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

The Undo Reconciliation function in Accountant Tools unmarks all transactions in a completed reconciliation so corrections can be made.

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

The home currency always has an exchange rate of 1.0; only foreign currency accounts carry variable rates.

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

Customer advance payments represent an obligation to deliver goods or services and should be recorded as Deferred Revenue, an Other Current Liability.

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

The Voided/Deleted Transactions report surfaces any transaction that was removed or voided, including who made the change and when, supporting fraud detection.

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

The Straight-Line method spreads the depreciable cost evenly across the asset's useful life, resulting in equal depreciation expense each period.

(QBO) Certified QuickBooks ProAdvisor Practice Test

(QBO) Certified QuickBooks ProAdvisor Practice Test

QBO Advanced Accounting Tools 3