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. Service charges are added

B. All of the choices are correct

C. Interest earned is subtracted

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. Debited

B. Deposited

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. Furniture for the owner's home

C. Owner's car payment

D. Utility bills for the owner

Question #4

The Write Checks approach to bill paying:

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

B. Is not supported by QuickBooks

C. Records and pays a bill at the same time

D. Pays the bill and then records the bill later

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

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

Question #6

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

A. Pay Employees

B. Record Deposits

C. Write checks

D. Reconcile Checking accounts

Question #7

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

A. Petty cash account

B. Payroll account

C. Taxes payable account

D. Checking account

Question #8

Examples of undeposited funds are:

A. Owner's investment

B. Interest earned on the Checking account

C. Customer payments recorded as received but not yet deposited

D. Bank service charges

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. 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