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

Accounting 120 - Computerized Accounting Systems » Fall 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. All deposits listed on the bank statement are selected as cleared in the Reconcile window

C. Service charges are added

D. Interest earned is subtracted

Question #2

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

A. Credited

B. None of the choices are correct

C. Debited

D. Deposited

Question #3

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

A. Utility bills for the owner

B. Furniture for the office

C. Owner's car payment

D. Furniture for the owner's home

Question #4

The Write Checks approach to bill paying:

A. Pays the bill and then records the bill later

B. Records and pays a bill at the same time

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

D. Is not supported by QuickBooks

Question #5

When paying a bill, QuickBooks automatically:

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

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

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

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

Question #6

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

A. Reconcile Checking accounts

B. Write checks

C. Record Deposits

D. Pay Employees

Question #7

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

A. Payroll account

B. Petty cash account

C. Checking account

D. Taxes payable account

Question #8

Examples of undeposited funds are:

A. Customer payments recorded as received but not yet deposited

B. Owner's investment

C. Bank service charges

D. Interest earned on the Checking account

Question #9

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

A. None of the choices are correct

B. Payroll checks

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