MULTI-CURRENCY MULTIPLE
CHOICE TEST

Test Questions

    1. What Window in QuickBooks Online Activates The Multi-Currency Feature

    2. What will happen to the QuickBooks Online Account When the Multi-currency feature is activated?

    3. After Activating the multi-currency feature, what steps do YOU need to do to prepare the account for transactions in a different currency?

    4. Assuming the dollar is the “home currency”, why would there be an increase in the account that records “GAINS ON CURRENCY EXCHANGE” for a particular transaction?

    5. What accounts in the chart of accounts will be created automatically when you have your first transaction with a particular foreign currency

    6. If your company receives payment for an invoice that needs to be converted to the home currency as part of the transaction, and there is an exchange fee and/or transfer fee, what account acts as an “intermediary” so the 2 steps of this transaction can be recorded

    7. When receiving payment in a foreign currency, what must you input into your QuickBooks Online account.

    8. What is the reason to do a “home currency adjustment”

    9. What is the result in your QuickBooks Online records after making a home currency adjustment?