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
A client wants to track income separately for two service lines but only has one bank account. What is the best approach in QBO?
Answer: Use classes to separate the income transactions
Classes in QBO allow you to segment transactions by department or service line without changing the chart of accounts structure.
When merging two accounts in the QBO Chart of Accounts, what happens to the historical transactions?
Answer: Transactions are moved to the account you are keeping
When you merge accounts in QBO, all transactions from the deleted account are moved to the account you retain.
Which account type in QBO is used to record the owner's personal withdrawals from the business?
Answer: Equity – Owner's Draw
Owner's Draw is an equity account that tracks money the owner withdraws from the business for personal use.
In QBO, what does the 'Detail Type' field in the Chart of Accounts determine?
Answer: How QBO maps the account to tax forms and financial reports
The Detail Type helps QBO map accounts to the appropriate lines on tax forms and standard financial reports.
A client accidentally deleted a vendor from the Vendor List. How can you restore it in QBO?
Answer: Filter the Vendor List to show inactive vendors and reactivate
Deleted vendors become inactive in QBO and can be restored by filtering the Vendor List to show inactive records and making them active again.
What is the maximum number of classes that can be created in QBO Plus?
Answer: 250
QBO Plus supports up to 250 classes for tracking purposes.
Which of the following lists in QBO is used to store reusable line items that appear on sales forms?
Answer: Products & Services list
The Products & Services list stores items that can be added as line items on invoices, sales receipts, and other sales forms.