Financial Accounting > EXAM > Quickbooks__ProAdvisor_Certifcation|All Sections passed 2018 SECTION 1 -Review Answers - PASSED (All)

Quickbooks__ProAdvisor_Certifcation|All Sections passed 2018 SECTION 1 -Review Answers - PASSED

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Submit section • Q1 • The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Chart of Accounts, how to make changes to t... he Chart of Accounts, and how products and services are linked to the Chart of Accounts? Your answer: To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select 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 category type determines on which financial statement this account will show Delete an account from the Chart of Accounts if it is not relevant to your business Edit answer • Q2 • A great feature of QuickBooks Online is that there are other lists you can utilize to make it easier to fill in forms. Where would you go to find these lists? Your answer: Go to the Gear icon and select All Lists Edit answer • Q3 • Look at the following 2 statements: Statement 1 - “QuickBooks Online _____________ is the do-it-for-me option; a complete payroll service with a team of US-based payroll experts to take care of payroll for your client.” Statement 2 - “You can also link up ____________ with QuickBooks to simplify workflow and save yourself a significant amount of time. You’ll benefit from a seamless, end-to-end experience that translates a client’s QuickBooks Online books into a tax return.” Identify the products that fit in the spaces to correctly complete the statements. Your answer: Full-Service Payroll; ProConnect Tax Online Edit answer • Q4 • Where would you go to add a new vendor or find the link to import a vendor list into QuickBooks Online? Choose the most viable method from the options below, although other methods may be available. Your answer: The New vendor button in the Vendors tab of the Expenses screen Edit answer • Q5 • As part of understanding your client’s needs, you should find out what their sales tax requirements are for their business and locality. What information is needed to set sales tax up for a client in QuickBooks Online who only does business in their home state? Select the 4 options you think apply. Your answer: Their company address? When did their current tax period start? How often they have to file a tax return? When they started collecting sales tax for the agency? Edit answer • Q6 • If you want to give one or more of your employees acce............................continued [Show More]

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