Question 1 of 50

How can you see the detailed transactions for a particular account code.
(There are two correct answers.)
Run a customer balance summary report
Use the filter option within a transaction report and select the account code
Go to Chart of Accounts and select run report next to the account code
Go to banking > reviewed > filter for the account code

Question 2 of 50
Which of the following statements are true with regards to standard
reports? (There are two correct answers.)
They can be exported into PDF, Excel or a Word Document
They can be exported into PDF or Excel
You can flag useful reports as a favourite
They can be set to e-mail out every week

Question 3 of 50
A client wishes to recharge expenses to their customer. What settings
need to be turned on in order to do this? (There are two correct
answers.)
Make recharged expenses available
Track income by customer
Track expenses and items by customer
Make expenses and items billable
Question 4 of 50
Which of the following Project reports are available by default? (There
are two correct answers.)
Project profitability (without time costs)
Profit and loss by employee
Time cost by employee/supplier
Progress billing report - balance to be invoiced

Question 5 of 50
Which of the following is true when an estimate is converted to an
invoice using progress invoicing?
AYou can choose to invoice the total, a percentage or an amount
BYouhave to invoice the total amount
CIt isn't possible to invoice a specific amount
DIt's only possible to invoice a percentage of the total

Question 6 of 50
How can billable costs be re-allocated to a particular project? (There are
two correct answers.)
Use reclassify
Edit the original bill or expense
Create a delayed charge
Create a zero total expense

Question 7 of 50
If you have created an account with the detail type of undeposited funds,
what would the account type be?
ACash at bank and in hand
BCurrent asset
CNon-current asset
DOther current asset

How can you save time for clients who need to record daily gross
takings?
ACreate a recurring invoice template
BCreate a bank rule to transfer cash to bank
CCreate a recurring sales receipt template
DCreate a recurring bank deposit template

Question 9 of 50
Which standard options are available when scheduling a custom report
to be sent by e-mail?
ADaily, weekly, monthly, quarterly only
BDaily, weekly, monthly, annually only
CDaily, weekly, monthly, twice a month only
DDaily, weekly, monthly only

Question 10 of 50
A pub owner receives cash and card payments for their sales. When
banked some cash is held back as a float for the till. How can you record
this on one transaction?
AExpense paid from cash
BSales receipt deposit to cash
CCash back option within a bank deposit
DTransfer to cash
Question 11 of 50
What is the effect of creating an adjusting journal entry?
ACreates a journal that will adjust your VAT return
BPlaces these values in separate columns on an adjusted trial balance report
CMakes the journal invisible to clients - only accountants can see these entries
DCreates a journal that will reverse on the 1st day of the following month

Question 12 of 50
A customer is showing in the Accounts Receivable Ageing Summary
Report with a zero total balance. What action is required to clear the
customer from this report?
ACreate a bank deposit for the invoice amount
BEnter a nil expense to offset the invoice and credit
CUse the receive payment option to close off the open transactions
DEnter a journal to remove the balance

Question 13 of 50
When could it be appropriate to use a contra bank account? (There are
two correct answers.)
To record a bad debt
When a customer has paid twice
Offsetting foreign transactions when neither are the home currency
Offsetting customers and suppliers

Question 14 of 50
A customer has a negative balance of £180 as a result of a credit note
(£150+VAT) What steps are required to record the refund to the
customer?
ACreate a refund receipt for £180 coded to debtors/accounts receivable with no VAT
BOpen the credit note and choose the refund option in the right-hand corner
CCreate an invoice coded to sales for £150 + VAT
DCreate an expense, enter the customer name and code to debtors/accounts
receivable with no VAT

Question 15 of 50
If stock tracking is turned on what area of the bill and expense forms
should be used in order to increase stock levels?
AIncreased stock table
BCategory table
CItem table
DStocking rate

Question 16 of 50
A client has incorrectly posted money received from a customer directly
to an income category instead of matching it to the open invoice. Which
category could you use to correct this duplication without affecting the
bank reconciliation?
AOther debtors
BDebtors (accounts receivable) and entering the customer name
CCreditors (accounts payable) and entering the supplier's name
DRetained profit balance forward

Question 17 of 50
How would you record a payment on account made to a supplier?
ACreate a bill and then create a bill payment
BSkip this payment, reconcile the bank and create an adjustment to reconciliation
discrepancy
CRecord the payment as an expense to the category creditors with the suppliers name
and No VAT
DRecord the payment as an expense to uncategorised expenses with the suppliers
name and No VAT

Question 18 of 50
A customer payment has been received with commissions deducted from
the total. How can the transaction be entered from the banking screen?
AUse find match to mark the invoice as paid in full and enter commissions as a positive
number in the resolve difference area
BUse find match to mark the invoice as paid in full and enter commissions as a negative
number in the resolve difference area
CAdd a transfer and split between sales and commissions
DAdd the whole amount to the invoice and raise a credit note for commissions

Question 19 of 50
Your client has created two supplier records and used both but only
needs one. How do we resolve this?
ATick both supplier names from within the supplier centre and use merge from the
supplier settings cog
BEdit the name of one of the suppliers to match the other or use the merge contacts
option from within the supplier centre
CView the transactions for one of the suppliers, tick all and use the batch function to re-
code
DUse the reclassify function within Accountant Tools or use the merge contact option
from the supplier settings cog

Question 20 of 50
A product/service item is posting transactions to the wrong account.
Where do we resolve this?
AAccountant Tools > reclassify > tick the relevant transactions > reclassify the income
account
BProduct and Services list > edit the item > recode the income account > update
historical transactions
CChart of Accounts > edit the income account > edit which items on the Product and
Services list are associated with it
DProduct and Services list > batch actions > recode the income account > update
historical transactions

Question 21 of 50
Where could you check basic company settings, bank reconciliation
history, common issues, and transaction volumes all in one place?
AManagement reports
BBank reconciliation
COverview
DDashboard

Question 22 of 50
A credit note has automatically been allocated to the wrong invoice. Why
is this?
AThe setting automatically apply credits has been disabled
BThe sales setting auto credit note selection has been enabled
CThe automation setting automatically apply credits is enabled
DThe payment and billing option for that customer has been set to auto-apply

Question 23 of 50
When setting up a new stock item, what should the detail type be for the
income account?
AService/fee income
BSales of product income
COther primary income
DDiscounts/refunds given

Question 24 of 50
Which statement is true about the Flat Rate Scheme in QuickBooks
Online?
AA VAT adjustment is required to claim input VAT on capital purchases
BYou can't file the VAT return using the MTD feature
CThe gain/loss by FRS is calculated if the VAT rate is selected on purchases
DThe 1% discount for the first year is automatically applied

Question 25 of 50
How do we set up a new VAT rate for a specific scheme?
ATaxescentre> VAT > settings and create tax code
BEdit an existing default rate and then save as with a new code detail
CSettings cog > lists > VAT rates and choose to add rate
DTaxescentre> VAT and select add tax and then tax rate

Question 26 of 50
What are the benefits of using a bank account as a dummy contra
account? (There are two correct answers.)
It's visible on the dashboard banking tile which makes it easy to ensure it is cleared
down to zero
It's quicker to use contra bank entries to clear supplier and customer accounts than
journals
It uses the bank feed feature within QuickBooks Online to bring transactions in
automatically
QuickBooks Online does not support contra accounts
Question 27 of 50
Where does a transaction with a No VAT rate show on a VAT return?
ABox 1
BBox 2
CBox 4
DIt doesn't show

Question 28 of 50
What happens if you code an expense directly to the VAT suspense
account?
AA warning will appear to create a VAT payment
BThe liability is settled and the VAT is marked as paid in the VAT centre
CThe liability is reduced but the VAT will still appear as unpaid in the VAT centre
DNothing. QuickBooks Online will not allow that entry

Question 29 of 50
Which of the following statements are true? (There are three correct
answers.)
Both locations and classes can be modified using the reclassify tool
A different class can be entered on each line of a bill, expense or invoice
A different address can be associated to a location
A different location can be entered on each line of an expense, bill or invoice

Question 30 of 50
What is the maximum level of 'nesting' allowed when creating sub-
classes? (i.e. sub of sub-class)
A3
B4
C10
D6

Question 31 of 50
How can the profit and loss report be customised to view by class?
AGo to the management reports section to find class reports
BGo to the settings cog and choose class and location reporting
CClick on display columns by and choose classes from the drop-down menu
DClick on active rows/active columns and choose classes from the drop-down menu

Question 32 of 50
What are the benefits of using classes when producing financial
accounts? (There are two correct answers.)
There is less chance of data entry error
Fewer account codes are required in your Chart of Accounts
It's quicker to view the profit and loss for a particular part of the business
The net profit totals for the company will be more accurate

Question 33 of 50
What steps do you take to create a new management report?
AGo to the report centre, select management reports, and then click on new report
BGo to custom form styles, in the top right hand corner choose create a new
management report template
CEdit or copy an existing management report, make necessary changes and then save
as with a new name
DGo to the new/create button, and below other, choose management reports
Question 34 of 50
How do you add other reports to a management report pack in
QuickBooks Online?
AEdit a management report and select add new report on the reports page
BExport the report to Excel and import using add new report
CExport the report to PDF and import using add new report
DSave a custom report and add within the preliminary pages

Question 35 of 50
Which of the following statements are true in relation to management
reports? (There are two correct answers.)
They can be set to be e-mailed automatically on a monthly schedule
They can be saved as PDF or DocX (word) documents
They can be saved as PDF or Excel documents
The report can display either the client's logo or you can add your firm's logo

Question 36 of 50
Where can you set custom report dates as a default for profit and loss
and balance sheet reports?
AReports> custom reports
BAccountant Tools > report options
CSettings cog > reports
DSettings cog > all lists

Question 37 of 50
Which customise settings can be used to display data in separate
columns on a profit and loss report? (There are two correct answers.)
Display columns by
Compare another period
Customise> filter
Customise> header/footer

Question 38 of 50
Which costing methods are available for stock in QuickBooks Online?
AFirst in first out (FIFO) only
BFirst in first out (FIFO) and average cost only
CFirst in first out (FIFO), last in first out (LIFO) and average cost only
DNone of the above

Question 39 of 50
When creating a stock item for the first time, which of the following
options must be populated (i.e. cannot be left blank)? (There are two
correct answers.)
Name
Item/service code
Category
Initial quantity on hand

Question 40 of 50
What is the effect of using the stock quantity adjustment transaction to
reduce the number of items in stock. Assume the adjustment account
selected is stock shrinkage
ADr Stock Asset, Cr Stock Shrinkage
BDr Stock Shrinkage, Cr Stock Asset
CDr Stock Asset, Cr Cost of Sales
DDr Purchases Cr Stock Asset

Question 41 of 50
How do you prevent customer credits from applying automatically to
invoices?
ATurn off automatically apply bill payments
BTurn off automatically apply credits
CPost all credits on account
DManually re-allocate credits

Question 42 of 50
When recording daily sales takings on a sales receipt that doesn't match
the amount being banked, what is the recommended way to deal with a
difference?
ACreate a bad debt item
BCreate a journal for the difference
CCreate an overs/shorts item
DIgnore the difference

Question 43 of 50
Where would you find the amount of filed VAT to be repaid or refunded?
AVAT control
BVAT suspense
CVAT liability
DAccounts payable
Question 44 of 50
The Exchange Gain/Loss account is created automatically. Where is it
located?
AOn the balance sheet
BOn the paying customer’s account
C On the profit and loss account
DOn the paid supplier’s account

Question 45 of 50
If you want to use common bank rules with a number of your clients
which option below would help you?
AReclassify transactions
BReceipt snap
COpen banking
D Export and import of bank rules

Question 46 of 50
Debtors and creditors can be written off using journals. True or false?
ATrue
B False

Question 47 of 50
If a large number of transactions have been allocated to an incorrect
class or location which option below would help you?
ABatch edit
BReclassify transactions
CChanging the account on an item
DSmartScan/VAT error checker

Question 48 of 50
Where can you find a calculator for costs of employees including
calculating wages, employer taxes, and overhead per hour?
AThe projects centre on the left navigation
BThe payroll centre on the left navigation
CThe new button, then weekly time sheet
DThe new button, then single time activity

Question 49 of 50
How do you create a budget for a project?
ANavigate to a specific project within the project centre, select add to project, then
budget
BNavigate to a specific project within the project centre, select project reports, then
select budget and create new
CNavigate to the settings cog, budgeting, add budget, then subdivide the budget for
your project
DNavigate to the reports centre on the left navigation, find project budget, and select
add new

Projects
Retail
Customising reports
Ledger management
Complex banking
VAT
Classes & locations
Management reports
Stock
50.The CSV Upload option

True