Which of the following statements is not true regarding QBO subaccounts? Multiple Choice QBO automatically sets...
Which of the following statements is not true regarding QBO subaccounts?
Multiple Choice
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QBO automatically sets up Subaccounts commonly used by companies.
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QBO permits the use of Subaccounts which are useful in tracking additional detail.
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Subaccounts are essentially subcategories of an account.
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Subaccounts are added by selecting New from the Chart of Accounts window and selecting the Category Type, i.e. Expenses, then selecting Detail Type and entering in the Name.
Homework Answers
QBO does not automatically sets up Subaccounts commonly used by companies.
Other 3 points are the characteristics ofv QBO sub accounts
Add Answer to:
Which of the following statements is not true
regarding QBO subaccounts?
Multiple Choice
QBO automatically sets...
Which of the following statements is TRUE regarding the abbreviation CVA? Multiple Choice It is a...
Which of the following statements is TRUE regarding the abbreviation CVA? Multiple Choice It is a disease of the brain and spinal cord. It is an accident involving the blood vessels of the brain. It is a disease of the blood vessels of the brain. It is a diagnostic procedure for studying the brain. It is a procedure used to examine blood vessels in the brain.
Which of the following is NOT true regarding intangibles? Multiple Choice Goodwill is amortized over its...
Which of the following is NOT true regarding intangibles? Multiple Choice Goodwill is amortized over its useful life An intangible with a definite life is amortized over the lessor of legal or useful life. Research and Development is expensed right away Intangibles that are developed internally and immaterial in amount may be expensed rather than amortized
Which of the following statements is false regarding the amortization of intangible assets? Multiple Choice Intangible...
Which of the following statements is false regarding the amortization of intangible assets? Multiple Choice Intangible assets with a limited useful life are amortized. The service life of an intangible asset is always equal to its legal life. The expected residual value of most intangible assets is zero. Goodwill is the most common intangible asset with an indefinite useful life.
Which of the following statements is true regarding variable costing? Multiple Choice It is a traditional...
Which of the following statements is true regarding variable costing? Multiple Choice It is a traditional costing approach. It makes it easier to manipulate earnings with changes in production levels. Only manufacturing costs that change in total with changes in production level are included in product costs. It treats overhead in the same manner as absorption costing. It is not permitted to be used for managerial reporting.
Which of the following is true regarding debits and credits? Multiple Choice Whether a debit or...
Which of the following is true regarding debits and credits? Multiple Choice Whether a debit or credit increases or decreases an account depends on the type of account. Debits increase an account and credits decrease an account. Credits increase an account and debits decrease an account. There are some circumstances that allow for debits and credits to not equal.
Which of these following is NOT true regarding generally accepted accounting principles? Multiple choice. Choose one...
Which of these following is NOT true regarding generally accepted accounting principles? Multiple choice. Choose one of the below answers. 1. Include broad principles and conventions of general applications including underlying concepts 2. The GAAP requirement for Private companies is enforceable by the provincial securities commissions. 3. Standards of accounting, a material departure from which may result in a qualified opinion issued by an auditor. 4. Include specific rules, practices and procedures.
Which of the following statements regarding Management's Discussion and Analysis is true? Multiple Choice A) MD&A...
Which of the following statements regarding Management's Discussion and Analysis is true? Multiple Choice A) MD&A is required only for Proprietary Fund Financial Statements. B) MD&A is reported in the statistical section of the annual report. C) MD&A is required for comprehensive annual financial reports. D) MD&A for state and local government financial statements must include an analysis of potential, untapped revenue sources. E) MD&A is an optional inclusion for state and local government financial statements.
Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales...
Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales returns and allowances are often material in relation to accounts receivable. The sales returns and allowances account is a contra-asset account. Ignoring estimated future returns and allowances has a minimal impact on reported earnings when the amount of actual returns and allowances is not material and does not vary greatly from year-to-year. When sales returns occur, they should be debited to the sales account.
Which of the following statements regarding acids is incorrect? Multiple Choice An acid will react with...
Which of the following statements regarding acids is incorrect? Multiple Choice An acid will react with an active metal. An acid is a substance that will change the color of blue litmus paper. О An acid is a substance that would taste sour. An acid is a substance that produces hydrogen ions, H. (or H30) in aqueous solution. An acid is always a strong electrolyte.
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice...
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice Each debit entry in the Cash account represents a cash receipt. O Credit entries in the Cash account represent cash payments. Debit entries are made before credit entries. o oo The balance of the account indicates the amount of cash owned by the business on a particular date.
Which of the following statements is TRUE regarding the abbreviation CVA? Multiple Choice It is a disease of the brain and spinal cord. It is an accident involving the blood vessels of the brain. It is a disease of the blood vessels of the brain. It is a diagnostic procedure for studying the brain. It is a procedure used to examine blood vessels in the brain.
Which of the following statements is false regarding the amortization of intangible assets? Multiple Choice Intangible assets with a limited useful life are amortized. The service life of an intangible asset is always equal to its legal life. The expected residual value of most intangible assets is zero. Goodwill is the most common intangible asset with an indefinite useful life.
Which of the following statements regarding acids is incorrect? Multiple Choice An acid will react with an active metal. An acid is a substance that will change the color of blue litmus paper. О An acid is a substance that would taste sour. An acid is a substance that produces hydrogen ions, H. (or H30) in aqueous solution. An acid is always a strong electrolyte.
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice Each debit entry in the Cash account represents a cash receipt. O Credit entries in the Cash account represent cash payments. Debit entries are made before credit entries. o oo The balance of the account indicates the amount of cash owned by the business on a particular date.
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