Question

Question 6 To track inventory items, turn this expense selection on: O Enable and use account numbers O Make expenses and items billable O Show items table on expense and purchase forms O Accept payments throyugh QuickBooks, emailed invoices and mobile payments Question 7 On the Chart of Accounts, the Type identifies the account for the: O Income Statement Financial Statements O Transactions Search Criteria

Answer 1

Q1. To Track inventory Items, turn this expense selection on :

Ans: Show items table on expense and purchase forms

This will show the inventory items on bills and can be helpful in tracking inventory. To do the same you have to select “Company Settings” from the “Gear icon”, choose “Expenses” and then “Bills and Expenses”, tick “ Show Items table on Expense and Purchase Forms” and click Save

Q2. On the Chart of Accounts, the Type identifies the account for the :

Ans: Financial Statements

The two main account types are (1) Balance Sheet accounts, (2) Income and expense accounts.