Section: 01

Question 1
Which two of the following forms or list names can have custom fields in QuickBooks
Online Advanced?

Delayed charges

Suppliers

Product/service items

Accounts

Employees

Customers

Question 2
What are the data types of custom fields that you can create in QuickBooks Online
Advanced?

Text and number, Number, Date, and Dropdown list

Date and Number only

Dropdown list only

Text and number and Date only

Question 3
You recently set up a new client with a QBO Plus subscription under your Wholesale billing
and realized they need to be upgraded to the Advanced subscription.
What steps can you take to make this change? Select all that apply.

QBOA Dashboard > Gear icon > Subscriptions and billing

QBO Dashboard > Gear icon > Account and settings > Usage
 Navigation bar > Your Practice > Clients > Add client

QBO Dashboard > Navigation bar > Client overview

Navigation bar > Your Practice > Apps > Upgrade

Question 4
To determine which apps your client is using, identify one location where you could find the
information.

Gear icon > Subscriptions and billing

QBOA > Apps centre > Client Apps

Gear icon > Import outside data

Gear icon > Account and settings > Apps

Question 5
George is connected to his QuickBooks Online file. In the Audit log, he sees that your firm
worked on his file but doesn't see who in the firm worked on his file.
Why is this so?

Only the users from the firm see that detailed information

He should select ‘See all users’

Nobody sees that information

He should select ‘See detail users from firm’

Question 6
What is one reason a team member might be unable to see a QuickBooks Online company in
their QBOA Clients centre?

The team member has not been granted access to this QuickBooks Online company

Team member uses a different subscription level of QuickBooks Online

The tax return has not yet been completed

The file is closed for the end of the year

Question 7
Stephanie has created a new QBO file for her client, Vikram.
Which of the following steps should she take to grant him access to his company file?

QBO > Gear > Manage users > Add user

QBO > +New > Add user

QBOA > Team centre > Add user

QBOA > Accountant Tools > Add user

Question 8
Vikram has determined that the "Automatically Apply Credits" feature is appropriate for his
client’s business. Where can he turn on this function?

Account and settings > Advanced > Accounting

Account and settings > Advanced > Automation

Account and settings > Sales > Products and services

Account and settings > Expenses > Messages

Question 9
What information do you need to have in order to activate Federal Sales Tax (GST/HST)?
Select all that apply.
 GST/HST number

Incorporation date

Filing frequency

Business owner SIN

Copy of the current AR Summary Report

Registered office address (province)

Question 10
I want to create a tax code specifically for Meals and Entertainment expenses.
Where should I go?

Gear Icon > Manage sales tax > Add custom rate

It is not possible to edit a tax code

Transactions > Chart of accounts > Select the GL account for taxes > select Meals and

Entertainment

Sales tax > Manage sales tax > Add custom rate

Section: 02
Question 1
You are reviewing a new client file and notice the account numbers have not been enabled. Where
would you go to activate them?
 Gear icon > Account and Settings > Advanced > Chart of Accounts > Enable Account Numbers

Navigation Bar > Accounting > Chart of Accounts > New > Enable Account Numbers

Gear icon > Account and Settings > Company > Chart of Accounts > Enable Account Numbers

Navigation Bar > Accounting > Chart of Accounts > Gear > Enable Account Numbers

Question 2
In which of the following scenarios would you suggest merging ledgers in the chart of accounts?

When the client asks if they can put everything in one account

After the fiscal year end is closed, it’s a good idea to merge the expense accounts for the closed

period

If an account has been set up as the wrong account type

If duplicate accounts have been set up with different spelling

Question 3
Which import function can be used to update data already within QBO?

Customers to update addresses

Suppliers to update payment terms

Chart of Accounts to update tax codes

Products and Services to update pricing

Question 4
Pauline is setting up a new QBO file and her client has provided a list of current customers to be
added. It is a long list and Pauline does not want to create each customer profile individually.
Where can she access this import function in QuickBooks Online?

Transactions > Import customers

 Gear icon > Accounts and settings > Sales > Import customers

Gear icon > Import data > Customers

+New > import customers

Question 5
Murphy would like to activate inventory tracking.
Where would he do that?

Gear Icon > Account and Settings > Advanced > Products and services

Gear icon > Account and Settings > Sales > Products and services

Gear icon > Product and services > Activate Inventory

Navigation bar > Sales > Activate Inventory

Question 6
In reviewing a client's Profit and Loss report, Ruby notices there is a large balance showing
in the Uncategorized Income account.
What may have caused this problem?

The client wants to identify their various revenue streams

In the bank feed, a user is adding transactions instead of categorizing or matching them

In the gear icon > Accounts and Settings > Sales > it is flagged "Put all transactions in

Uncategorized Income"

The bank has cloaked the data and QuickBooks Online is unable to read it

Question 7
Which of these are features of sales receipts? Select all that apply.

Sales receipts can be converted to invoices

 Sales receipts can accept partial payments

The Deposit to field can be assigned to “Undeposited Funds”

Sales receipts can be emailed directly to the customer

Question 8
Your client wants to give their customers time to pay.
Which of the following workflows would you recommend for their business?

Sales receipt

Invoice

Invoice + Payment

Sales receipt + Payment

Question 9
Identify three correct situations where you should utilize the "Add funds to this deposit" grid
in a +New > Bank deposit transaction:

You need to record an EFT payment of a customer invoice

When a client pays you in cash

To record the payment of a Vendor Bill

To record the receipt of a supplier credit refund

When an employee reimburses the company

Upon receiving a government subsidy payment

Question 10
Which of the following is a key purpose or functionality of the Undeposited Funds account?

Allows for recording of post-dated cheques

Creates a clean audit trail that can be reconciled

Allows for tracking of multiple deposit streams (cash, cheques, credit cards, etc.)

Is part of the deposit workflow that allows for fees to be deducted/coded against deposits

(eg. wire fees, Stripe fees, etc.)

Allows multiple payments including non-deposit to be grouped/deposited together for

easy matching in the the bank feed

All of the above

Section: 03
Question 1
When recording expenses, QBO offers three classifications under “Amounts are” in addition
to the Sales Tax code to ensure proper handling by the Sales Tax centre.
If you are recording a fuel expense, and want to enter the full amount only so that QBO
correctly backs out the GST, which of the following is the correct classification?

Out of Scope of Tax

 Inclusive of Tax

Exclusive of Tax

GST/HST 5%

Question 2
Identify two distinctions between recording a "Cheque" transaction vs. an "Expense
transaction.

Payment method is limited to bank accounts when using "Cheque"

There is no difference

Cheque should always be used when paying a bill

Expense is used to issue payroll

Expenses recorded with Payment method “Cheque” cannot be printed

Question 3
What are the four file types that are accepted by the “Receipts” feature?

DOCX

GIF

TXT

PDF

XLS

DOC
 PNG

JPEG

Question 4
What are three types of transactions that can be recorded using the QuickBooks Online
Mobile application?

Journal entry

Expense

Invoice

Production of the tax report

Payroll

Sales receipt

Question 5

Lindsay’s construction business has landed their first opportunity and needs to send an
Estimate to confirm the work.
What steps should she follow?

Select Sales > Customers > New Customer

Select +New > Estimate

Select Gear icon > Estimate

Select Projects > All Sales > New Transaction > Estimate

Question 6
An estimate can be copied to which of the following transactions?
 Cheque

Sales receipt

Purchase order

Delayed charge

Sales invoice

Question 7
When a bank feed is first connected, QuickBooks Online enters the bank balance as at the
activation date with the offsetting amount coded to which of the following GL codes?

Cash over/under

Retained Earnings

Uncategorized income

Owners Equity

Opening Balance Equity

Question 8
Which two of the following statements are TRUE when you set up a bank feed to
QuickBooks Online?

All transactions are automatically downloaded from the date the account was opened
 Changes made to the connected account via journal entry are automatically uploaded to

the online banking

QBO offers a drop-down menu showing a list of possible accounts for mapping

You are able to set up a new chart of account on the fly to map the connecting account

Credit cards cannot be connected using the bank feed feature

Question 9
After you connect a bank feed and before you complete the first reconciliation; which of the
following account balances should you review and potentially adjust?

Retained Earnings

Opening Balance Equity

Prepaid Expenses

Accounts Receivable

Question 10
QuickBooks Online offers a powerful tool commonly called "Bank Feeds” to bring in
financial transactions for processing.
Which of the following statements are true. Select all that apply.

Left navigation bar > Transactions > Bank transactions > select "Link account" and

follow the prompts

Left navigation bar > Apps > Connect bank feed

 Gear icon > select Account and settings > Connect bank feed

Login to your online banking > select "Connect to QBO" and follow the prompts

Download the bank/credit card activity from online banking then "Upload from file"

from the QBO Transaction centre > Bank transactions

Section: 04
Question 1
Which two statements are true about resolving a discrepancy in amounts when finding a
Match for a Bank feed transaction in the For review tab?
 When you resolve a discrepancy and then go to the reconciliation screen, you will see

two separate entries for the total amount that appears on the bank statement

When you resolve a discrepancy, QBO deletes the original transaction and replaces it

with the new "matched" transaction

Only admin users can resolve discrepancies when finding a Match

When you try to Resolve the difference in amounts, QBO will open the journal entry

When you click Match, QBO opens a separate window entitled Find Other Matches

Question 2
Smart Learning is an important component of bank feeds. Select all the benefits that Smart
Learning provides.

Paired transactions

Suggests categorization based on previous similar transactions

Creates rule suggestions

Will provide a pop-up warning if you select an incorrect tax code

Will transfer funds between accounts if a balance get too low

Will reconnect the bank feeds to closed accounts

Question 3
Which is the best way to reorder Rules in QuickBooks Online?

Change the number in the Priority column

Export the rule list and import it into the same company with desired order numbers next

to the rule names

 Delete the rule in the wrong position and recreate it; it will appear last

Drag the rule into the preferred location by clicking on the nine-dot grip icon

Question 4
Which of these are features of Rules in QuickBooks Online? Select all that apply.

Rules can be prioritized

Rules are found in Account and settings

You can automatically add transactions to the register using Rules

Rules can be copied, edited or deleted

A Standard user can request access to Rules

Rules can be un-deleted

Question 5
Your client wants to create a consolidated Profit and Loss in Excel for several companies they track in
QuickBooks Online. The companies all have similar charts of accounts.
What advice should you give them?

Customize each Profit and Loss to show all columns

It can't be done

Customize each Profit and Loss to show all rows

Export a Trial Balance for each company instead

Question 6
The number of standard reports varies between QuickBooks Online subscription levels.
If you or your client cannot locate a particular report, what may be causing this?

Subscription level needs to be upgraded

User access level limitation

Function has not been activated

All of the above

Question 7
How would you create a scheduled report in QBO?

By clicking the Reports Centre, clicking the New button and then selecting Create a scheduled

report

By visiting the Sales Centre and selecting the Schedule report dropdown

By clicking the Gear icon and selecting Accounts and Settings

By clicking the Custom Reports tab in the Reports Centre, and then selecting Edit in the Action

column

Question 8
Every month, your client wants to send a Profit and Loss report, and a Balance sheet to their
investors. What would you recommend?

Use QBO's Scheduled Reports feature

Set a reminder in QBO that will alert you to send out the reports

Click the Print button in each report and select Send Automatically

Link QBO to Outlook and then create a reminder

Question 9
Your client wants to add a Profit and Loss report to their Management Report package.
How can you set this up?
 Subscribe to a third-party app that focuses on reporting

Open Excel, import the P&L from QBO and then save the Excel file. Back in QBO click

Import Excel files and select Import to Management Reports

Go to Management Reports tab, click the green Add button and select P&L

Open the P&L report in QBO as you normally would, then click the Export icon, and

select Add to Management Reports

Question 10
What can or can’t you do with Management reports?

Management reports let you group accounts together and then display a total for those

grouped accounts

Management reports let you display graphs and charts only

You can create a title page, and a table of contents in Management reports

You cannot edit existing Management reports

Section: 05
Question 1
The Performance centre is available to which of the following groups of users?

QBOA ProAdvisors and end users of QBO Easy Start

 QBOA ProAdvisors and their team members

QBOA ProAdvisors and end users of QBO Advanced

QBOA ProAdvisors only

Question 2
Reconciling accounts is a common month-end procedure.
What types of accounts can you reconcile in QBO? (Select the single best answer)

Bank and credit card accounts

Accounts receivable

Revenue accounts

All balance sheet accounts except Retained Earnings

Question 3
Before reconciling bank or credit card accounts, it is recommended that bank feed
transactions related to the period be processed first.
What is the result if that step is missed?

Bank feed transactions that weren't "matched” prior to reconciling will need to be

"excluded"

The reconciliation opening balance will not match

The reconciliation will need to be "Undone" in order to complete the missing step

The reconciliation won't balance due to missing transactions

Question 4
Located in Books to Tax, the Monthly Books Review section has four steps.
Which of the following lists is in the correct order of completion?

Account reconciliation - Wrap up - Final review - Transaction review

 Transaction review - Account reconciliation - Final review - Wrap up

Wrap up - Transaction review - Account reconciliation - Final review

Final review - Account reconciliation - Transaction review - Wrap up

Question 5
QuickBooks Online includes period-end templates. By following the Books to Tax > Books
review template, which of the following tasks will you have completed?

Processed the bank feed for the period

Resolved uncategorized transactions

Reconciled accounts

Investigated accounts with Unusual or Unexpected balances

All of the above

Question 6
Mike is completing the month-end work for his client when he discovers an unusually large
transaction in the Uncategorized Expense account. He needs to ask his client for additional
details and supporting documentation.
What is his best course of action?

Gear > Manage users > Client requests

+New > Client requests

Books to Tax > Books review > Client requests

Re-classify the transaction to the Shareholder Loan account

Question 7
Pauline is preparing the GST/HST return for a client and notices that the total revenue
showing on the Profit and Loss report is different from what is displayed on Line 101 of the
GST62 form.
Select two possible causes for this discrepancy.

Profit and Loss date range differs from the GST/HST Return date range

Sales invoice(s) incorrectly recorded as Out of Scope of tax

Profit and Loss excludes cash sales

Profit and Loss report includes sales tax so the amounts are always different

Profit and Loss report displays paid Sales Invoices; Line 101 reports all Sales invoices

Question 8
Jeremy's new employee was a little too ambitious and incorrectly completed the GST62 form
and clicked "Mark as filed"
What steps can Jeremy take to correct this?

Record a journal entry to reverse the filing

From the Taxes centre, select the Filed return and Undo filing

Contact the CRA and request they void the transaction

Nothing, it can't be corrected

Question 9
What two budget reports can you view in QBO?

Budget Overview Report

Budget vs. Actuals Report

 Budget Variance Report

Budget Cost Overrun Report

Custom Budget Report

Question 10
What can you do with budgets in QuickBooks Online?

You can import budgets from Excel

You can create a budget for only certain items that you sell

You can only create a budget for the current fiscal year

You can subdivide a budget by class or customer