QuickBooks Exam With Correct Answers

Why are GAAP rules and standards important? - ANSWER-They ensure organizations follow consistent financial reporting. What accounting method records income when it's received and records an expense when it's paid? - ANSWER-Cash How do you analyze the net worth of a business? - ANSWER-Create a balance sheet What account types are associated with the profit and loss report? - ANSWER-Expenses and Income What feature stores information about your business's accounts, products, and services? - ANSWER-Lists What accounting method records income when sales are made and records expenses when the obligation is incurred? - ANSWER-accrual What can you access from the Navigation bar? - ANSWER-the various centers When should you select settings and customizations for your company file? - ANSWER-At the time you create the company file