Which of the Following Is Correct Regarding QBO COA

question 9

Multiple Choice

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.

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Definitions:

Productivity Growth

Refers to the increase in the amount of goods and services produced per unit of input over a period of time.

Widespread Use

The extensive adoption or application of a product, technology, or practice among a large portion of the population.

Economic Growth Rates

The annual percentage increase in the value of all goods and services produced in an economy, serving as a measure of an economy's increase in wealth.

Future Years

Subsequent periods of time that have not yet occurred, often considered in planning, forecasting, or speculation.