To Add a New Account to the Chart of Accounts

question 27

Multiple Choice

To add a new account to the Chart of Accounts:

• A)From the Chart of Accounts window, select Account, New
• B)From the Company menu, select New Account
• C)From the Chart of Accounts menu, select New Account
• D)From the Lists menu, select New Account

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Definitions:

Personal Use

The application or employment of something for the benefit or enjoyment of an individual, often distinct from business or commercial usage.

Income Distribution

The way in which a country's total GDP is spread among its population, affecting economic inequality.

Limited Liability Partnership

A partnership in which some or all partners have limited liabilities, meaning they are not personally responsible for the debts of the business.

Closing Entry

A journal entry made at the end of an accounting period to transfer the balance from temporary accounts to permanent ones, prepping the books for the next period.