able to download transactions. QuickBooks is not used to track any
customer information, individual sales activity or inventory; it is used for payroll and accounts payable. 3
Answers
a. Yes
b. Verify Balances with Reports;
Connect to the client’s bank;
Set up users and permissions
5. They do not track or sell inventory. the company wants to invoice automatically on a weekly basis. Jack
would like to review a Sales by Customer by Month report regularly. Jack currently pays his vendors in
QuickBooks Desktop using the online bill pay service, QuickBooks Bill Pay. 3 Answer
a. No
b. Customize Reports;
Set up recurring transactions;
Set up and implement Bill.com or alternative online bill pay service
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6. Cathy’s Fitness Center keeps track of their members using a customized Method: CRM database that
integrates with QuickBooks Desktop Pro: offers monthly, quarterly or annual memberships with varying
prices, uses QuickBooks Payments merchant service with QuickBooks Desktop Pro to charge
membership fees to members automatically, sells a few items such as water, nutritional supplements,
and snacks. She keeps track of her inventory in QuickBooks Desktop Pro, thinks changing
to FIFO inventory method would be better, and would like to bring over her historical inventory activity,
if possible. Cathy conducts quarterly promotions, where she offers supplements and snacks for sale at
discounted prices. 2 Answers
a. Yes
b. Connect Existing Intuit QuickBooks Payments merchant service account to QuickBooks Online;
Discontinue recurring payments scheduled in Merchant Service Center and set up automatic
payment method on recurring transactions in QuickBooks Online
7. Tom’s Truck Parts sells tractor/trailer parts and uses QuickBooks Desktop Enterprise version 17. Tom
often creates detailed estimates for his customers for approval prior to invoicing. Tom has determined
that QuickBooks Online, in association with an inventory app, meets his needs. The inventory items are
de-activated each year as new models are introduced. There are approximately 1,900 active and 6,000
inactive items. Tom wants to save time when entering expenditures for commonly-used vendors similar
to the auto-recall feature in QuickBooks Desktop Enterprise. Tom wants to utilize budgets to help better
manage his business. 2 Answers.
a. No
b. Set up and use a 3rd party app for inventory;
Activate setting to pre-fill forms with previously entered content
8. 5 Selections
a. 1.2.3.5.8
b. $13,002.92
c. Check to utility company for $87.26;
Check to telephone company for $54.19;
3 Open invoices to hair stylist for booth rental
d. 5.10
1. Which of the following can be accomplished with Locations? Select 1 or more from the options below.
Create Budge;
Filter Deposit Screen;
Unique settings on sales forms
2. Which of the following categories can have up to 5 sub-levels, not including the parent? Select 1 or
more from the options below
None of the above
3. Which of the following categories can be assigned on each target line of a transaction? Only consider
purchase and sales transaction (not journal entries). Select 1 or more from the options below.
Classes;
Customers
5. Which of the following categories affect the source of the transaction? Select 1 or more from the
options below.
Classes;
Locations
6. Which of the following categories can be used to subdivide a budget? Select 1 or more from the options
below.
Classes;
Locations;
Customers
7. In which of the following categories can A/P Aging Summary reports be customized to show open
balances for specific names? Select 1 or more from the options below.
Locations
8. Which of the following categories can be added to non-posting entries to be converted to a posting
transaction at a later date? Select 1 or more from the options below
Classes;
Locations;
Customers
9. Which of the following is the debit entry to cost of goods sold when Lindsay records the sale to
Woody’s Weeds-Be-Gone?
$1,011.25
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10. Which of the following is the effect on the General Ledger when Linsay saves the new birdbath
item?
Debit Inventory for $595.50, credit Opening Balance Equity for $595.50
11. What is the ending inventory value for Ornamental Trees and Decorative Spotlights as of October 31 of
the current year?
780.50
12. Which of the following is the total of the billable time and expense charges for Freeman Sporting Goods
(including all jobs), as of October 31 of the current year before the invoices are created?
a. $3,202.44
b. $3,531.05
c. $329.03
d. $0.00
13. Which of the following is the total of all unbilled charges for Video Games by Dan?
$750.00
14. Is the Ocean View Road job over or under budget in total?
a. Under Budget
b. 70
16. Which of the following is the amount of the sales tax payment check?
$62.73
17. Which of the following vendors meets the threshold for 1099s?
Halls Properties
18.
$1,200.00
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1. When setting up Retail Sales -Taxable which 2 field must be completed/marked? When setting up
the Retail Sales – Taxable Product/Service item’s “Income Account” field, which of the following
accounts should be selected?
a. Is Taxable;
I sell this product/service to my customers
b. Retail Sales
2. When Setting up MC & Visa Payments which field should be marked/completed? What account should
be used in the income account field?
a. I Sell this product/service to my customers
b. Undeposited funds
3. When setting up the Product/Service item Amex Payment, which of the following fields should be
marked/completed? When setting up the Amex Payment Product/Service item “Income Account” field,
which of the following accounts should be used?
a. I Sell this product/service to my customers
b. Undeposited Funds
4.
5. Michelle has sold custom products to Laura worth $5,000.00. Which of the following transaction would
you use? When Michele received bill from Laura which should she use?
a. Create Invoice
b. Enter bill
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6. Which transactions would Michelle Enter? Which transaction is entered in Michelle’s account?
a. Create Bill Payment – Barter Account;
Create Receive Payment – Barter Account
b. Create Bill Payment – Checking
7. After completing the required tasks, enter the correct amounts in the Profit & Loss by Class report
below
8. Now that you have entered the transactions to the Profit & Loss by Class, what is the total Net Income
for the Landscaping Services class?
553.33
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1. When connecting a bank account or importing a bank data file to QuickBooks Online, Which of the
following data fields are imported? Selected 3 from the options Below.
Amount;
Bank Detail;
Posting date
2. When Claire runs a balance sheet through todays date, which of the following amounts is the balance
in this new savings account?
100
3. The following error message appears on the QuickBooks Online banking screen: “You need to select a
different type of account for this transaction”. Which of following situations would cause this error
The bank or Credit Card account type is not bank or credit card.
4. Which of the following steps are required to permanently delete downloaded activity that you don’t want
to add to QuickBooks Online?
Excluded Tab> Check box to select row> Batch Action> Click Delete.
5. During the upload process of mapping a .QBO/.QFX file to QuickBooks Online chart of accounts, the
financial institution is displayed on screen. Which of the following field names is responsible for the
name of the financial institution shown?
<ORG>
6a. Which of the following is the name of the financial institution that will be shown on screen when you
map it to the QuickBooks Online chart of accounts?
Bank of The World VISA
6b. Which of the following is the number of bank activity rows that will be pulled into the QuickBooks
Online banking screens when this file is uploaded?
7
6c. Which of the following amounts is the beginning balance posted to the GL account when this file is
uploaded to QuickBooks Online and mapped to a new GL account with no transactions posted to it?
$0.
7. Which of the following statements accurately describes adding bank activity to the general ledger from
the Banking > For Review tab?
Click Split to Allocate bank activity among multiple accounts and classes.
8. What is the Profit & Loss net income for all dates?
-1354.75
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9. Which of the following statements are true about bank rules? Select 4 from the options below.
You can change the order of your rules by dragging them;
Rules are defined as money-in or money-out transactions only, not both;
Saving a rule triggers it to run through bank activity on the For Review tab;
Rules define whether bank activity has to meet all or any of the conditions
10. Which of the following statements are true as relates to matched bank activity? Select 3 from the
options below.
Bank activity cannot match to reconciled transactions;
Matched transactions for a disconnected bank account remain matched;
Bank activity matched to multiple payments coded to Undeposited Funds creates one deposit
transaction
11. Which of the following accounts can be reconciled using QuickBooks Online bank reconciliation tools?
Select 3 from the options below.
Checking;
Notes Payable;
Open Balance Equity
12. Which of the following statements are true about bank reconciliation in QuickBooks Online? Select 2
from the options below.
Changes to the amount of a reconciled transaction are reflected on the Reconcile screen by an alert
and link to the Reconciliation Discrepancy Report;
Changes to the amount of a reconciled transaction are reflected above the Reconciliation Report
(for the period in which it was reconciled) in the Reconciliation Change Report section
13. Based on the scenario provided, which of the following actions would you take to determine which
transaction(s) affected Cathy’s beginning balances?
Go to Chart of Accounts > run report on checking account > Modify report settings by last date
modified and cleared status
14. Which of the following steps are correct when reconciling the account to a difference of zero? Select 2
from the options below.
Add any missing transactions;
Correct the transposition error
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1. A credit card expense was posted on September 23, but the credit card account was not paid until
October 4. If you were reviewing the Cash Basis Profit and Loss for the month of September, in which
of the following accounts will the transaction be reported on this statement?
None of the Above
2. A bill dated March 28 was recorded to reduce the credit card liability account. As a result, it is now
included in the open Accounts Payable balance. This same bill was later paid on April 15. When
reviewing the Cash Basis Profit and Loss for the month of March, the vendor bill dated March 28 would
now be included in which of the following accounts?
Unapplied Cash Bill Payment Expense
3. A deposit is posted to Accounts Receivable and is assigned to a customer with no outstanding invoices.
In which of the following accounts will this transaction be reflected on a Cash Basis Profit & Loss
report?
Unapplied Cash Payment Income
4. A check is paid from the checking account to pay down the Note Payable balance on the Balance
Sheet. In which of the following accounts will the transaction be reflected on a Cash Basis Profit and
Loss report?
None of the above
5. A vendor bill payment was dated September 23, but the bill was dated October 4. When reviewing the
Cash Basis Profit & Loss report for September, in which of the following accounts would the bill
payment be reflected?
Unapplied Cash Bill Payment Expense
6a. Which of the following is the report type for this QuickBooks Online report?
Aging Report
6b. Which of the following customizations have been applied to this standard report in QuickBooks Online?
Select 3 from the options below.
Aging
Header/Footer
Number format
7a. Which of the following is the report type for this standard report in QuickBooks Online?
Summary Report
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7b. Focusing on the information presented, not the specific dollar amounts, which of the following are
customizations that have been applied to this standard report in QuickBooks Online? Select 3 from the
options below.
Filter
Rows/Columns
Negative Numbers
8a. Which of the following is the report type for this standard report in QuickBooks Online?
List Report
8b. Which of the following are customizations that have been applied to this standard report in QuickBooks
Online? Select 2 from the options below.
Header/Footer
Rows/Columns
9. Mary Beth purchased some new equipment on December 29 of the prior year from a vendor and coded
it to a fixed asset account in the expense portion of a bill. The bill was paid on January 4 of the current
year. Which of the following reports with the period January 1 - December 31 of the prior year will
reflect this purchase? Select 2 from the options below.
Transaction List by Vendor
Vendor Balance Detail – Report date Aging Method
10. a. How many times today did Craig Carlson log into QuickBooks?
6
10c.Which of the following fields have changed on Purchase Order #1003 since it was added to
QuickBooks Online? Select 3 from the options below.
Account;
PO Status;
Linked TXN ID
11B. Which of the following Products/Services generated the smallest percentage of profit? Do not include
items with zero profit.
Concrete
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408.70
337.50
13. Based on the principles you learned in the training, analyze the Balance Sheet included in the Craig’s
Design and Landscaping Services workpapers file.
Based solely on their balance in the Balance Sheet, which of the following accounts require further
investigation? Select 3 from the options below.
Visa;
Opening Balance Equity;
Truck: Accumulated Depreciation
13b. Compare the Balance Sheet to the Bank Reconciliation Report and to the detail in other reports in the
Craig’s Design and Landscaping Services workpapers file, then answer the following question.
Which of the following accounts require further analysis? Select 4 from the options below.
Undeposited Funds;
Inventory Asset;
Board of Equalization Payable;
Arizona Dept. of Revenue Payable
13c. Review the Profit & Loss report included in the Craig’s Design and Landscaping Services workpapers
file.
Based solely on the Profit & Loss report and without looking at any of the other reports or statements
provided in the Workpapers file, which of the following issues should be investigated? Select 4 from the
options below.
13d. Use the Balance Sheet, Profit & Loss, and other supporting reports and statements provided in the
Craig’s Design and Landscaping Services workpapers file to answer the following question.
Which of the following improper workflows are evident in the workpapers files provided? Select 3 from
the options below.
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14a. Review the Balance Sheet, Profit & Loss, Inventory Valuation Summary, Inventory Valuation Detail –
All Dates, and the Transaction Detail – Inventory Asset report files in the L, H&M Squared Landscaping
workpapers folder.
Which of the following is the reason the Inventory Valuation Summary report doesn’t agree with the
Balance Sheet as of February 28, 2017?
L,H & M Made direct entries to the Inventory Asset account account instead of using
Product/Services items when recording the purchase.
14b. Review the Balance Sheet, Profit & Loss, Inventory Valuation Summary, Inventory Valuation Detail –
All Dates, and the Transaction Detail – Inventory Asset report files in the L, H&M Squared Landscaping
workpapers folder.
Which of the following is the reason the Inventory Valuation Summary report doesn’t agree with the
Balance Sheet as of February 28, 2017?
The Total Asset Value reported on the Inventory Valuation Detail is correct;
The sales value reported on the Profit & Loss for the period February 2017 is correct;
The cost of goods sold value reported on the Profit & Loss for the period February 2017 is
correct.
14c. Review the Profit & Loss, Sales by Product/Service Summary, Transaction Detail – Revenue,
Transaction Detail – Job Expenses and the Product and Services list in the L, H&M Squared
Landscaping workpapers folder to answer the following questions.
Which of the following explains why the Sales by Product/Services Summary doesn’t agree with the
Profit & Loss statement for the month of February 2017?
Improper set-up Product and service items mapped to the wrong accounts.
14d. Which of the following steps would you recommend to the controller to correct this issue and prevent it
from happening in the future?
15. Which of the following is considered the best practice method for fixing this type of error?
Create a monthly deposit, selecting all the payments for that month on the deposit screen. Add
new deposit lines, selecting the appropriate income accounts and enter a negative amount so
that the deposit total is zero. Repeat for all six months.