Referring to the Chart of Accounts report printed in Step 10 of the Practical Exam, which account number was used for the Internet Expense account for the Service department?

Question

BlackTom AI · Accepted Answer

Starting with the goal of identifying the Internet Expense account used for the Service department in the Chart of Accounts as printed in Step 10, we evaluate each option.
Option 1: 1000. In many Chart of Accounts conventions, a code like 1000 typically corresponds to cash or another asset/liability control, not an expense category. Without additional subcodes that designate an expense area, this number does not align with Internet Expense.
Option 2: 6045. This is a base account number that could represent Internet Expense in a generic, department-agnostic form. However, the Chart of Accounts often uses department-specific subaccounts (such as -10, -20) to reflect each department’s allocation, so using only 6045 may omit the department differentiation required by the Service department context.
Option 3: 6045-10. The -10 suffix commonly denotes a subaccount tied to a specific department, in this case the Service department, matching the question’s reference to the Internet Expense account for that department. This structure provides both the general expense category (6045) and the department-specific subdivision (-10) needed for accurate reporting.
Option 4: 6045-20. Similar to -10, this would be another department subaccount under the 6045 category, presumably for a different department (perhaps another service area or cost center). Since the question specifies the Service department, -20 would likely correspond to a different department, making it an unlikely match for Service unless the Chart of Accounts assigns -20 to Service rather than -10.
Overall, the logic hinges on recognizing that department-specific subaccounts (such as -10) are used to designate the Service department within the Internet Expense category, whereas older or broader codes (like 6045 alone) lack that departmental specificity, and other subaccounts (like -20) would map to different departments.

SG30018E1 - Sage 300 2018 General Ledger Final Exam

Referring to the Chart of Accounts report printed in Step 10 of the Practical Exam, which account number was used for the Internet Expense account for the Service department?

View Explanation

Log in for full answers

Similar Questions

A chart of accounts is a list of the title and numerical code of all accounts in the general ledger.

True or False? A chart of accounts consists of five categories: Assets, Liabilities, Equity, Revenue, and Expenses.

Referring to the Chart of Accounts report printed in Step 10 of the Practical Exam, which Structure Code did you select for the Internet Expense accounts?

Which of the following statements about making modifications to accounts is true?

The chart of accounts is a group of accounts that are used for the Balance Sheet.

Which segment must be part of your account number?

Where do you check the balance of each bank account?

What is the primary purpose of the Chart of Accounts in QuickBooks Online Canada?

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler