QB Chapter 2

You CANNOT change the industry type after you choose it during the setup process.

• True

• False

It is a good idea to select all settings from the beginning when creating a new company file.

• True

• False

You can make a terminated employee inactive, but you CANNOT actually delete the user.

• True

• False

If you choose all settings at the beginning, you CANNOT later customize a preference setting.

• True

• False

The Gear menu contains the Chart of Accounts.

• True

• False

The end of a year (for example, 12-31-20xx) is the ideal date to use as a start date.

• True

• False

One side of each historical transaction must be an equity account.

• True

• False

Which of the following is NOT a default account in the Chart of Accounts?

• Undeposited Funds

• Uncategorized Balance Equity

• Uncategorized Asset

• Uncategorized Income

Which of the following is true regarding historical transactions?

• You should use a combination of summary totals and

  individual transactions.

• You should enter open accounts receivable and accounts

  payable transactions.

• One side of each entry must be an equity account.

• All of these options

Who controls the user access and monitors activity?

• The user

• The Master Supervisor

• The Comptroller

• The Master Administrator