Check your knowledge of this chapter's key concepts and skills using the Self-Asse ebook or elab course. True False True False True False True False 1. Class tracking in QuickBooks should be used to track different types of customers. 2. The accounting cycle is a series of steps that helps a business keep its accounting records properly during the fiscal period. 3. Classes should be used to track multiple aspects of your business. 4. Classes can be used by companies to track multiple profit centers. 5. The QuickBooks Doc Center is encrypted, providing a secure storage location for your documents containing sensitive information 6. You can customize a report to add the Class field or filter by class. 7. A Statement of Cash Flows essentially translates a company's data from accrual to cash basis. True False True False True False True False True False True False 8. You find company stock transactions in the operating section of the Statement of Cash Flows report. 9. The GAAP are rules used to prepare, present, and report financial statements. 10. The Cash Flow Forecast report shows cash flow for prior quarters. 11. Classes are most efficiently used to: A. Track types of customers B. Track additional information for one purpose C. Assign accounts to customers D. Record information about one customer 12. Which report do you run to easily apply classes to unclassified transactions? A. Profit & Loss by Class B. Balance Sheet by Class C. Class Change D. Profit & Loss Unclassified 13. Which is NOT a question you ask when analyzing business transactions in the first step of the accounting cycle? A. What account is credited and by how much? B. What is the source document for the transaction? C. Is each account increased or decreased? D. What does the completed entry look like? 14. Which is an element you would find in the Financing section of the Statement of Cash Flows repo A. Dividends that are paid B. Production costs C. Assets that the company bought D. Payroll costs