QBO Managing Lists & Chart of Accounts 3

Question 1

In QBO, which account type would you use to record a long-term loan payable over five years?

Accepted Answer

Long-Term Liability

Answer

Other Current Liability

Answer

Accounts Payable

Answer

Expense

Question 2

A client needs to track inventory costs. Which Product/Service type in QBO supports inventory tracking with COGS?

Accepted Answer

Inventory

Answer

Service

Answer

Non-inventory

Answer

Bundle

Question 3

How do you prevent users from adding new accounts to the Chart of Accounts in QBO Advanced?

Accepted Answer

Remove the user's ability to manage accounts under Roles

Answer

Lock the Chart of Accounts in Company Settings

Answer

Set all accounts to inactive

Answer

There is no way to restrict this in QBO

Question 4

What happens when you change the account type of an existing account in QBO?

Accepted Answer

QBO warns that the change may affect reports and tax mapping

Answer

All transactions are deleted from the account

Answer

The account balance resets to zero

Answer

The account is automatically merged with another account

Question 5

Which QBO list stores payment terms such as 'Net 30' or '2/10 Net 30'?

Accepted Answer

Terms list

Answer

Chart of Accounts

Answer

Products & Services

Answer

Payment methods list

Question 6

A customer's name appears twice in the Customer List due to a data entry error. What is the correct way to fix this in QBO?

Accepted Answer

Edit one name to match the other to trigger an automatic merge

Answer

Delete one customer record

Answer

Export, fix in Excel, and re-import

Answer

Use the batch actions menu to combine records

Question 7

In QBO, where do you configure the default income account for a specific product or service?

Accepted Answer

Products & Services list > Edit item

Answer

Chart of Accounts > Edit

Answer

Sales settings in Account and Settings

Answer

Customer profile settings