To Start Using Departmental Accounting -

question 4

Multiple Choice

To start using departmental accounting -

• A) choose add departments from the company settings screen
• B) choose departments from the setup menu, general settings
• C) change the division ledger name to department, open the department ledger and create departments
• D) none of the above - departmental accounting is turned on automatically in the premium version

---

Definitions:

Net Income

The company's resulting profit when all deductions, including expenses and taxes, are made from the total income.

Classified Balance Sheet

A financial statement that organizes assets, liabilities, and equity into subcategories for detailed understanding.

Unclassified Balance Sheet

A balance sheet that presents assets and liabilities in a lump sum, without dividing them into classifications or categories.

Net Income

The amount of money a company earns after deducting all its expenses, taxes, and costs from its total revenue.