Module 6: Chart of Accounts

Generate an informative and engaging illustration depicting a simplified accounting Chart of Accounts, with visual representations of income, expenses, and asset categories, set in a modern office environment.

Master Your Chart of Accounts

Test your knowledge about the Chart of Accounts with this engaging 9-question quiz. Whether you're a beginner or an experienced user, this quiz will help reinforce your understanding of vital accounting concepts.

Topics covered include:

Finding your Chart of Accounts
Inactivating accounts
Understanding account types and statuses

9 Questions2 MinutesCreated by CountingStars542

How do you inactivate a COA?

Right click on the account and delete it

Go to your Settings

Click on "View Register" or "Run Report"

None of the above

Can you inactivate the Retained Earnings account?

Yes. You can delete any account.

No, It is used to create the balance sheet report

Where report does the Chart of Accounts appear on?

Banking Report

Cash Flow Report

Profit & Loss Report

Accounting Report

What type of accounts can you create?

Income, Expenses, Passwords, Assets

Income, Organization, Banks, Assets

Income, Expenses, Banks, Assets

Income, Expenses, Banks, Plans

When viewing the register page for an account, what does the letter "R" represent in the Reconcile Status column?

Reconciled

Retained Earnings

Requests

Response

When viewing the register page for an account, what does the letter "C" represent in the Reconcile Status column?

Cash

Cleared

Composite

Corrected

When viewing the register page for an account, what does a blank represent in the Reconcile Status column?

The transaction doesn't exist

The transaction cleared the bank

That the transaction was possibly manually added and might need to be reviewed.

The transaction was deleted and needs to be re-added

What happens when you click on "Run Report" under the Chart of Accounts screen?

It runs a Profit & Loss report

It deletes all of your Chart of Accounts

It creates a Retained Earning Report

It compiles a list of all of your Chart of Accounts, descriptions, and balances on

Module 6: Chart of Accounts

Master Your Chart of Accounts

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