QBO Financial Reporting 2

Question 1

A client wants to see how much revenue was earned but not yet collected. Which report best shows this?

Accepted Answer

Accounts Receivable Aging Summary

Answer

Profit and Loss by Month

Answer

Balance Sheet

Answer

Sales by Customer Summary

Question 2

When running a Profit and Loss report in QBO, what does the 'Compare another period' option allow you to do?

Accepted Answer

Show two date ranges side by side for trend analysis

Answer

Combine two companies into one report

Answer

Export data to a comparison spreadsheet automatically

Answer

Display budget vs. actual figures only

Question 3

Which financial statement in QBO shows the net change in cash during a specific period?

Accepted Answer

Statement of Cash Flows

Answer

Balance Sheet

Answer

Profit and Loss

Answer

Trial Balance

Question 4

A business owner notices their net income is positive but cash is decreasing. Which report would best explain why?

Accepted Answer

Statement of Cash Flows

Answer

Profit and Loss Detail

Answer

Balance Sheet Comparison

Answer

Accounts Payable Aging

Question 5

In QBO, what is the purpose of the 'Collapse' button on a Profit and Loss report?

Accepted Answer

Groups sub-accounts under their parent accounts to summarize data

Answer

Hides zero-balance accounts

Answer

Removes comparative period columns

Answer

Filters out accounts below a threshold amount

Question 6

Which QBO report would you run to verify that total debits equal total credits in the general ledger?

Accepted Answer

Trial Balance

Answer

Audit Log

Answer

Journal Report

Answer

Account List

Question 7

A client needs a report showing every transaction posted to their bank account during Q1. Which report is most appropriate?

Accepted Answer

General Ledger

Answer

Balance Sheet

Answer

Cash Flow Statement

Answer

Reconciliation Report