To Add a Department to an Account in a Journal

question 8

Multiple Choice

To add a department to an account in a journal entry -

• A) choose a supplier or customer that has a department added to the ledger
• B) click the + icon beside the account in the select account list and choose the department
• C) there is no need to add the department because the account's ledger record has the information and it is added automatically
• D) none of the above

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Definitions:

Monthly Compounding

Interest calculation method where interest is added to the principal sum every month.

Auto Insurance

A policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident.

Nominal Interest Rate

The stated or face interest rate on a loan or financial product, not accounting for inflation or compounding.

Monthly Compounded

The process whereby interest is calculated on a principal sum and previously accumulated interest on a monthly basis.