QBO Advanced Accounting Tools 3

Question 1

In QuickBooks Online, which tool allows an accountant to undo a previously reconciled period without affecting subsequent reconciliations?

Accepted Answer

Undo Reconciliation in Accountant Tools

Answer

Journal Entry Reversal

Answer

Bank Disconnect

Answer

Audit Log Rollback

Question 2

When setting up a multicurrency company in QBO, what happens to the home currency exchange rate?

Accepted Answer

It is always set to 1.0 and cannot change

Answer

It fluctuates daily based on QBO's automatic updates

Answer

It must be manually entered for each transaction

Answer

It is inherited from the bank feed

Question 3

A company records a customer advance payment. Which account type should be used to properly record this liability in QBO?

Accepted Answer

Deferred Revenue (Other Current Liability)

Answer

Accounts Receivable

Answer

Undeposited Funds

Answer

Sales Tax Payable

Question 4

What does the 'Voided/Deleted Transactions' report in the Audit Log help an accountant identify?

Accepted Answer

Unauthorized changes or deletions made to transactions

Answer

Transactions posted to inactive accounts

Answer

Duplicate vendor payments

Answer

Sales tax adjustments

Question 5

Which depreciation method in QBO's Fixed Asset Manager calculates the same dollar amount of depreciation each period over the asset's useful life?

Accepted Answer

Straight-Line

Answer

Double Declining Balance

Answer

Sum of Years' Digits

Answer

Units of Production

Question 6

In QBO, which setting must be enabled before you can assign both a Class and a Location to a single transaction line?

Accepted Answer

One class per row (line level)

Answer

Track classes by customer

Answer

Auto-assign classes

Answer

Billable expenses

Question 7

Which QuickBooks Online report would best help identify whether a specific vendor was paid twice for the same invoice?

Accepted Answer

Transaction List by Vendor

Answer

Vendor Contact List

Answer

Accounts Payable Aging Detail

Answer

Check Detail