Which of the following is correct regarding QBO COA?
A) By customizing the QBO COA to align with the business tax return,countless hours are saved in preparation time,and tax returns are more accurate.
B) QBO does not encourage editing of its COA since too many errors can be made by changing what was initially set up when the company was organized.
C) QBO does allow editing of the accounts in the COA,however,it only allows authorized users to make changes.QBO codes accounts for tax return preparation tracking.
D) QBO is not able to assist in tax return preparation and only requests legal entity status for COA account purposes.Changes to the COA are encouraged and should happen often.
Correct Answer:
Verified
Q7: Which of the following is incorrect regarding
Q8: To enter account numbers into QBO:
A)Select Accounting
Q9: The main financial statements of a business
Q10: Profit and Loss Statement includes the following
Q11: Select the statement that is not true
Q13: What are QBO Sub-accounts and how are
Q14: The balance sheet summarizes what a company
Q15: All of the following are true regarding
Q16: Which of the following is correct?
A)Balance sheet
Q17: All of the following are true regarding
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