Accounting 120 - Computerized Accounting Systems » Spring 2023 » Ch 4 Quiz

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Question #1
When reconciling the bank statement using QuickBooks:
A.   Service charges are added
B.   Interest earned is subtracted
C.   All of the choices are correct
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.   Deposited
C.   Credited
D.   Debited
Question #3
A business Checking account may be used for which of the following purchases?
A.   Owner's car payment
B.   Furniture for the office
C.   Utility bills for the owner
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.   Is not supported by QuickBooks
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.   Reduces the liability (debit) and the checking account (credit)
B.   Reduces the liability (credit) and the checking account (debit)
C.   Records an expense (credit) and the obligation to pay later (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.   Write checks
B.   Pay Employees
C.   Record Deposits
D.   Reconcile Checking accounts
Question #7
A Check Register is a record of all transactions affecting the ________.
A.   Payroll account
B.   Checking account
C.   Petty cash account
D.   Taxes payable account
Question #8
Examples of undeposited funds are:
A.   Bank service charges
B.   Interest earned on the Checking account
C.   Customer payments recorded as received but not yet deposited
D.   Owner's investment
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.   Sales taxes
D.   Bills entered in the Enter Bills window
Question #10
When deleting a check all of the following is true except:
A.   The deleted check no longer appears in the check register
B.   All of the choices are correct
C.   QuickBooks changes the amount deducted in the check register to zero
D.   It is better to delete the check than void the check in order to erase all records of the transaction

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