Managing Lists & Chart of Accounts Flashcards
7 cards from real QBO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Managing Lists & Chart of Accounts flashcards as text
Which QBO setting must be enabled before you can assign classes to transactions?
Answer: Turn on class tracking under Advanced settings
Class tracking must be turned on in the Advanced section of Account and Settings before classes can be assigned to transactions.
A client in QBO wants all expense transactions to require a class assignment. How is this enforced?
Answer: Enable 'Warn me when a transaction isn't assigned a class' in Advanced settings
QBO Advanced settings include a warning option that alerts users when a transaction is saved without a class assignment.
What is the recommended way to handle a Chart of Accounts entry that is no longer used but has historical transactions?
Answer: Make the account inactive
Making an account inactive hides it from transaction forms while preserving all historical transactions and reports.
In QBO, which report shows a full list of all accounts along with their current balances?
Answer: Trial Balance
The Trial Balance report in QBO lists every account with its debit or credit balance, useful for verifying that the books are in balance.
A client's Chart of Accounts has grown unwieldy with over 300 accounts. As a ProAdvisor, what is your first recommended step?
Answer: Run a Transaction Detail by Account report to identify accounts with no recent activity
Running a Transaction Detail by Account report helps identify dormant accounts safely before taking any action to clean up the chart of accounts.
Which of the following product or service types in QBO would you use to bundle multiple items together and sell them as a single line item on an invoice?
Answer: Bundle
A Bundle in QBO lets you group multiple products or services and sell them together as a single line item on customer-facing forms.
In QBO, what is the effect of enabling 'Show account numbers' in the Chart of Accounts settings?
Answer: Account numbers appear on financial reports and transaction forms
Enabling account numbers in QBO displays them alongside account names on financial statements and transaction entry forms.