This is for Quickbook test. Do not use Chatgpt. I alrdy tried but failed. You have to provide correct option only. Not explanation. I will upvote if you provide correct

$22.$ What are the benefits of using a bank account as a dummy contra account? $($There are two correct answers.$)$

$$ A$)$ It's visible on the dashboard banking tile which makes it easy to ensure it is cleared down to zero

$$ B$)$ It's quicker to use contra bank entries to clear supplier and customer accounts than journals

$$ C$)$ It uses the bank feed feature within QuickBooks Online to bring transactions in automatically

$$ D$)$ QuickBooks Online does not support contra accounts

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$23.$ Where does a transaction with a No VAT rate show on a VAT return?

$$ A$)$ Box $1$

$$ B$)$ Box $2$

$$ C$)$ Box $4$

$$ D$)$ It doesn't show

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$24.$ What happens if you code an expense directly to the VAT suspense account?

$$ A$)$ A warning will appear to create a VAT payment

$$ B$)$ The liability is settled and the VAT is marked as paid in the VAT centre

$$ C$)$ The liability is reduced but the VAT will still appear as unpaid in the VAT centre

$$ D$)$ Nothing. QuickBooks Online will not allow that entry

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$25.$ Which of the following statements are true? $($There are three correct answers.$)$

$$ A$)$ Both locations and classes can be modified using the reclassify tool

$$ B$)$ A different class can be entered on each line of a bill, expense, or invoice

$$ C$)$ A different address can be associated to a location

$$ D$)$ A different location can be entered on each line of an expense, bill, or invoice

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$26.$ What is the maximum level of 'nesting' allowed when creating sub$-$classes? $($i$.$e$.$ Class $>$ Sub$-$class $>$ sub of sub$-$class$)$

$$ A$)3$

$$ B$)5$

$$ C$)10$

$$ D$)6$

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$27.$ How can the profit and loss report be customised to view by class?

$$ A$)$ Go to the management reports section to find class reports

$$ B$)$ Go to the settings cog and choose class and location reporting

$$ C$)$ Click on display columns by and choose classes from the drop$-$down menu

$$ D$)$ Click on active rows$/$active columns and choose classes from the drop$-$down menu

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$28.$ What are the benefits of using classes when producing financial accounts? $($There are two correct answers.$)$

$$ A$)$ There is less chance of data entry error

$$ B$)$ Fewer account codes are required in your Chart of Accounts

$$ C$)$ It's quicker to view the profit and loss for a particular part of the business

$$ D$)$ The net profit totals for the company will be more accurate

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$29.$ What steps do you take to create a new management report?

$$ A$)$ Go to the report centre, select management reports, and then click on new report

$$ B$)$ Go to custom form styles, in the top right$-$hand corner choose create a new management report template

$$ C$)$ Edit or copy an existing management report, make necessary changes and then save as with a new name

$$ D$)$ Go to the new$/$create button, and below other, choose management reports

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$30.$ How do you add other reports to a management report pack in QuickBooks Online?

$$ A$)$ From within a management report on the Reports page, from the standard reports tab or from the export icon on a standard report

$$ B$)$ Export the report to Excel and import using add new report from the report settings cog

$$ C$)$ Export the report to PDF and import using add new report from the report settings cog

$$ D$)$ From a custom report and add within the preliminary pages

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$31.$ Which of the following statements regarding management reports is correct?

$$ A$)$ They can be set to be e$-$mailed automatically on a monthly schedule

$$ B$)$ They can be saved as PDF or DocX $($word$)$ documents

$$ C$)$ They can be saved as PDF or Excel documents

$$ D$)$ The report can display either the client's logo or you can add your firm's logo

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$32.$ Where can you set custom report dates as a default for profit and loss and balance sheet reports?

$$ A$)$ Reports $>$ custom reports

$$ B$)$ Accountant Tools $>$ report options

$$ C$)$ Settings cog $>$ reports

$$ D$)$ Settings cog $>$ all lists

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$33.$ Which customise settings can be used to display data in separate columns on a profit and loss report? $($There are two correct answers.$)$

$$ A$)$ Display columns by

$$ B$)$ Compare another period

$$ C$)$ Customise $>$ filter

$$ D$)$ Customise $>$ header$/$footer

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$34.$ Which costing methods are available for stock in QuickBooks Online?

$$ A$)$ First in first out $($FIFO$)$ only

$$ B$)$ First in first out $($FIFO$)$ and average cost only

$$ C$)$ First in first out $($FIFO$),$ last in first out $($LIFO$)$ and average cost only

$$ D$)$ None of the above

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