Glendale Community College » Accounting » Accounting 120 - Computerized Accounting Systems » Spring 2022

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

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Question #1

When reconciling the bank statement using QuickBooks:

A. Interest earned is subtracted

B. Service charges are added

C. All deposits listed on the bank statement are selected as cleared in the Reconcile window

D. All of the choices are correct

Question #2

When the balance of an equity account, like Capital Stock, increases, it means that the account has been:

A. Credited

B. Deposited

C. None of the choices are correct

D. Debited

Question #3

A business Checking account may be used for which of the following purchases?

A. Utility bills for the owner

B. Owner's car payment

C. Furniture for the owner's home

D. Furniture for the office

Question #4

The Write Checks approach to bill paying:

A. Records a bill when received and pays the bill later

B. Is not supported by QuickBooks

C. Pays the bill and then records the bill later

D. Records and pays a bill at the same time

Question #5

When paying a bill, QuickBooks automatically:

A. Reduces the liability (debit) and the checking account (credit)

B. Records an expense (credit) and the obligation to pay later (debit)

C. Reduces the liability (credit) and the checking account (debit)

D. Records an expense (debit) and the obligation to pay later (credit)

Question #6

All of the following tasks can be completed in the Banking section of the Home page except:

A. Pay Employees

B. Record Deposits

C. Write checks

D. Reconcile Checking accounts

Question #7

A Check Register is a record of all transactions affecting the ________.

A. Taxes payable account

B. Checking account

C. Payroll account

D. Petty cash account

Question #8

Examples of undeposited funds are:

A. Bank service charges

B. Interest earned on the Checking account

C. Owner's investment

D. Customer payments recorded as received but not yet deposited

Question #9

The Write Checks window can be used to pay which of the following:

A. Payroll checks

B. Sales taxes

C. Bills entered in the Enter Bills window

D. None of the choices are correct

Question #10

When deleting a check all of the following is true except:

A. It is better to delete the check than void the check in order to erase all records of the transaction