What Is The Purpose Of The Chart Of Accounts? A. It Allows Accountants To View Accounting Records Remotely. B. It Is How You Categorize Financial Transactions. C. To See A Graphical Chart Of Income And Expenses. D. To Categorize Items.

⟩ What is the purpose of the Chart of Accounts? a. It allows accountants to view accounting records remotely. b. It is how you categorize financial transactions. c. To see a graphical chart of income and expenses. d. To categorize items.

b. It is how you categorize financial transactions.

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Which of the following reports answers the question "What transactions make up the current balance I owe each Vendor?" a. A/P Aging Summary b. Accounts Payable graph c. Vendor Balance Detail d. Expenses by Vendor Detail

What happens if you double-click a diamond on a report column? a. QuickBooks opens a detailed report about just that column. b. QuickBooks automatically adjusts the column width to fit the data in the column. c. QuickBooks hides the column. d. None of the above.

How can you stop yourself and others from deleting, editing, or adding transactions in a closed period? a. Start a new company file each period (fiscal year) b. Change the fiscal year in the Company Information window c. Set a closing date d. Edit the user's profile and enter a date in the "Restrict entry after this date" field.

What is one way that QuickBooks uses the Account Type? a. To track revenue and expense by office or business segment b. For financial ratios in the Analysis module c. To change the color of different sections on the financial statements d. To identify where the account appears on the financial statements

What is the easiest way to organize your memorized reports? a. Track your memorized reports in Excel. b. Create a report group. c. Delete reports from your Memorized Report List quarterly to keep the list manageable d. You are only allowed to create 5 memorized reports, so there is no need to organize your reports.

You have customized and then memorized a report. What does QuickBooks save when memorizing a report? a. Report header, filters, and transactions b. Transactions only c. Report header, filters, and columns but not the actual transactions d. Everything. A memorized report is like a photographic snapshot of a report.

What does the term "Double-entry accounting" mean? a. That the Income and Expense accounts are always part of every transaction. b. There are always at least two accounts involved in every financial transaction. c. That the Cost of Goods Sold account and the Liabilities account are always part of a transaction. d. The Equity and Asset accounts are always involved in a transaction.

When you send a QuickBooks report to Excel, which feature allows you to have a drop-down list for each column to allow filtering? a. Advanced Collapse b. Auto Outline c. Advanced Expand d. Auto Filter

You need to enter the same transaction each month (for example, an insurance payment). How can you automate this process in QuickBooks? a. While the transaction is on the screen, choose Edit > Memorize check (or the name of the transaction). b. Choose File > Automate Transactions and use the wizard to set up the automated checks or other transactions. c. From Preferences, choose General and click Set Up Automated Transactions. d. While the transaction is on the screen, click the Recur button.

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