Reference no: EM132741869

Problem 1: "Accumulated depreciation" is typically what kind of account in QuickBooks?

a. A subaccount of a fixed asset account

b. A subaccount of a current asset account

c. An expense account

d. A subaccount of a liability account

Problem 2: If your business is buying or selling goods and services outside of Canada you may choose to enable the multicurrency feature in QuickBooks. After it's enabled QuickBooks create and stores a list of currencies on the Currency List.

• True
• False

Problem 2: "Retained Earnings" is:

a. The accumulation of a company's net income or loss from its start date

b. The amount of money that a business retains for paying employees

c. The earnings from non-essential business services

d. The amount of interest saved from paying off a loan early