Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Business Formation Example

Financial Accounting

2. Transaction Analysis

Journal Entries: Business Formation Example

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Multiple Choice

Which of the following steps must be completed in QuickBooks Online (QBO) to display account numbers in the Chart of Accounts?

Enable account numbers in Account and Settings, then edit the Chart of Accounts to show numbers.

Only add account numbers manually to each account in the Chart of Accounts.

Change the company type to 'Accountant' in QBO settings.

Export the Chart of Accounts to Excel and add account numbers there.

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Verified step by step guidance

Understand the purpose of account numbers in the Chart of Accounts: Account numbers help organize and identify accounts systematically, making financial reporting and tracking more efficient.

Navigate to the 'Account and Settings' section in QuickBooks Online (QBO): This is where you can enable or customize features for your company, including account numbers.

Enable account numbers: In the 'Account and Settings' section, locate the option to enable account numbers. This allows QBO to display account numbers in the Chart of Accounts.

Edit the Chart of Accounts to show account numbers: Once account numbers are enabled, go to the Chart of Accounts and ensure the numbers are visible. You may need to manually add or adjust account numbers for each account.

Verify the changes: Review the Chart of Accounts to confirm that account numbers are displayed correctly and align with your organizational needs.