QBO Groups Transactions into the Following Different Types

question 3

Multiple Choice

QBO groups transactions into the following different types?

• A)Banking and Credit Card,Customers and Sales,Vendors and Expenses,and Employees and Payroll.
• B)Banking and Credit Card,Customers and Sales,Payables,Employees and Payroll,and Other.
• C)Banking and Credit Card,Customers and Sales,Vendors and Expenses,Employees and Payroll,and Other.
• D)Banking and Savings,Customers and Sales,Vendors and Expenses,Employees and Payroll,and Other.

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Definitions:

GAAP

Commonly followed accounting rules and standards for financial reporting, referred to as Generally Accepted Accounting Principles.

Fair Value

The compensation received for an asset's sale or the expenditure for a liability's reassignment in an organized engagement with market participants on the valuation date.

IFRS

International Financial Reporting Standards, which are a set of accounting rules used globally to prepare financial statements.

Revaluation Method

An accounting strategy used to adjust the book value of a fixed asset to reflect its current market value.