Question
1. Which statement correctly describes a contra account? a. The balance always has more debits than credits. b. The balance is the same as what
1. Which statement correctly describes a contra account? a. The balance always has more debits than credits. b. The balance is the same as what would be considered normal for its section. c. The balance always has more credits than debits. d. The balance is the opposite of what would be considered normal for its section. 2. Which of the following actions is not allowed when you create or edit a GL account? a. Using a colon in the name. b. Changing the account name. c. Making the account a sub-account. d. Changing the account number. 3. Which reports best show the hierarchy of the Chart of Accounts when you want to review changes? a. Account Listing b. A/R Aging Detail c. Financial reports (Balance Sheet and Profit & Loss) d. Journal
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