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

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
When reconciling the bank statement using QuickBooks:
A.   Service charges are added
B.   All deposits listed on the bank statement are selected as cleared in the Reconcile window
C.   Interest earned is subtracted
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.   None of the choices are correct
B.   Deposited
C.   Credited
D.   Debited
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.   Owner's car payment
D.   Utility bills for the owner
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 a bill when received and pays the bill later
D.   Records and pays a bill at the same time
Question #5
When paying a bill, QuickBooks automatically:
A.   Records an expense (credit) and the obligation to pay later (debit)
B.   Reduces the liability (credit) and the checking account (debit)
C.   Records an expense (debit) and the obligation to pay later (credit)
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.   Record Deposits
B.   Write checks
C.   Reconcile Checking accounts
D.   Pay Employees
Question #7
A Check Register is a record of all transactions affecting the ________.
A.   Petty cash account
B.   Taxes payable account
C.   Payroll account
D.   Checking account
Question #8
Examples of undeposited funds are:
A.   Owner's investment
B.   Interest earned on the Checking account
C.   Bank service charges
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.   Bills entered in the Enter Bills window
B.   None of the choices are correct
C.   Payroll checks
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.   All of the choices are correct
D.   The deleted check no longer appears in the check register

Need help with your exam preparation?

Existing Quiz Clients Login here