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Review Answers: Section 4 - 93%

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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8K views

Review Answers: Section 4 - 93%

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.

Uploaded by

pink burger
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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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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