What is FALSE regarding adjusting entries and QBO?
A) Adjusting entries are dated the last day of the accounting period which can be one month,one quarter or one year.
B) Adjustments are made through the Chart of Accounts during the year and then using the Onscreen Journal at the end of the year.
C) Adjusting Entries are entered in the Onscreen QBO Journal using debits and credits.
D) Some companies use QBO to maintain its accounting system throughout the year and use an accountant to prepare and enter adjusting entries at year end.
Correct Answer:
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Q9: An example of an adjusting entry
Q10: In QBO,the process for saving adjusting entries
Q11: In QBO,Recurring transactions can be classified as:
Q12: Accrued expenses are:
A)expenses that have been paid
Q13: In QBO,which of the following is TRUE?
A)When
Q15: Which selection below is FALSE regarding Adjustments?
A)Adjustments
Q16: An example of an adjusting entry
Q17: Accrued revenues:
A)are revenues not yet earned but
Q18: What are the four type of adjusting
Q19: What is FALSE regarding prepaid items?
A)Prepaid adjustments
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