1. Which of these would be an appropriate start date for a business?A. December 31 of the current yearB. The first day of a period, month, quarter, or yearC. The day of your first expenseD. The day of your first sale2. What is an historical transaction?A. A transaction that occurred before the start date of the companyB. A transaction that appears in the company file by default in QuickBooks OnlineC. A journal entryD. A report showing company transactions as of the start date3. Why can't you merge an income account with an expense account in the Chart of Accounts?A. Expense accounts are not included in the Chart of Accounts.B. You can only merge accounts that are of the same type.C. The income account would override the expense account.D. QuickBooks only supports the unmerging of accounts, not the merging of them.4. What is a product or service linked to?A. A Journal EntryB. The associated uncategorized asset accountC. At least one account in the Chart of AccountsD. The historical transaction5. Who controls user access and monitors user activity?A. Individual usersB. Master SupervisorC. ComptrollerD. Master Administrator6. What account type is considered a liability?A. Fixed AssetsB. Accounts ReceivableC. BankD. Accounts Payable 7. Opening balances are entered:A. via the Gear menuB. on the day the expenses were incurredC. on the Chart of AccountsD. as a Journal Entry or directly into the account register8. Which accounts in the Chart of Accounts CANNOT be deleted?A. Accounts added by other usersB. Preset accounts or those linked to other featuresC. Asset accountsD. All of them9. What type of account is a credit card account?A. AssetB. LiabilityC. EquityD. Revenue

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1. Which of these would be an appropriate start date for a business? A. December 31 of the current year B. The first day of a period, month, quarter, or year C. The day of your first expense D. The day of your first sale

1. Which of these would be an appropriate start date for a business? A. December 31 of the current year B. The first day of a period, month, quarter, or year C. The day of your first expense D. The day of your first sale

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 7PA: Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for...

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Question

1. Which of these would be an appropriate start date for a business?
A. December 31 of the current year
B. The first day of a period, month, quarter, or year
C. The day of your first expense
D. The day of your first sale
2. What is an historical transaction?
A. A transaction that occurred before the start date of the company
B. A transaction that appears in the company file by default in QuickBooks Online
C. A journal entry
D. A report showing company transactions as of the start date
3. Why can't you merge an income account with an expense account in the Chart of Accounts?
A. Expense accounts are not included in the Chart of Accounts.
B. You can only merge accounts that are of the same type.
C. The income account would override the expense account.
D. QuickBooks only supports the unmerging of accounts, not the merging of them.
4. What is a product or service linked to?
A. A Journal Entry
B. The associated uncategorized asset account
C. At least one account in the Chart of Accounts
D. The historical transaction
5. Who controls user access and monitors user activity?
A. Individual users
B. Master Supervisor
C. Comptroller
D. Master Administrator
6. What account type is considered a liability?
A. Fixed Assets
B. Accounts Receivable
C. Bank
D. Accounts Payable

7. Opening balances are entered:
A. via the Gear menu
B. on the day the expenses were incurred
C. on the Chart of Accounts
D. as a Journal Entry or directly into the account register
8. Which accounts in the Chart of Accounts CANNOT be deleted?
A. Accounts added by other users
B. Preset accounts or those linked to other features
C. Asset accounts
D. All of them
9. What type of account is a credit card account?
A. Asset
B. Liability
C. Equity
D. Revenue

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