QBO Reporting & Reconciliation 1

Question 1

Which QuickBooks report shows a company’s profitability over a specific time period?

Accepted Answer

Profit and Loss

Answer

Balance Sheet

Answer

Trial Balance

Answer

Transaction Detail

Question 2

Which report would help identify overdue customer payments?

Accepted Answer

Accounts Receivable Aging Summary

Answer

Cash Flow Statement

Answer

Sales by Product

Answer

Customer Balance Detail

Question 3

What is the purpose of reconciling a bank account in QuickBooks?

Accepted Answer

To match records with bank statement

Answer

To create journal entries

Answer

To close the accounting period

Answer

To add vendor payments

Question 4

Which report provides a snapshot of company assets and liabilities?

Accepted Answer

Balance Sheet

Answer

Expense Report

Answer

General Ledger

Answer

Statement of Cash Flows

Question 5

How often should bank reconciliations be performed?

Accepted Answer

Monthly

Answer

Once per quarter

Answer

Only at year-end

Answer

Weekly

Question 6

Where do you go to start a bank reconciliation in QuickBooks Online?

Accepted Answer

Gear Icon > Reconcile

Answer

Banking Tab

Answer

Reports Center

Answer

Accounting Tab

Question 7

What might cause a reconciliation discrepancy in QuickBooks?

Accepted Answer

Deleting reconciled transactions

Answer

Printing the balance sheet

Answer

Changing transaction dates

Answer

Viewing reports in accrual mode

Question 8

Which feature in QuickBooks helps customize how reports display data?

Accepted Answer

Customize Report

Answer

Reports Snapshot

Answer

Audit Log

Answer

Transaction Detail

Question 9

Which report helps review all financial transactions by account and date?

Accepted Answer

General Ledger

Answer

Vendor Balance Summary

Answer

Statement of Cash Flows

Answer

A/R Aging Detail