# QBO Skills: Reports & analysis

Questions with answers and explanations, from the Questiva Learning skills tests.
Version 2, authored 2026-08-23.
Take it interactively: https://www.questivalearning.com/qbcu-certification-prep#skills
## Reports & analysis (chapter 8 of QuickBooks® Online Step-by-Step)

### Q1. Which report explains why profit and the bank balance don't line up?

- a) Trial Balance.
- b) General Ledger.
- **✓ c) Statement of Cash Flows.**
- d) Profit and Loss, Cash basis.

> It starts from net income and shows what moved cash differently, like unpaid invoices, inventory, loan payments and equipment purchases, to arrive at the change in cash. (Chapter 8 · Statement of Cash Flows)

### Q2. A balance left in Opening Balance Equity after setup should be:

- a) Left alone, as the owner's original investment.
- b) Written off to Reconciliation Discrepancies.
- c) Hidden by making the account inactive.
- **✓ d) Moved to Retained Earnings.**

> Opening Balance Equity is a temporary account used during setup. Afterward, move its balance to Retained Earnings so it equals zero. (Chapter 8 · Analyzing the Balance Sheet)

### Q3. Opened in July, a report saved in June with the Report Period set to Last Month shows:

- a) May.
- **✓ b) June.**
- c) Nothing, until you enter the dates again.
- d) Everything since the day it was saved.

> Saving keeps a report's format, dates and filtering, not its data. A relative range like Last Month is worked out again each time you open it. (Chapter 8 · Saving and Viewing Reports)

### Q4. Which report shows the customer payments that make up each deposit?

- a) Invoices and Received Payments.
- **✓ b) Deposit Detail.**
- c) Sales by Customer Detail.
- d) Collections Report.

> Deposit Detail lists the sales transactions in each deposit from Undeposited Funds, and its Cleared column shows whether it's reconciled. (Chapter 8 · Deposit Detail Report)

### Q5. To drop the Inventory Asset and Cost of Goods Sold entries from a report of products sold:

- a) Switch the report from Accrual to the Cash basis.
- b) Delete those rows.
- **✓ c) Filter on Distribution Account, Not Equals.**
- d) Uncheck Distribution Account under Columns.

> Selling inventory also moves its cost from Inventory Asset to Cost of Goods Sold behind the scenes. A Distribution Account filter set to Not Equals leaves those entries out. (Chapter 8 · Grouping and Filtering)

### Q6. To list uncashed checks, filter the Checking register for:

- a) Reconcile Status Cleared.
- **✓ b) Transaction Type Check and Reconcile Status No Status.**
- c) Transaction Type Check. Then compare it to the bank statement.
- d) Reconciled transactions dated This Month.

> A check with No Status hasn't matched anything in the Bank Transactions feed, so it hasn't cleared the bank. (Chapter 8 · Filtering the Register)

### Q7. Which report shows how much profit each customer brings in?

- **✓ a) Income by Customer Summary.**
- b) Sales by Customer Summary.
- c) Transaction List by Customer.
- d) Accounts Receivable Aging Detail.

> Income by Customer Summary subtracts each customer's expenses from their income to show profit. Sales by Customer Summary shows only income. (Chapter 8 · Income by Customer Summary Report)