Quiz: Chart of accounts and departments

This is a multiple-choice quiz.

Click the question to see the answer.

1. You use account groups to do which of the following?
   
   A. Determine the look of your client invoices.
   
   B. Group information on balance sheets and profit and loss statements by financial category.
   
   C. Summarize or subtotal information on reports for a group of accounts.
   
   D. All of the above.

   C. For example, you want to subtotal all your cash accounts (Petty Cash, Checking, and Savings) on your financial reports. You create an account group called Cash and select it as the account group for the Petty Cash, Checking, and Savings accounts.

2. You use account types to do which of the following?
   
   A. Group information on balance sheets and profit and loss statement by financial category.
   
   B. Summarize or subtotal information on reports for a group of accounts.
   
   C. Establish billing rates.
   
   D. None of the above.

   A. You use account types to group information on balance sheets and profit and loss statements by financial category (for example, Current Asset, Current Liability, Expense, and Income.)

3. The predefined chart of accounts is which of the following?
   
   A. Better to use rather than starting from scratch.
   
   B. Chosen when installing Ajera.
   
   C. Changed as needed.
   
   D. All of the above.

   D. All of the above.

4. Why set up departments?
   
   A. So you can track project and financial information by different classifications.
   
   B. So you can change the status of a project whenever you want.
   
   C. So you can establish billing rates.
   
   D. All of the above.

   A. Departments let you group similar information so that you can track them easily.

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