A balance left in Opening Balance Equity after setup should be:

Left alone, as the owner's original investment.

Written off to Reconciliation Discrepancies.

Hidden by making the account inactive.

Opened in July, a report saved in June with the Report Period set to Last Month shows:

Nothing, until you enter the dates again.

Everything since the day it was saved.

Which report shows the customer payments that make up each deposit?

Invoices and Received Payments.

To drop the Inventory Asset and Cost of Goods Sold entries from a report of products sold:

Filter on Distribution Account, Not Equals.

Switch the report from Accrual to the Cash basis.

Uncheck Distribution Account under Columns.

To list uncashed checks, filter the Checking register for:

Transaction Type Check and Reconcile Status No Status.

Transaction Type Check. Then compare it to the bank statement.

Reconciled transactions dated This Month.

Which report shows how much profit each customer brings in?

Accounts Receivable Aging Detail.

QBO Skills practice questions

Reports & analysis

7 practice questions on reports & analysis, each with the answer and why it is right. From Questiva Learning' QuickBooks® Online skills test. The topic is covered in Chapter 8 of QuickBooks® Online Step-by-Step.

Take the skills assessments

Which report explains why profit and the bank balance don't line up?
1. Trial Balance.
2. General Ledger.
3. Statement of Cash Flows.
4. Profit and Loss, Cash basis.
Answer: C) Statement of Cash Flows.. It starts from net income and shows what moved cash differently, like unpaid invoices, inventory, loan payments and equipment purchases, to arrive at the change in cash. (Chapter 8 · Statement of Cash Flows)
A balance left in Opening Balance Equity after setup should be:
1. Left alone, as the owner's original investment.
2. Written off to Reconciliation Discrepancies.
3. Hidden by making the account inactive.
4. Moved to Retained Earnings.
Answer: D) Moved to Retained Earnings.. Opening Balance Equity is a temporary account used during setup. Afterward, move its balance to Retained Earnings so it equals zero. (Chapter 8 · Analyzing the Balance Sheet)
Opened in July, a report saved in June with the Report Period set to Last Month shows:
1. May.
2. June.
3. Nothing, until you enter the dates again.
4. Everything since the day it was saved.
Answer: B) June.. Saving keeps a report's format, dates and filtering, not its data. A relative range like Last Month is worked out again each time you open it. (Chapter 8 · Saving and Viewing Reports)
Which report shows the customer payments that make up each deposit?
1. Invoices and Received Payments.
2. Deposit Detail.
3. Sales by Customer Detail.
4. Collections Report.
Answer: B) Deposit Detail.. Deposit Detail lists the sales transactions in each deposit from Undeposited Funds, and its Cleared column shows whether it's reconciled. (Chapter 8 · Deposit Detail Report)
To drop the Inventory Asset and Cost of Goods Sold entries from a report of products sold:
1. Switch the report from Accrual to the Cash basis.
2. Delete those rows.
3. Filter on Distribution Account, Not Equals.
4. Uncheck Distribution Account under Columns.
Answer: C) Filter on Distribution Account, Not Equals.. Selling inventory also moves its cost from Inventory Asset to Cost of Goods Sold behind the scenes. A Distribution Account filter set to Not Equals leaves those entries out. (Chapter 8 · Grouping and Filtering)
To list uncashed checks, filter the Checking register for:
1. Reconcile Status Cleared.
2. Transaction Type Check and Reconcile Status No Status.
3. Transaction Type Check. Then compare it to the bank statement.
4. Reconciled transactions dated This Month.
Answer: B) Transaction Type Check and Reconcile Status No Status.. A check with No Status hasn't matched anything in the Bank Transactions feed, so it hasn't cleared the bank. (Chapter 8 · Filtering the Register)
Which report shows how much profit each customer brings in?
1. Income by Customer Summary.
2. Sales by Customer Summary.
3. Transaction List by Customer.
4. Accounts Receivable Aging Detail.
Answer: A) Income by Customer Summary.. Income by Customer Summary subtracts each customer's expenses from their income to show profit. Sales by Customer Summary shows only income. (Chapter 8 · Income by Customer Summary Report)