The chart of accounts is the framework used to categorize the information and transactions used to create reports. By using a chart of accounts and creating reports, you'll always know the current state of your business: True False Question 3 (1 point) Lists save you time and help you enter information consistently and correctly: True False In which 2 scenarios below would you recommend merging ledger accounts to a client? Select 2 correct answer(s) If two accounts are being used for the same thing If there are too many accounts active in the chart of accounts When a client has added more than one account with similar names When the client asks if they can put everything in one account Question 6 (1 point) Delayed charge & Delayed credit are used for the same function. True False Question 7 (1 point) It is not possible to apply supplier credit against outstanding bills. True False Question 8 (1 point) In the supplier center if you notice two or more similar names that refer to the same supplier, what would you do to clean up the Suppliers list: Delete the incorrect supplier names Collapse each supplier in the Profit and Loss report Create a parent account for each supplier Merge the similar supplier names