| A | B |
|---|
| When you should select settings and customizations for your company. | At the time you create the company file. |
| What is the Chart of Accounts? | The list of accounts for each transaction in the accounting system or general ledger |
| When is an appropriate start date for a business? | The first day of a period, month, quarter, or year. |
| What is an historical transaction? | A transaction that occurred before the start date of the company. |
| Why you can't merge an income account with an expense account. | You can only merge accounts that are of the same type. |
| What is a product or service linked to? | At least one account in the Chart of Accounts. |
| Who controls user access and monitors user activity? | The Master Administrator |
| What account type is considered a liability? | Accounts Payable |
| How are opening balances entered? | As a journal entry or directly into the account register. |
| Which accounts in the Chart of Accounts CANNOT be deleted? | Preset accounts or those linked to other features. |
| What type of account is a credit card account? | A liability. |
