In QBO,Recurring Transactions Can Be Classified As: 1

question 14

Multiple Choice

In QBO,Recurring transactions can be classified as: 1.Scheduled 2.Unscheduled 3.Reminder.Which of the following statements is NOT true regarding these three classifications?

• A)Scheduled transactions are a great option to use for Recurring adjusting entry transactions since adjustments generally are for a constant amount each time.
• B)Scheduled transactions mean QBO automatically enters the transaction on the date the user specifies.
• C)Unscheduled transactions appear in the Recurring Transactions list but QBO will not automatically enter the transaction.
• D)Reminder transactions mean QBO will alert us with a reminder when we should use a recurring transaction to enter in an adjustment.

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Definitions:

Direct Labor Costs

Costs that can be directly attributed to the production of goods or services, such as wages paid to workers manufacturing a product.

Net Operating Income

This is the income derived from normal business operations after deducting operating expenses but before interest and taxes.

Retained Earnings

The portion of net income left over for the business after it has paid out dividends to its shareholders, often reinvested in the business.

Ending Balance

The amount in an account at the end of an accounting period after all debits and credits have been accounted for.