QUIZIZZ Chapter 1

1. To create a new company in Mr. Accounting Software, go to _______ and select "Company Setup."

2. What must you set up first when creating a new company in Mr. Accounting Software?

• General Ledger account codes

• Company details such as name, tax ID, and address

• Supplier information

• Financial reports

3. Where do you enter the opening balance for the General Ledger account?

• Settings > Account Setup > Opening Balance

• Accounts > Journal Entry > Opening Balance

• Company Setup > Opening Balances

• Financial Reports > Opening Balance

4. When entering the opening balance for the General Ledger, you must go to _______ and select "Journal Entry."

5. To amend a General Ledger account code, navigate to _______ and click on "Account Codes."

6. When creating a new supplier, make sure to enter the supplier’s name, _______ , tax ID, and payment terms.

7. How do you create a new company in Mr. Accounting Software?

• Go to Settings > Company Setup, and enter company details.

• Click Dashboard, then Create New Company, and enter the details.

• Go to Accounts > New Company and enter information.

• From the main screen, click Company > Create New, and fill in the details

8. 8. How do you amend an existing General Ledger account code in Mr. Accounting Software?

• Navigate to Settings > General Ledger > Account Codes, select an account, and edit.

• Go to Accounts > Edit Account, and change the code.

• Use Settings > Chart of Accounts and click to modify the account.

• Modify the account during a journal entry.

9. 9. What information is required when setting up a supplier in Mr. Accounting Software?

• Supplier’s name, contact details, tax ID, and payment terms.

• Supplier’s name, email, bank account number, and shipping address.

• Supplier’s name, email, products, and pricing.

• Supplier’s address, logo, and contact person.

10. 10. In Mr. Accounting Software, the master file holds essential company information such as customers, _______ , and General Ledger accounts.