The Chart of Accounts lies at the heart of a QuickBooks Onlinecompany. Which 5 of the following statements are true about theChart of Accounts, how to make changes to the Chart of Accounts,and how products and services are linked to the Chart ofAccounts?(Select all that apply)
-To add a new account, you open the Chart of Accounts byselecting Accounting from the left navigation, then select New toopen the Account window
-The Sales of Product Income account is a default account wheninventory is turned on
-Uncategorized Income and Uncategorized Expense are defaultaccounts for online banking activity
-If you add a new account, the category type determines on whichfinancial statement this account will show
-When we set up Products and Services, they are linked to theChart of Accounts by specifying a sales price/rate
-Delete an account from the Chart of Accounts if it is notrelevant to your business