Domain 1
How many user seats does the Advanced plan include?
25
The QuickBooks Online Plus plan includes _____ users
Five
How can users ensure that only certain people can change the books after closing them?
Require a password
Two vendors with the same name are not allowed in QuickBooks, so how might one end up with two accounts for the same vendor?
Answers will vary but should include creating one with a misspelling or missing apostrophe
An accounting method report that reflects all transactions.
Accrual Report
Which two QuickBooks Online plans are ideal for freelancers, entrepreneurs, and small businesses that only sell services?
Simple Start and Self-Employed
Accrual accounting generally provides a company with a better sense of its overall _______________
Financial Health
What icon do users select to edit company information sections?
Pencil
What list does a company use to pay a vendor for their purchase?
A vendor list
A financial institution licensed to receive deposits, make loans, track cash in/out of a business, and provide financial services.
Bank
When migrating desktop information to the online version of QuickBooks, the desktop information automatically updates to the newest version.
True
A user can track different___________ by creating a project.
Jobs
True or False.
Companies should not change their EIN frequently
True
What is a customer in QBO?
Individuals or businesses that purchase goods or services
An economic resource that will generate economic benefit and is categorized in the order of how liquid the asset is: current, fixed, and other.
Asset
What type of accounting should one use for the reconciliation process?
Accrual accounting
__________and __________ list items are used when creating invoices, purchase orders, and tracking inventory.
Name two types of user roles that count toward the QuickBooks user limit.
Company admin and Standard user
What other lists can users import to QuickBooks?
Answers will vary but may include customer lists, products and services lists, and bills
A report that reflects assets, liabilities, and equity. It does not show profit or loss.
Balance Sheet
Which user role allows employees to track their hours?
Time tracking only user
Sub-accounts are used to break down accounts to see___________ or income in greater detail.
Expenses
Which user role does not have complete access to an account but can enter invoices, sales, and expenses and work with customer and vendor lists?
Standard user
Which three types of files can users import as vendor lists?
Excel files, CVS files, and Google Sheets
A company's debts, including credit extended to the business, money owed on credit cards, sales tax owed to the government, employee withholdings owed to the government, and both short-term and long-term debts. Liabilities are distinguished between two types: current and long-term.
Liability