Computer Accounting Study Set 2

Business

Quiz 7 :

Analysis and Reportsend of Fourth Quarter and Year

Quiz 7 :

Analysis and Reportsend of Fourth Quarter and Year

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To see the appropriate report balances, type the date range.
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True

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In Chapter 7, adjusting entries are dated December 31.
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True

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To close the books, change the trial balance date to December 31 of the current year.
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False

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On the Balance Sheet, the previous year's Net Income amount is also the company's profit.
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When the Balance Sheet's date is changed to January 1 of the next year, the Retained Earnings account will show the previous year's Net Income;and the Profit and Loss accounts will have zero balances.
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A software design that emphasizes separating the functions of a program into independent, interchangeable components is called:
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Accounts that are closed as the end of the year are called:
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A common characteristic of an adjusting entry is that it will include one Profit and Loss statement account and one Balance Sheet account.
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Adjusting entries are recorded so that the financial statements reflect revenues that are earned and expenses incurred.
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Before completing work in Chapter 7, display the:
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Use the Settings menu to record journal entries.
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A list report can be customized and exported using:
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A period that the company uses for accounting purposes and preparing financial statements.
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Adjusting entries are recorded on the Invoice page.
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The purpose of an adjusting entry is a/an:
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The purpose of closing the books is to transfer:
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When does QBO_Student Name record adjusting entries?
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The accounts shown on the balance sheet are called:
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What checks are shown on Chapter 7's transaction register?
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When you close the books, income, cost of goods sold, and expense accounts are reset to zero amounts.
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