Advanced Testing Flashcards

Questions and Answers

What is the most efficient way to see the debit and credit entries related to a specific transaction?

Open the transaction > More > Transaction journal (correct)

Reports > Trial Balance > Filter for Date > Select transaction

Open the transaction > Customize > Sources and targets

Reports > Audit Log > Filter for Date changed > View transaction

Each class in QuickBooks Online is limited to 5 hierarchical levels including the parent class.

True

What are 2 options for assigning classes?

Assign a default class to customers and vendors

Assign one class to an entire transaction (correct)

Assign one class per row in a transaction (correct)

Assign a default class to General Ledger accounts

Which 2 statements are true regarding classes in QuickBooks Online?

The Not Specified column on a Profit and Loss by Class represents transactions that have not had a class specified Signup and view all the answers

Which statement is true about Location tracking in QuickBooks Online?

Location labels can be changed to suit the individual business Signup and view all the answers

Which 2 statements about Location tracking in QuickBooks Online are true?

The location can be selected on each row of an invoice Signup and view all the answers

Why should clients who want to do job tracking create an Overhead customer?

So that when a customer isn't assigned to a transaction, QuickBooks Online can assign a default job Signup and view all the answers

Which 2 statements are true about converting sub-customers to projects?

The sub-customer addresses, tax codes, and terms will revert to the parent customer settings for the converted project Signup and view all the answers

What are the 3 types of billable charges for which you can invoice at a later date in QuickBooks Online?

Delayed Charges, Billable Time, Billable Expenses Signup and view all the answers

Which method of monitoring income and expenditure would be most appropriate for Peter's Properties, especially if expenses need to be re-charged?

Projects Signup and view all the answers

Assuming there's no sales tax, what is the total amount of the billable charges for Sadie's Car Parts' customer?

3410 Signup and view all the answers

Which 2 statements are true about billable expenses?

A default markup dollar amount can be added automatically on the invoice Signup and view all the answers

Study Notes

Transaction Entries

Efficiently view debit and credit entries by accessing the transaction, selecting "More," and choosing "Transaction Journal."
Alternative methods include reports filtering by date or using the Audit Log to view changes.

Class Tracking in QuickBooks Online

Each class supports up to five hierarchical levels, allowing for structured categorization.

Assigning Classes

Options for class assignment include assigning one class to an entire transaction or to specific rows within a transaction.

Class Statements in QuickBooks Online

Classes cannot be assigned to multiple transactions, and class labels may be customized.
The "Not Specified" column on Profit and Loss by Class indicates transactions without a specified class.

Location Tracking in QuickBooks Online

Location labels like "Division" can be customized based on business needs.
Sub-locations do not count against QuickBooks Online usage limits, and location tracking is available at all subscription levels.

Location Filtering

Locations can be filtered on options such as Pay Bills, Bill Payments, and can be assigned for rows in invoices and journal entries.

Job Tracking

Establishing an Overhead customer helps eliminate unspecified transactions in Profit and Loss reports and enables default job assignments for transactions without a specific customer.

Converting Sub-customers

Sub-customers can only convert to projects if they are set to bill with the parent and must be within four levels of hierarchy from the parent.
Conversions can revert back to sub-customers, and only Accountant users can perform this action.

Billable Charges in QuickBooks Online

Types of billable charges that can be invoiced later include Delayed Charges, Billable Time, and Billable Expenses.

Monitoring Income and Expenditure for Rental Properties

Utilizing Projects is the most effective method for tracking income and expenditures by landlord, property, and tenants.

Billable Charges Calculation

Various options for total billable charges depend on settings and incurred expenses, which require specific calculations.

Billable Expenses Key Points

Markup percentage can be added automatically to invoices for billable expenses, and the related purchase transaction may involve other asset accounts.

Description

Test your knowledge on advanced accounting concepts with these flashcards. Each card presents a question about transaction entries, helping you to master the details of financial reporting and audit trails. Perfect for accounting students or professionals looking to reinforce their understanding.