To Customize QuickBooks After Creating a Company File You Would

question 20

Multiple Choice

To customize QuickBooks after creating a company file you would:

• A)Enter additional company information
• B)Set QuickBooks preferences
• C)Customize the Chart of Accounts
• D)All of these

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Definitions:

Trade Credit

An arrangement to buy goods or services on account, that is, without making immediate cash payment, usually evidenced by an invoice.

Nominal Annual Cost

The stated annual cost of borrowing or investing, without adjusting for the compounding of interest or for inflation.

Non-Free Trade Credit

Credit arrangements that come with conditions or costs, unlike free trade credit which has no interest or fees for a certain period.

Net Purchases

Net purchases are the total amount of purchases made by a business after subtracting returns, allowances, and discounts.