In QBO,users Can Save Adjusting Entries as Recurring Transactions

question 1

Multiple Choice

In QBO,users can save adjusting entries as recurring transactions.Which of the following is FALSE regarding recurring transactions used for adjustments?

• A)Saving adjusting entries as recurring transactions saves time.
• B)When saving adjusting entries as recurring transactions users still must update the amount of the adjustment as needed.
• C)There are two ways to save adjusting entries as recurring transactions: 1.Using the Onscreen journal and 2.Using the recurring transactions screen.
• D)It is challenging to use recurring transactions for adjustments since most adjustment amounts need to change every month.

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Definitions:

Discount Amortization

The process of gradually reducing the discount on bonds payable or notes payable over the life of the debt.

Theoretical Justification

The process of providing logical reasoning and evidence to support a theory or proposition.

Book Value Account

The value of an asset as recorded on the balance sheet, calculated as the cost of the asset minus depreciation or amortization.

Carrying Amount

The recorded book value of an asset or liability in the financial statements, after accounting for depreciation, amortization, and impairment.