Question: What is the correct answer to this question on the QBO Certification Quiz section 1? The Chart of Accounts lies at the heart of a

What is the correct answer to this question on the QBO Certification Quiz

section 1?

The Chart of Accounts lies at the heart of a QuickBooks Online company. Which 5 of the following statements are true about the Chart of Accounts, how to make changes to the Chart of Accounts, and how products and services are linked to the Chart of Accounts?(Select all that apply)

To add a new account, you open the Chart of Accounts by selecting Accounting from the left navigation, then select New to open the Account window

The Sales of Product Income account is a default account when inventory is turned on

Uncategorized Income and Uncategorized Expense are default accounts for online banking activity

If you add a new account, the category type determines on which financial statement this account will show

When we set up Products and Services, they are linked to the Chart of Accounts by specifying a sales price/rate

Delete an account from the Chart of Accounts if it is not relevant to your business

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3. Give away need to know information and you will get back information that you find useful.

4. Present multiple themes at once. Then you will get to know a little about how others think, when some of the themes are rejected.

5. Get a third party to mediate, so that both parties have the opportunity to go back to their original negotiating point that they had before the third party put forward his/her proposal.