Check your knowledge

• 2 min.

1.

What are the benefits of linking a customer and vendor account?

(Choose 2 correct answers)

You don’t need to give the two accounts a different number and name.
You can easily check the balance for each account and the net combined balance.
You can apply entries for the same payment to both the customer and vendor accounts.
You only need to update contact details on one of the two accounts.
2.

What is the reason for specifying a Master Account in an Association of customer or vendor accounts?

(Choose 2 correct answers)

The master account must be used when applying entries to all the other accounts in the association.
It is an umbrella account that links all the other accounts together in the association.
It allows you to know which of the accounts has the largest amount of entries in the last year.
The bank account details of the master account will receive payments from you for the group of accounts.
The contact details of the master account can also be used as the contact details for the association.
Check your answers