Which 2 statements are true regarding Classes in QuickBooks Online? (Select all that apply) A .Classes affect the source of a transaction

Which 2 statements are true regarding Classes in QuickBooks Online?

(Select all that apply)

A.Classes affect the source of a transaction

B. You can assign multiple classes to a transaction

C. Class labels can be changed to suit a particular client

D. Columns in a Balance Sheet by Class will always balance

E. The unspecified column on a Profit & Loss by Class represents transactions that have not had a class specified

Answer: The correct options are B and E.

An option such as B of having multiple classes being assignable to a single transaction is possible in QuickBooks Online. This enables you to be able to mark a transaction through different class assignments thus the ability of tracing it under diverse groups or subgroups. For instance, a bill of electricity could be tagged with the classes as utilities and office expense in order to track it within those two categories.

The undesignated column in a Profit & Loss by Class report stand for transactions that are not with class defined as option E. This section includes all the transaction entries that are currently unclassed hence any class-less transactions can be discovered easily and a correct one inserted.

As for options A, C and D they are all incorrect with relation to QuickBooks online classes. Classes do not affect the source account in which transactions are made A. The class labels are selected up front and remain fixed through the life of classifier (C). Inappropriate use of classes may lead to not balancing Balance Sheet by Class columns (D).

Consequently, the two correct answers regarding classes in QuickBooks Online are B and E – it is possible to assign multiple classes to transactions; an unspecified column stores unclassified transactions . The rest of the alternatives do not describe how classes are structured in an accurate manner.