Which of the Following Statements About the Default Linked Expense

question 26

Multiple Choice

Which of the following statements about the default linked expense account for a supplier is incorrect

• A)you can select an asset account as the linked account
• B)the default account may be changed in the purchases journal
• C)you must select an expense account as the linked account
• D)the linked account is entered on the supplier's option tab input screen

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Definitions:

Adverse Possession

An involuntary property transfer in which a person acquires ownership of property by treating a piece of real property as his or her own, without protest or permission from the owner.

Real Property

Land and anything permanently attached to it, such as buildings and trees, as opposed to personal property, which can be moved.

Ownership

The state or fact of exclusive rights and control over property, which can be an object, land/real state, intellectual property, or something else.

Quitclaim Deed

A deed that carries no warranties. The grantor simply conveys whatever interests he or she holds.