Module 6: Chart of Accounts
Master Your Chart of Accounts
Test your knowledge about the Chart of Accounts with this engaging 9-question quiz. Whether you're a beginner or an experienced user, this quiz will help reinforce your understanding of vital accounting concepts.
Topics covered include:
- Finding your Chart of Accounts
- Inactivating accounts
- Understanding account types and statuses
How do you find your Chart of Accounts?
Accounting
My Accountant
Payroll
Cash Flow
How do you inactivate a COA?
Right click on the account and delete it
Go to your Settings
Click on "View Register" or "Run Report"
None of the above
Can you inactivate the Retained Earnings account?
Yes. You can delete any account.
No, It is used to create the balance sheet report
Where report does the Chart of Accounts appear on?
Banking Report
Cash Flow Report
Profit & Loss Report
Accounting Report
What type of accounts can you create?
Income, Expenses, Passwords, Assets
Income, Organization, Banks, Assets
Income, Expenses, Banks, Assets
Income, Expenses, Banks, Plans
When viewing the register page for an account, what does the letter "R" represent in the Reconcile Status column?
Reconciled
Retained Earnings
Requests
Response
When viewing the register page for an account, what does the letter "C" represent in the Reconcile Status column?
Cash
Cleared
Composite
Corrected
When viewing the register page for an account, what does a blank represent in the Reconcile Status column?
The transaction doesn't exist
The transaction cleared the bank
That the transaction was possibly manually added and might need to be reviewed.
The transaction was deleted and needs to be re-added
What happens when you click on "Run Report" under the Chart of Accounts screen?
It runs a Profit & Loss report
It deletes all of your Chart of Accounts
It creates a Retained Earning Report
It compiles a list of all of your Chart of Accounts, descriptions, and balances on
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