Which of the following is correct regarding QBO COA (Chart of Accounts) ?
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 the 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
Q6: Equity accounts are:
A)Increased with debits and decreased
Q7: Which of the following is correct regarding
Q8: What is the best definition of double
Q9: Which is not true regarding entering transactions
Q10: Which of the following is false regarding
Q12: Which of the following is false regarding
Q13: QBO groups transactions into the following different
Q14: What are QBO Lists?
A)QBO Lists are a
Q15: Assets are:
A)Increased with debits and decreased with
Q16: Which of the following is not true
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