Quiz for Marketing Lesson 1 Topic 1

What we have learned so far…

  • Paying bills
  • Receiving payments
  • Generating payroll checks
  • Purchasing supplies
  • Paying rent

Account numbers are needed for all vouchers, adjustments, and payments made via accounts payable. You use the Chart of Accounts form to set up account numbers to use throughout the system to record, track, and report costs. The Chart of Accounts must contain all accounts payable-related account numbers before transaction distributions and postings can occur. The general ledger is tied to other parts of the system through the Chart of Accounts and the journals. The following table displays fields on the Chart of Accounts form and provides a brief description of each.