Chapter 3 Questions 1 How do you access Company Settings? 2 When is it appropriate to add beginning balances to accounts? 3 What steps need to be followed to add an account to the chart of accounts? 4 When you add a beginning balance to an account, what other account is affected? 5 What information is required when adding a new product to QBO ? 6 What additional information is required when you add beginning balance amounts to the accounts receivable account? 7 What additional information is required when you add beginning balance amounts to the accounts payable account? 8 Which additional account is used when you close Opening Balance Equity? 9 How do you access the Balance Sheet report? 10 How can you review a Transactions Report for any account when you are viewing the Balance Sheet? Chapter 3 Matching a. Transactions report b. Trial balance c. Journal entry d. Opening Balance Equity c. Customer f. Vendor g. Product h. Service i. Category Type j. Detailed type example Entity to whom you sell products/services Account used to offset beginning balances adjustments Merchandise a company purchases from a vendor Efforts made by a company to add value to a customer A listing the debit or credit balances as of a specific date Dictates where an account appears in all reports Transactions for an account for a specified period Entity from whom you purchase products/services Checking Commonly used to adjust accounts Chapter 3 Questions 1 How do you access Company Settings? 2 When is it appropriate to add beginning balances to accounts? 3 What steps need to be followed to add an account to the chart of accounts? 4 When you add a beginning balance to an account, what other account is affected? 5 What information is required when adding a new product to QBO ? 6 What additional information is required when you add beginning balance amounts to the accounts receivable account? 7 What additional information is required when you add beginning balance amounts to the accounts payable account? 8 Which additional account is used when you close Opening Balance Equity? 9 How do you access the Balance Sheet report? 10 How can you review a Transactions Report for any account when you are viewing the Balance Sheet? Chapter 3 Matching a. Transactions report b. Trial balance c. Journal entry d. Opening Balance Equity c. Customer f. Vendor g. Product h. Service i. Category Type j. Detailed type example Entity to whom you sell products/services Account used to offset beginning balances adjustments Merchandise a company purchases from a vendor Efforts made by a company to add value to a customer A listing the debit or credit balances as of a specific date Dictates where an account appears in all reports Transactions for an account for a specified period Entity from whom you purchase products/services Checking Commonly used to adjust accounts