Accounting 120 - Computerized Accounting Systems » Spring 2022 » Ch 4 Quiz

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Question #1
When reconciling the bank statement using QuickBooks:
A.   All of the choices are correct
B.   Interest earned is subtracted
C.   Service charges are added
D.   All deposits listed on the bank statement are selected as cleared in the Reconcile window
Question #2
When the balance of an equity account, like Capital Stock, increases, it means that the account has been:
A.   None of the choices are correct
B.   Credited
C.   Debited
D.   Deposited
Question #3
A business Checking account may be used for which of the following purchases?
A.   Furniture for the owner's home
B.   Furniture for the office
C.   Utility bills for the owner
D.   Owner's car payment
Question #4
The Write Checks approach to bill paying:
A.   Is not supported by QuickBooks
B.   Pays the bill and then records the bill later
C.   Records and pays a bill at the same time
D.   Records a bill when received and pays the bill later
Question #5
When paying a bill, QuickBooks automatically:
A.   Reduces the liability (credit) and the checking account (debit)
B.   Records an expense (debit) and the obligation to pay later (credit)
C.   Reduces the liability (debit) and the checking account (credit)
D.   Records an expense (credit) and the obligation to pay later (debit)
Question #6
All of the following tasks can be completed in the Banking section of the Home page except:
A.   Record Deposits
B.   Write checks
C.   Pay Employees
D.   Reconcile Checking accounts
Question #7
A Check Register is a record of all transactions affecting the ________.
A.   Checking account
B.   Taxes payable account
C.   Petty cash account
D.   Payroll account
Question #8
Examples of undeposited funds are:
A.   Bank service charges
B.   Customer payments recorded as received but not yet deposited
C.   Owner's investment
D.   Interest earned on the Checking account
Question #9
The Write Checks window can be used to pay which of the following:
A.   Payroll checks
B.   None of the choices are correct
C.   Bills entered in the Enter Bills window
D.   Sales taxes
Question #10
When deleting a check all of the following is true except:
A.   QuickBooks changes the amount deducted in the check register to zero
B.   It is better to delete the check than void the check in order to erase all records of the transaction
C.   The deleted check no longer appears in the check register
D.   All of the choices are correct

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