Glendale Community College » Accounting » Accounting 120 - Computerized Accounting Systems » Spring 2023

Accounting 120 - Computerized Accounting Systems » Spring 2023 » 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. Deposited

B. Debited

C. Credited

D. None of the choices are correct

Question #3

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

A. Furniture for the office

B. Utility bills for the owner

C. Furniture for the owner's home

D. Owner's car payment

Question #4

The Write Checks approach to bill paying:

A. Is not supported by QuickBooks

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

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. 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. Pay Employees

B. Write checks

C. Reconcile Checking accounts

D. Record Deposits

Question #7

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

A. Taxes payable account

B. Payroll account

C. Petty cash account

D. Checking account

Question #8

Examples of undeposited funds are:

A. Owner's investment

B. Bank service charges

C. Customer payments recorded as received but not yet deposited

D. Interest earned on the Checking account

Question #9

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

A. Sales taxes

B. Bills entered in the Enter Bills window

C. None of the choices are correct

D. Payroll checks

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