Which 5 of the following statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts? Question (8): The Chart of Accounts lies at the heart of a QuickBooks Online company. The Net income from the Profit & Loss passes through the equity section on the balance sheet.The Balance Sheet shows values: Assets and Liabilities to arrive at Equity (Net Worth) as of a specific date.P&L shows activities: income and expenses to arrive at Net Income (Profit) for a specific time period.Question (7): What is the difference between the “Profit and Loss Report” and the “Balance Sheet Report”? Question (6): Where can you go to QuickBooks Online to import a list of products and services?Īnswer: Select the Gear icon and under the Tools column, select Import Data, then Products and services. Where would you go to find these lists?Īnswer: Go to the Gear icon and select All Lists Question (5): A great feature of QuickBooks Online is that there are other lists you can utilize to make it easier to fill in forms. Step 2: Select the client company from the Client Switcher drop-down in the green header bar.
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