1. When a credit card statement is reconciled,

a. the user can elect to create a bill for the statement balance.

b. the user can elect to write a check for the statement balance.

c. the user can elect to retain the balance in the credit card liability account.

d. the user can elect any of the three options listed.

2. On the first day of a new fiscal year, QBO automatically closes

a. all temporary accounts.

b. all revenue and expense accounts.

c. all revenue, expense, and equity accounts.

d. all revenue, expense, and dividend accounts.