QBO Projects & Job Costing 5

Question 1

A user tries to delete a project that has invoices and bills attached. What is the expected QBO behavior?

Accepted Answer

Projects with transactions should be marked Completed or Canceled instead of deleted

Answer

Projects with linked transactions are usually closed out with a status change, not deleted, so history is preserved.

Question 2

In the project overview, which three summary figures appear by default?

Accepted Answer

Income, Costs, and Profit margin

Answer

The project overview sums up income, costs, and the resulting profit margin.

Question 3

A billable expense of $200 has a 15% markup set. What amount will appear when it is added to the invoice?

Accepted Answer

$230

Answer

$200 × 1.15 = $230 when the 15% markup is applied.

Question 4

Which QBO report compares a project's estimated amounts with the actual income and costs recorded?

Accepted Answer

Estimates vs. actuals (Project estimates vs. actuals)

Answer

The Estimates vs. actuals report compares estimated figures against actual recorded results for a project.

Question 5

A contractor (1099 vendor) logs time on a project. What allows their time to add labor cost to the project?

Accepted Answer

Entering a cost rate for the contractor

Answer

Entering a cost rate for the contractor lets QBO count their tracked hours as project labor cost.

(QBO) Certified QuickBooks ProAdvisor Practice Test