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

Classes and Locations in QBO allow segment-level tracking of income and expenses across departments, regions, or business units.

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

Reclassify Transactions lets accountants bulk-move posted transactions to correct accounts, classes, or locations without editing each one individually.

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

Spreadsheet Sync in QBO Advanced pushes live QBO data into Excel, enabling pivot-table-style analysis with two-way sync capability.

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

You must run the Calculate Depreciation function in Fixed Asset Manager to generate the depreciation journal entry for the selected period.

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

The Projects feature combined with Time Tracking allows QBO to allocate labor costs, expenses, and revenue to individual projects for profitability reporting.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Advanced Accounting Tools 2