Question: Question 5 You are reviewing the Client Overview tab for a new client to determine the scope of a bookkeeping clean-up engagement. You notice that

Question 5

You are reviewing the Client Overview tab for a new client to determine the scope of a bookkeeping clean-up engagement. You notice that there is a large amount in the Opening Balance Equity account.

Which 3 reasons could be causing this balance?

(Select all that apply)

  • The client has added transactions in the Banking Center without assigning an account to them
  • Opening balances for one or more Product/Service items were entered during the setup process
  • The client entered an Opening Balance when creating a new Other Current Asset account
  • Opening balances were included when importing Customers, using the Import Data tool

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