All of the Following Are True Regarding QBO Except

question 1

Multiple Choice

All of the following are true regarding QBO except:

• A)A company's Chart of Accounts can be customized in QBO to track information needed to complete the tax return.
• B)A QBO goal is to see that the Chart of Accounts feeds into the tax return lines.
• C)QBO focuses most on providing detailed reports for its users and is not overly concerned about tax return preparation.
• D)It is important to know which tax form a company uses to best tailor the Chart of Accounts to feed into the tax return.

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Definitions:

Noncontinuing Partner

A member of a partnership who decides to leave, dissolve their interest, or is otherwise no longer part of the ongoing business.

Dissolution

The process of legally dissolving a corporation or partnership, ending its existence as a recognized legal entity.

Apparent Authority

The perceived ability of an agent to act on behalf of another party, based on the actions or statements of the principal.

Dissolution

The process of legally dissolving a corporation or partnership, effectively ending its existence.