True/False Indicate whether the statement is true or false :

6. A financial statement reporting in detail the assets, liabilities, and equities of a business as of

7. lists. a certain date is a Profit and Loss report. To create an income statement for a date other than the system date, you must either enter a new date in the From and To edit boxes in the Income Statement window or select an alternate time period in the Dates edit box.

8. The three sections of the statement of cash flows are operating activities, investing activities, and depreciation activities.

9. The Accounts Payable Aging report provides information on each customer's account balance, such as if balances are current or past due, if they are past due how old they are, and total balances receivable from all customers by date.

10. Two examples of transactions appearing in an Accounts Payable Aging QuickZoom report would be bills and checks.

11. Preferences provide a way for turning certain features on or off, changing the look of the QuickBooks Accountant desktop, and customizing how QuickBooks Accountant performs

12. For Wild Water, service items would be things like changing engine oil and filter, engine tune ups, and 20-hour service checks, for example. Inventory part items would include boats, accessories, and parts for repairs.

13. In the payroll and Compensation Info tab, you must identify the employee's hourly/annual rate, the pay frequency; they marital status, whether hey are subject to Medicare, Social Security, and federal unemployment insurance; and whether they are subject to state tax withholding.

14. It is very important to keep a backup of your company file just in case your computer hard drive crashes or your data file gets corrupted or destroyed.

15. Once inventory is activated, QuickBooks requires that you use purchase Orders when ordering inventory items.

16. You are not required to use Account Numbers in QuickBook.