QBO Recording Transactions 3

Question 1

What is the purpose of a Journal Entry in QBO?

Accepted Answer

To manually debit and credit accounts for transactions not covered by standard forms

Answer

Journal Entries allow accountants to manually adjust account balances using debits and credits for non-standard transactions.

Question 2

A company buys $500 of office supplies with a company credit card. Which QBO form should be used?

Accepted Answer

Expense (with credit card as payment account)

Answer

An Expense transaction with the credit card selected as the payment account correctly records a credit card purchase in QBO.

Question 3

In QBO, what does the 'Memo' field on a transaction primarily serve?

Accepted Answer

It provides a descriptive note for internal reference

Answer

The Memo field is a free-text note that helps identify the purpose of a transaction but does not affect accounting calculations.

Question 4

When you void a check in QBO, what happens to the transaction amount?

Accepted Answer

The amount is set to zero and the transaction remains for audit trail

Answer

Voiding a check sets the amount to $0 while keeping the transaction in the register to preserve the audit trail.

Question 5

Which QBO report would you use to see every transaction posted to a specific account over a date range?

Accepted Answer

Account QuickReport / Transaction Detail by Account

Answer

The Account QuickReport or Transaction Detail by Account report lists all transactions posted to a selected account within a chosen period.

(QBO) Certified QuickBooks ProAdvisor Practice Test