account numbers are important tools to help classify transactions * 5 points\ntrue\nfalse\nthe chart of…

account numbers are important tools to help classify transactions * 5 points\ntrue\nfalse\nthe chart of accounts is a list of accounts computerized in qbo dropdowns * 5 points\ntrue\nfalse\nqbo can illustrate differences between cash and accrual basis accounting * 5 points\ntrue\nfalse\nqbo cannot produce reports such as balance sheet, income statement and cash flow * 5 points\ntrue\nfalse

account numbers are important tools to help classify transactions * 5 points\ntrue\nfalse\nthe chart of accounts is a list of accounts computerized in qbo dropdowns * 5 points\ntrue\nfalse\nqbo can illustrate differences between cash and accrual basis accounting * 5 points\ntrue\nfalse\nqbo cannot produce reports such as balance sheet, income statement and cash flow * 5 points\ntrue\nfalse

Answer

Brief Explanations:

  1. Account numbers are used to categorize and organize transactions in accounting systems, so the first statement is true.
  2. The Chart of Accounts is a list of all accounts in a business, but it's not just about being computerized in QBO dropdowns. It exists in all accounting set - ups, so the second statement is false.
  3. QBO (QuickBooks Online) has features to show differences between cash and accrual basis accounting, so the third statement is true.
  4. QBO can generate standard financial reports like balance sheet, income statement, and cash flow statement, so the fourth statement is false.

Answer:

  1. A. True
  2. B. False
  3. A. true
  4. B. False