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Critical Thinking Questions Case 3-2 Your Colleague Simone Has Been

question 1

Multiple Choice

Critical Thinking Questions Case 3-2 Your colleague Simone has been using Business Card view because she was not aware that she could change the default view, but now she turns to you for help. Simone has decided that for one of her upcoming projects she wants to reach out to her clients. To do so it will be easiest if her contacts are arranged according to their businesses. Which of the following do you recommend to her?

Definitions:

Operating Expenses

Costs associated with the day-to-day functions of a business excluding the cost of goods sold.

Fiscal Year

A fiscal year is a one-year period designated for accounting and financial reporting purposes, differing from the traditional calendar year.

Ledger

The principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.

Accounting Equation

A fundamental principle of accounting representing the relationship between a company's assets, liabilities, and equity (Assets = Liabilities + Equity).