To Add a New Account to the Chart of Accounts

question 2

Multiple Choice

To add a new account to the Chart of Accounts:

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

Understand the basic differences between merchandising and service businesses in terms of financial statements.

Comprehend how to calculate gross profit and operating income.

Recognize the differences in accounting for inventory in a merchandising business.

Understand the role of gross profit in the income statement and how it is calculated.

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Definitions:

Correct Verb

The appropriate or accurately conjugated form of a verb that matches the subject in number and person within a sentence.

Springfield

A common place name in the United States, known for being the fictional setting of various TV shows and possibly referring to several real towns.

Johnson's Farm

A placeholder name that could refer to any farm owned by a person or family with the surname Johnson, without specific context or details.

Correct Verb

A verb that is properly suited in form and tense to its subject in a sentence, ensuring grammatical accuracy.