Question

Your employer wants you to create a new QuickBooks company. What information should you know (because you can't change it later)?

a.) The company's industry
b.) All account balances that will need to be entered
c.) The start date that the company began operating
d.) The company address

Answer 1

When setting up a new QuickBooks company, it is crucial to accurately determine the start date and the company's industry, as these cannot be changed later, unlike account balances and company address information.

Step-by-step explanation:

When creating a new QuickBooks company, there are certain pieces of information that are critical to know because they cannot be changed later. Among the most important of these are:

• The start date that the company began operating, as this affects accounting and financial reporting periods.
• The company's industry, since QuickBooks may customize the setup based on industry-specific needs.

While the initial setup of accounts and account balances can be amended later if needed, and the company address can also be updated, the start date and industry are more permanent. Therefore, it's essential to confirm these details accurately before beginning the QuickBooks company creation process.