QuickBooks Online Certification Exam 2026/2027 Answers & Questions (45pages)

Question 1: Which features are exclusive to QuickBooks Enterprise and not found in any other version? Answer: Here are a few of QuickBooks Enterprise's special features: ● 5 to 30 users is the maximum ● Unlimited number of items as opposed to Pro/Premier's maximum of 14500 ● Strong aspects of the inventory ● Operates more quickly in a multi-user network setting with individual user access per region Question 2: Which of the QuickBooks Pro and Premier versions differs most? Answer: ● Using QuickBooks Premier, you can handle reports related to your industry, like Wholesale and manufacturer, Retail, Non-Profit, Professional, Contractor, and services, and generate purchase orders straight from sales orders and change orders. This function is absent from QuickBooks Pro. Question 3: What are the key pointers for a newcomer looking to expedite their QuickBooks work? Answer: Before opening the QuickBooks program, the following points should be remembered: ● Check the date. Reports with incorrect dates are invariably inaccurate. ● Instead of using Enter, use Tab: Enter at an angle that is opposite of what you wish. ● Utilize shortcuts: putting in data entry more quickly, especially when dealing with dates. In addition, eliminate duplicate transactions and reconcile accounts. ● If you find a lost page, use the Home page. ● Observe accounting rules, including those regarding revenue recognition and cost matching. Question 4: Which financial reports, whether for tax preparation or another purpose, need to be created at the end of the year? Answer: ● Profit and Loss and Balance Sheet A6 At the end of the year, A/R Aging, A/P Aging, Summary of Inventory Valuation, Profit by Job, and so on need to be created for tax preparation. Question 5: What distinguishes a Custom Summary Report from a Custom Transaction Detail Report? Answer: The distinction between a customized summary report and a comprehensive report is as follows. ● Detail: A thorough transaction that is line by line and transaction by transaction. ● Summary: Contains the totals for a certain account or the totals for a vendor and client. Question 6: Where in QuickBooks Online is the transfer funds function located? Answer: ● The transfer funds feature in QBO is included under the "Quick Create" option. Question 7: What makes establishing a password and a closing date so important? Answer: ● Because an email is sent to the accountant automatically. Question 8: When entering customer or vendor services, is it permissible to enter statement costs one by one? Answer: ● No, statement charges cannot be entered consecutively like vendor or customer services. Question 9: Which of the following describes a feature of Payroll Online in QuickBooks? 1. The customer sends in payroll tax payments and forms, 2. exporting to QuickBooks Desktop for Mac. 3. Operated from a separate website that has a central customer list. 4. Employee payments are facilitated through either printed paychecks or direct deposits. Answer: ● Operated from a separate website that has a central customer list