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

Accounting 120 - Computerized Accounting Systems » Spring 2023 » 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. Interest earned is subtracted

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. Debited

B. Credited

C. Deposited

D. None of the choices are correct

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 office

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 a bill when received and pays the bill later

C. Is not supported by QuickBooks

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 (debit) and the checking account (credit)

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. Reconcile Checking accounts

B. Write checks

C. Pay Employees

D. Record Deposits

Question #7

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

A. Checking account

B. Payroll account

C. Petty cash account

D. Taxes payable account

Question #8

Examples of undeposited funds are:

A. Interest earned on the Checking account

B. Bank service charges

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