Which Statement Is True About the New Account Wizard -

question 2

Multiple Choice

Which statement is true about the new account wizard -

• A) you cannot add new accounts from the account field in a journal
• B) you must add new accounts before opening a journal
• C) you may skip directly to the Finish screen in the wizard if the default settings are correct
• D) you must make a choice for each screen in the wizard

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Definitions:

GAAP

Generally Accepted Accounting Principles (GAAP) are a set of rules, standards, and procedures that companies must follow when compiling their financial statements in the United States.

Unconditional

Unconditional means not subject to any conditions or limitations; absolute.

Non-Cancellable

A contract or agreement that cannot be terminated or cancelled by either party involved.

Future Sacrifice

The expected loss or cost in the future due to present decisions or commitments.