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  • Review Answers: Section 4 - 93%

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    This document contains a review of answers to 15 multiple choice questions about features and functions in QuickBooks Online related to banking, rules, recurring transactions, reconciliation, and reports. It prompts the user to review their answers before submitting the section.

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    This document contains a review of answers to 15 multiple choice questions about features and functions in QuickBooks Online related to banking, rules, recurring transactions, reconciliation, and reports. It prompts the user to review their answers before submitting the section.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    6K views4 pages

    Review Answers: Section 4 - 93%

    Uploaded by

    pink burger
    This document contains a review of answers to 15 multiple choice questions about features and functions in QuickBooks Online related to banking, rules, recurring transactions, reconciliation, and reports. It prompts the user to review their answers before submitting the section.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 4

    Section 4_93%

    Review Answers
    Take a minute to review your answers before you turn in your work.
    Once you submit this section, you won’t be able to change your answers.

    • Q1
    • From the For review tab in the Banking center, how can you exclude a bank
    transaction that is a duplicate?

    Edit answer

    Your answer:
    Find transaction > Check box next to transaction > Select Exclude in banner

    • Q2
    • What’s the maximum number of conditions that can be set for a bank rule?

    Edit answer

    Your answer:
    5

    • Q3
    • What 3 transaction types can you assign in a rule for money-in transactions?

    Edit answer

    Your answer:
    Deposit
    Credit card payment
    Transfer

    • Q4
    • Which 3 statements regarding bank rules are true?

    Edit answer

    Your answer:
    Bank rules can be prioritized
    Bank rules can be copied, edited, or deleted
    Bank rules can automatically add transactions to the register

    • Q5
    • Which 2 statements are true regarding using bank rules in QuickBooks Online?

    Edit answer

    Your answer:
    QuickBooks Online only applies one rule per
    Rules apply to unaccepted transactions only

    • Q6
    • Which 2 options are benefits of using the Recurring transactions feature in
    QuickBooks Online?

    Edit answer

    Your answer:
    You can use recurring Sales receipts with QuickBooks Payments
    There is an option to include unbilled charges automatically on recurring invoices
    • Q7
    • Which 4 transaction types can be made into recurring templates?

    Edit answer

    Your answer:
    Bill
    Invoice
    Transfer
    Deposit

    • Q8
    • What is the default filter that is automatically applied when reconciling an account
    in the Reconciliation dashboard?

    Edit answer

    Your answer:
    Statement ending date

    • Q9
    • Which statement is true about the Reconciliation Discrepancy report?

    Edit answer

    Your answer:
    It’s available if reconciling an account with reconciliation discrepancies

    • Q10
    • Which report displays the business’s Profit and Loss in picture form?

    Edit answer

    Your answer:
    Business Overview

    • Q11
    • What’s used to validate the bank and credit card account balances on a balance
    sheet?

    Edit answer

    Your answer:
    Reconciliation reports

    • Q12
    • Which report shows the book (purchase or cost) value of inventory items with
    quantity on hand?

    Edit answer

    Your answer:
    Inventory Valuation Summary (or Detail)

    • Q13
    • Where can you select this option for them?

    Edit answer

    Your answer:
    Customize > General

    • Q14
    • How would she accomplish this?

    Edit answer

    Your answer:
    Copy an existing template under Management reports

    • Q15
    • Which 2 management report templates will be seen by default when accessing a
    client’s books via QuickBooks Online Accountant?

    Edit answer

    Your answer:
    Basic company financials
    Expanded company financials
    Submit section

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