Chapter 2 Quiz: Chart of Accounts

In QBO, the chart of accounts displays which of the following two? QuickBooks balance bank balance all account transactions none of these choices are correct

QuickBooks balance bank balance

Registers in QBO: display more detailed information about accounts display all transactions for the account display a running balance for the account all of these choices are correct

all of these choices are correct

The chart of accounts displays: account name type detail type all of these choices are correct

all of these choices are correct

To edit an account in the chart of accounts: display the chart of accounts, then select edit display the chart of accounts, then select run report drop-down arrow, select edit from create (+) icon, select chart of accounts, select edit none of these choices are correct

display the chart of accounts, then select run report drop-down arrow, select edit

To inactivate an account in the chart of accounts: display the chart of accounts, then select delete display the chart of accounts, then select run report drop-down arrow, select make inactive from create (+) icon, select chart of accounts, select delete none of these choices are correct

display the chart of accounts, then select run report drop-down arrow, select make inactive

To view a register: display the chart of accounts, then select view register from the navigation bar, select register from the gear icon, select register from the create (+) icon, select register

display the chart of accounts, then select view register

An example of an asset account is: mortgage payable sales taxes payable equipment none of these choices are correct

equipment

To display account numbers on the Chart of Accounts in QBO: from the navigation bar, select transactions - chart of accounts - enable account numbers - show account numbers from the create (+) icon, select other - chart of accounts - account numbers from the gear icon, select chart of accounts - account numbers from the gear icon, select account and settings - advanced - enable account numbers - show account numbers

from the gear icon, select account and settings - advanced - enable account numbers - show account numbers

Select two from the following to display the Chart of Accounts (COA): from the navigation bar, select accounts from the navigation bar, select customers - chart of accounts from the create (+) icon, select chart of accounts from the gear icon, select chart of accounts

from the navigation bar, select accounting from the gear icon, select chart of accounts

What are assets? net worth of a company amounts paid to owners resources that a company owns with future benefit amounts owed to others and are future obligations

resources that a company owns with future benefit

Income accounts for a company are used to track: sales to customers and other revenue earned costs that have expired or been consumed cost of items sold to customers purchases from vendors

sales to customers and other revenue earned

Accounts used for only one year are called: temporary accounts short-term assets or liabilities supply accounts estimate accounts

temporary accounts

Why would a company want to use account numbers on its Chart of Accounts? to be able to check the current account balance quickly to uniquely identify each account on the chart of accounts to confuse users of the chart of accounts none of these choices are correct

to uniquely identify each account on the chart of accounts