Which of the following statements are NOT true regarding QBO Chart of Accounts?
A)QBO automatically creates a Chart of Accounts when a new company is set up.
B)QBO Chart of Accounts is customized by a user to fit its company's needs.
C)QBO Chart of Accounts is customized to fit a company's needs and is not overly useful regarding tax return preparation since it is completed by using an IRS form.
D)QBO Chart of Accounts is aligned with a company's tax return since QBO is used to organize financial information for tax preparation.

Question

Quizplus · Accepted Answer

QBO Chart of Accounts is customizable to fit a company's specific needs, but it is also useful for tax return preparation. The accounts used in QBO can correspond directly to various lines on the tax form, making it easier to organize financial information for tax purposes. Therefore, statement C is not true.

Which of the Following Statements Are NOT True Regarding QBO