7. Which statement about historical transactions is FALSE? A. They typically include a combination of summary totals and individual transactions. B. They record investment and asset purchases prior to the start date of the company. C. One side of each entry must be an equity account. D. Because entering Journal Entries can be tricky, it's avoided with historical transactions. 8. What is a product or service linked to? A. A Journal Entry B. The associated uncategorized asset account C. At least one account in the Chart of Accounts D. The historical transaction 9. Who controls user access and monitors user activity? A. Individual users B. Master Supervisor C. Comptroller D. Master Administrator 10. What account type is considered a liability? A. Fixed Assets B. Accounts Receivable C. Bank D. Accounts Payable 11. Match each account type to its detail type. ACCOUNT TYPES A. Bank DETAIL TYPES 1. Prepaid Expenses B. Income 2. Notes Payable C. Long Term Liabilities 3. Utilities D. Other Current Assets 4. Machinery & Equipment E. Expenses 5. Service/Fee Income F. Fixed Assets 6. Checking QuickBooks Online Page 2 of 5