ACCOUNTING 2021QBO - Recertification 2020. 100% Pass Rate.

1. Michelle Jewelry Company’s finance team is growing and is considering upgrading to QuickBooks Online Advanced to take advantage of the advanced custom user permissions. The new permissions allow you to limit a user’ ...

1. Michelle Jewelry Company’s finance team is growing and is considering upgrading to QuickBooks Online Advanced to take advantage of the advanced custom user permissions. The new permissions allow you to limit a user’s access to which 2 groups of reports?(Select all that apply)  Basic reports  Sales and customer reports  Employee  Expense and vendor reports  Sales tax  Business overview 2. Which tier will Dianne achieve if she adds two new QuickBooks Online clients to her QuickBooks Online Accountant account?  Silver  Gold  Platinum  Elite  Diamond 3. Dianne Doolittle has received a review on her Find-a-ProAdvisor profile listing and would like to respond to the review. Which steps should she take to leave a response?  It is not possible to respond to reviews written on the Find-a-ProAdvisor website.  Dianne must contact ProAdvisor support to initiate the response request.  Dianne can reply to the review by selecting the Profile icon on the menu bar of QuickBooks Online Accountant, scrolling to the “Client reviews” section and selecting “Reply to review.”  Dianne can reply to the review directly from the Find-a-ProAdvisor website by entering her Intuit ID and password where indicated on the page. 4. What are 3 benefits of adding non-QuickBooks Online clients to your Client List in QuickBooks Online Accountant? (Select all that apply)  You can keep all client contact info, notes, and documents in one place.  You can access all your ProConnect Tax Online clients from the same dashboard.  You can launch your QuickBooks Desktop client companies directly from the Client Dashboard.  You can create projects and tasks for non-QuickBooks Online clients in the Work tab to stay on top of important client deadlines.  You can share documents stored in QuickBooks Online Accountant with the client.  You can add one button for conversion to QuickBooks Online through QuickBooks Online Accountant. 5. Carla is a partner in a firm with over 40 team members who have access to QuickBooks Online Accountant. She needs to assign a payroll specialist to work on a new client that just signed up with the firm. She needs to: Navigate to ________ in QuickBooks Online Accountant, then _____ Payroll Specialist in the ____________. Fill in the missing steps.  Work; select; second drop-down  Team; type; Search box  Team; select; drop-down  Team; filter for; Gear icon  Work; type; Search box 6. The QuickBooks Online Accountant Work feature supports integration with which popular communication app?  WhatsApp  Slack  Facebook Messenger  SMS Texting 7. Dianne Doolittle has opened a client’s QuickBooks Online Company from her Client Dashboard in QuickBooks Online Accountant. She wants to see which apps are connected to the client’s account. Where can she find this information without logging out of the client’s QuickBooks Online account?  Gear icon > Account and Settings > Billing and Subscriptions  Client Overview > Company Setup  Client Overview > Common Issues  Left navigation > Apps  Left navigation > My Accountant 8. The search box in the Client apps screen allows you to search for apps by which 2 criteria?  Name of the app  Apps you connected  Discounted apps  Name of the client  Apps others connected 9. Which 4 features are available in the Work tab in QuickBooks Online Accountant?  You can add new clients to your client list in the Project setup screen.  You can track Projects and Tasks for your Firm’s internal work.  You can create custom Project Templates.  You can bulk-assign Project Templates to many clients.  You can create projects using predefined Quick Start Templates. Section 4 Review Answers  Q1  Your client wants to understand the difference between cash-basis and accrual-basis reporting. Which is the best definition of cash-basis reporting? Your answer: Cash-basis reports display income as of the date the customer payment is received/recorded and expenses as of the date a vendor bill is paid Edit answer  Q2  Which report should you run to see a list of each customer with an open balance and columns for the age of open balances? Your answer: A/R Aging Summary Edit answer  Q3  The ____________ lists each customer with an open balance. It lists the open invoices in different columns based on whether they are current or how long it’s been overdue, 30, 60 and 90+ days. What kind of report is being described here? Your answer: A/R Aging Summary report Edit answer  Q4  Reports can provide a valuable insight into which three of the following: Your answer: Financial position of a client’s business Results of company operations for a specific time period Statistical information about a client’s products and services Edit answer  Q5  Which QuickBooks subscription level or levels offer Sales reports that can be run to show location or class? Your answer: QuickBooks Online Plus Section 5 Review Answers  Q1  Which 3 of these statements are correct when creating a client request in QuickBooks Online Accountant? Your answer: You can add attachments by selecting the + Add document link The request appears in the client’s QuickBooks Online company in My Accountant If you wish to notify your client of your request with a QuickBooks-generated email, select Notify client Edit answer  Q2  Which 2 of the statements below are correct about using the client details and dashboard screens of QuickBooks Online Accountant and working with client company files? Your answer: You can import QuickBooks Online Trial Balance data into ProConnect Tax Online to prepare tax returns via the client dashboard You can start a new tax return from the client dashboard for non QuickBooks Online clients or clients that are using QuickBooks Online Edit answer  Q3  What are the 3 ways a Lead Accountant can be assigned to a client company? Your answer: The client invites an accountant A firm member creates a client company The Lead Accountant is reassigned to another team member Edit answer  Q4  QuickBooks Online Accountant allows you to request information from your clients. Which 3 of the below statements are correct regarding this feature? Your answer: Selecting Create client request on the Work screen begins the process Checking the Notify client checkbox means the client will be sent an email Selecting Create client request on the Projects screen begins the process. Section 6 Review Answers  Q1  Where would you go to review your client’s expense account to see if any transactions have been miscategorized? Your answer: Reclassify transactions in the Accountant Toolbox Edit answer  Q2  You can find the link to the Voided/Deleted Transactions tool by selecting the ___________________. Which option correctly completes the sentence? Your answer: Accountant Toolbox Edit answer  Q3  Why might you want to use the write off tool? Select each correct option in the list. Your answer: When a client has outstanding invoices that will not be paid Edit answer  Q4  What 2 options could you use to navigate from a client’s QuickBooks Online company dashboard to the Exceptions to Closing Date report? Your answer: Go to the Accountant toolbox, then select Accountant Reports and look in the For My Accountant section Go to the Reports center via the left navigation and look in the For My Accountant section Edit answer  Q5  Which 4 of the following statements about the Trial Balance function in QuickBooks Online are true? Your answer: It can be used to help prepare a tax return It can be used to check that a client’s account balances are accurate You can export a Trial Balance to Excel You can export QuickBooks Trial Balance data into ProConnect Tax Online Section 7Review Answers Submit section  Q1  Managing inventory and avoiding out-of-stock situations is critical to the success of this type of client. What type of client does this best describe? Your answer: Retail and eCommerce Edit answer  Q2  Which 2 team user roles have permission to view and search for apps using the Apps tab in QuickBooks Online Accountant? Your answer: Firm Master Admin Full Access Team User Edit answer  Q3  Which subscription option, if any, includes online banking, access from any device at any time and integration with a wide custom of apps? Your answer: Only QuickBooks Online Plus Edit answer  Q4  Which 2 statements are true of wholesale billing for QuickBooks Online? Your answer: The practice gets billed at wholesale prices for QuickBooks Online subscriptions The practice gets billed, and determines the amount to bill the client Edit answer  Q5  Which 2 statements regarding Intuit approved QuickBooks Online Apps are true? Your answer: They must meet strict requirements and undergo a testing process They must be available via the Apps screen in QuickBooks Online Accountant Edit answer Submit section 10. Dianne Doolittle wants to download an itemized invoice for the QuickBooks Online subscriptions on her wholesale billing account for last month. The statement can be downloaded in which 2 file formats?  XLS(X)  CSV  JPEG  PDF