Asked by Charol Pelagio on May 06, 2024
Verified
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.
Tax Return Lines
Specific lines on a tax return document where taxpayers report information or figures as required by tax regulations.
Detailed Reports
Comprehensive documents that provide an in-depth analysis or summary of data related to a specific topic or period.
Tailor
A tailor is a skilled craftsperson who makes, repairs, or alters clothing professionally, often creating garments to fit individual customers uniquely.
- Identify the ways in which QuickBooks Online facilitates tax preparation by organizing accounts and understanding the connection between accounting components and their effects on taxes.
Verified Answer
LS
Lydia SchulzMay 09, 2024
Final Answer :
C
Explanation :
This is the only statement that is false. QBO does focus on providing detailed reports, but it is also designed to make tax return preparation easier by customizing the Chart of Accounts to feed into the appropriate tax lines.
Learning Objectives
- Identify the ways in which QuickBooks Online facilitates tax preparation by organizing accounts and understanding the connection between accounting components and their effects on taxes.