Answer: A. B. C. D. Which statement about historical transactions is false? O They typically include a combination of summary totals and individual transactions. O They record investment and asset purchases prior to the start date of the company. One side of each entry must be an equity account Because entering journal entries can be tricky, it's avoided with historical transactions. Answer: A. B. C. D. : Which term describes the QuickBooks Online accounting system? Cash Cloud-based O Summary O Double-entry Question 14: Why create the Chart of Accounts? Answer: A. B. C. D. OIt's necessary for the company file setup To categorize assets, liabilities, expenditures, and revenue So customers can see the products and services you offer Because QuickBooks Online is a double-entry accounting system Question 15: Match each account type to its detail type. Bank Income Long Term Liabilities. Other Current Assets Expenses Fixed Assets: Checking Service/Fee Income Notes Payable Prepaid Expenses Utilities Machinery & Equipment Question 16: Match each user type to its description. Standard Company Admin Reports Time Tracking This user has permission only to log hours worked in the software This user has full privileges and access to all areas of the company file This user can display company information onscreen or in print (.xlsx, pdf) This user can be granted limited or full access but no admin privileges Question 17: What is an Action menu? Answer: A. B. C. D. OA menu that appears when you click the +New button at the top of the Navigation bar The Sales center tabs (Overview, All Sales, Invoices, Customers, and Products and Services) The right-side column on some screens with a drop-down menu of associated actions A snapshot view of transactions, like the money bar Question 18: By default, where are customer payments deposited? Answer: A. B. C. D. O Uncategorized Asset O Savings Checking Undeposited Funds Question 19: Which "behind the scenes" image shows what happens when you record the receipt of a payment? Answer: A. B. D. O Undeposited Funds Checking Checking 100 Undeposited Funds 100 100 100 Accounts Receivable 100 Accounts Payable 100 Accounts Receivable 100 Accounts Payable 100