QBO Advanced Accounting Tools 2

Question 1

Which QuickBooks Online feature allows you to allocate income and expenses across multiple departments or locations?

Accepted Answer

Classes and Locations

Answer

Tags

Answer

Custom Fields

Answer

Projects

Question 2

In QuickBooks Online, what is the purpose of the 'Reclassify Transactions' tool available in the Accountant Tools menu?

Accepted Answer

To move transactions to a different account, class, or location in bulk

Answer

To reverse journal entries in bulk

Answer

To archive old transactions

Answer

To split transactions across multiple accounts

Question 3

Which report in QuickBooks Online Advanced provides a fully customizable grid view similar to a spreadsheet for deeper financial analysis?

Accepted Answer

Spreadsheet Sync

Answer

Custom Summary Report

Answer

Business Snapshot

Answer

Management Reports

Question 4

When using QuickBooks Online's Fixed Asset Manager, what triggers the creation of a depreciation journal entry?

Accepted Answer

Running the Calculate Depreciation function for a period

Answer

Purchasing an asset via a bill

Answer

Categorizing a transaction as a fixed asset account

Answer

Activating the asset in the asset register

Question 5

A client needs to track project profitability including labor costs. Which QBO feature should you enable?

Accepted Answer

Projects with Time Tracking

Answer

Classes

Answer

Tags

Answer

Custom Reports

Question 6

What is the maximum number of custom fields available per form type in QuickBooks Online Advanced?

Accepted Answer

12

Answer

3

Answer

5

Answer

48

Question 7

Which QuickBooks Online feature enables automated approval workflows for purchase orders and bills before they are posted?

Accepted Answer

Workflows (Approvals)

Answer

Audit Log

Answer

Custom Roles

Answer

Vendor Credits