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2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business

2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 8. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 9. 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 10. 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 11. What type of account is a credit card account? A. Asset B. Liability C. Equity D. Revenue
Transcribed Image Text:7. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 8. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 9. 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 10. 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 11. What type of account is a credit card account? A. Asset B. Liability C. Equity D. Revenue
1. When should you select settings and customizations for your company file? A. At the time you create the company file B. As work related to the settings comes up C. Before the end of the business's first fiscal year D. In the second quarter 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business 3. 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 4. 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 5. 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. 6. 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
Transcribed Image Text:1. When should you select settings and customizations for your company file? A. At the time you create the company file B. As work related to the settings comes up C. Before the end of the business's first fiscal year D. In the second quarter 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business 3. 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 4. 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 5. 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. 6. 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
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