QBO Reporting & Reconciliation 3

Question 1

Which customization option in QBO reports allows you to display only accounts with non-zero balances?

Accepted Answer

Show non-zero rows only (Rows/Columns > Non-zero)

Answer

Under Rows/Columns customization, selecting 'Non-zero' hides rows with $0.00 balances, decluttering the report.

Question 2

A client running a cash-basis business wants to see income only when payment is received. Which report setting ensures this?

Accepted Answer

Cash

Answer

Setting the report to Cash basis shows income and expenses only when money actually changes hands, not when invoices are issued.

Question 3

What is the purpose of the 'Trace' feature when reviewing a number on a QBO financial report?

Accepted Answer

It drills down to show the individual transactions making up that total

Answer

Clicking (tracing) any amount on a QBO report drills down to the underlying transactions that compose that total.

Question 4

Which statement is TRUE about the QBO Balance Sheet report?

Accepted Answer

It reflects balances as of a single point in time

Answer

The Balance Sheet is a snapshot report showing assets, liabilities, and equity as of one specific date, not a range.

Question 5

When reconciling in QBO and the statement ending balance is entered incorrectly, how should the ProAdvisor fix it?

Accepted Answer

Edit the ending balance field directly in the reconciliation window before finishing

Answer

The statement ending balance field in the reconciliation window can be edited at any time before clicking Finish Now.

(QBO) Certified QuickBooks ProAdvisor Practice Test