Question 1

Timing differences discovered when reconciling the bank statement that the bank has not recorded yet,include:

Accepted Answer

A) Deposits in transit 
B) Interest earned 
C) Outstanding Checks 
D) Both A and C 
A) Deposits in transit 
B) Interest earned 
C) Outstanding Checks 
D) Both A and C D

Question 2

The one-step approach to bill paying:

Accepted Answer

A) Pays the bill and then records the bill later 
B) Records a bill when receives and pays the bill later 
C) Records and pays a bill at the same time 
D) Is not supported by QuickBooks 
A) Pays the bill and then records the bill later 
B) Records a bill when receives and pays the bill later 
C) Records and pays a bill at the same time 
D) Is not supported by QuickBooks C

Question 3

When reconciling the bank statement using QuickBooks:

Accepted Answer

A) Service charges are subtracted 
B) Interest earned is added 
C) All deposits listed on the bank statement are selected as cleared in the Reconcile window 
D) All of these 
A) Service charges are subtracted 
B) Interest earned is added 
C) All deposits listed on the bank statement are selected as cleared in the Reconcile window 
D) All of these D

Question 4

When recording a bill,QuickBooks automatically:

Accepted Answer

A) Records an expense (credit)and the obligation to pay later (debit) 
B) Records an expense (debit)and the obligation to pay later (credit) 
C) Reduces the liability (debit)and the checking account (credit) 
D) Reduces the liability (credit)and the checking account (debit) 
A) Records an expense (credit)and the obligation to pay later (debit) 
B) Records an expense (debit)and the obligation to pay later (credit) 
C) Reduces the liability (debit)and the checking account (credit) 
D) Reduces the liability (credit)and the checking account (debit)

Question 5

When paying a bill,QuickBooks automatically:

Accepted Answer

A) Records an expense (credit)and the obligation to pay later (debit) 
B) Records an expense (debit)and the obligation to pay later (credit) 
C) Reduces the liability (debit)and the checking account (credit) 
D) Reduces the liability (credit)and the checking account (debit) 
A) Records an expense (credit)and the obligation to pay later (debit) 
B) Records an expense (debit)and the obligation to pay later (credit) 
C) Reduces the liability (debit)and the checking account (credit) 
D) Reduces the liability (credit)and the checking account (debit)

Question 6

Documents that prove a transaction occurred are:

Accepted Answer

A) Source documents 
B) Receipts 
C) Paid invoices 
D) All of these 
A) Source documents 
B) Receipts 
C) Paid invoices 
D) All of these

Question 7

Which one of the following activities is associated with the Banking section of the Home page?

Accepted Answer

A) Enter credit card charges 
B) Select bills received to pay later 
C) Record finance charges 
D) Create invoices to bill customers 
A) Enter credit card charges 
B) Select bills received to pay later 
C) Record finance charges 
D) Create invoices to bill customers

Question 8

One of the objectives of the bank reconciliation is:

Accepted Answer

A) Pay bills 
B) Detect errors 
C) Insure the debits equal credits 
D) None of these 
A) Pay bills 
B) Detect errors 
C) Insure the debits equal credits 
D) None of these

Question 9

Briefly describe the QuickBooks "drill-down" feature and how helps companies.

Accepted Answer

The drill down feature in QuickBooks is

Question 10

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

Accepted Answer

A) Pay Employees 
B) Reconcile Accounts 
C) Print Checks 
D) Record Deposits 
A) Pay Employees 
B) Reconcile Accounts 
C) Print Checks 
D) Record Deposits

Question 11

What are the 4 (four)types of bills that should not be paid using the one-step approach?

Accepted Answer

Paychecks to employees for wag

Question 12

All of the following are nonsales type of deposits except:

Accepted Answer

A) Money received from a loan 
B) Payment from a customer 
C) Cash from investors 
D) Interest earned 
A) Money received from a loan 
B) Payment from a customer 
C) Cash from investors 
D) Interest earned

Question 13

Which of the following icons appear in the Banking section of the Home page?

Accepted Answer

A) Receive Payments 
B) Enter Bills 
C) Write Checks 
D) Pay Bills 
A) Receive Payments 
B) Enter Bills 
C) Write Checks 
D) Pay Bills

Question 14

Which of the following statements is true?

Accepted Answer

A) To conserve resources,it is best if the owner uses one Checking account for both personal and business purposes 
B) To maintain separation between the personal and business accounting records,the owner's personal Checking account should not be used to pay bills for the business and should not be listed in the business' Chart of Accounts 
C) To maintain more consistent records,it is best if the owner maintains a separate personal Checking account,but both the owner's personal Checking and business Checking accounts are listed in the Chart of Accounts 
D) None of these 
A) To conserve resources,it is best if the owner uses one Checking account for both personal and business purposes 
B) To maintain separation between the personal and business accounting records,the owner's personal Checking account should not be used to pay bills for the business and should not be listed in the business' Chart of Accounts 
C) To maintain more consistent records,it is best if the owner maintains a separate personal Checking account,but both the owner's personal Checking and business Checking accounts are listed in the Chart of Accounts 
D) None of these

Question 15

When reconciling a bank account,which one of the following is considered a timing difference (difference between the bank balance and the book balance)?

Accepted Answer

A) Checks that have cleared the bank 
B) Deposits recorded by the bank 
C) Outstanding checks 
D) Errors 
A) Checks that have cleared the bank 
B) Deposits recorded by the bank 
C) Outstanding checks 
D) Errors

Question 16

The one-step approach (Write Checks window)can be used to pay which of the following:

Accepted Answer

A) Sales taxes 
B) Bills entered in the Enter Bills window 
C) Payroll checks 
D) None of these 
A) Sales taxes 
B) Bills entered in the Enter Bills window 
C) Payroll checks 
D) None of these

Question 17

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

Accepted Answer

A) Payroll account 
B) Petty cash account 
C) Checking account 
D) Taxes payable account 
A) Payroll account 
B) Petty cash account 
C) Checking account 
D) Taxes payable account

Question 18

To print multiple checks at one time:

Accepted Answer

A) Report Center > Banking > Checks 
B) Company menu > Banking > Checks 
C) Banking menu > Forms > Checks 
D) File menu > Print Forms > Checks 
A) Report Center > Banking > Checks 
B) Company menu > Banking > Checks 
C) Banking menu > Forms > Checks 
D) File menu > Print Forms > Checks

Question 19

When the balance of an equity account,like Capital Stock,increases,it means that the account has been:

Accepted Answer

A) Debited 
B) Credited 
C) Deposited 
D) None of these 
A) Debited 
B) Credited 
C) Deposited 
D) None of these

Question 20

Examples of undeposited funds are:

Accepted Answer

A) Interest earned on the Checking account 
B) Customer payments recorded as received but not yet deposited 
C) Bank service charges 
D) Owner's investment 
A) Interest earned on the Checking account 
B) Customer payments recorded as received but not yet deposited 
C) Bank service charges 
D) Owner's investment

Timing differences discovered when reconciling the bank statement that the bank has not recorded yet,include:

The one-step approach to bill paying:

When reconciling the bank statement using QuickBooks:

When recording a bill,QuickBooks automatically:

When paying a bill,QuickBooks automatically:

Documents that prove a transaction occurred are:

Which one of the following activities is associated with the Banking section of the Home page?

One of the objectives of the bank reconciliation is:

Briefly describe the QuickBooks "drill-down" feature and how helps companies.

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

What are the 4 (four)types of bills that should not be paid using the one-step approach?

All of the following are nonsales type of deposits except:

Which of the following icons appear in the Banking section of the Home page?

Which of the following statements is true?

When reconciling a bank account,which one of the following is considered a timing difference (difference between the bank balance and the book balance)?

The one-step approach (Write Checks window)can be used to pay which of the following:

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

To print multiple checks at one time:

When the balance of an equity account,like Capital Stock,increases,it means that the account has been:

Examples of undeposited funds are:

Introduction to PFP

Time Value of Money

Household Finance

Financial Statements Analysis

Cash Flow Planning

Debt

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Retirement Planning

Filters

Exam 3: Beginning the Planning Process

Timing differences discovered when reconciling the bank statement that the bank has not recorded yet,include:

The one-step approach to bill paying:

When reconciling the bank statement using QuickBooks:

When recording a bill,QuickBooks automatically:

When paying a bill,QuickBooks automatically:

Documents that prove a transaction occurred are:

Which one of the following activities is associated with the Banking section of the Home page?

One of the objectives of the bank reconciliation is:

Briefly describe the QuickBooks "drill-down" feature and how helps companies.

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

What are the 4 (four)types of bills that should not be paid using the one-step approach?

All of the following are nonsales type of deposits except:

Which of the following icons appear in the Banking section of the Home page?

Which of the following statements is true?

When reconciling a bank account,which one of the following is considered a timing difference (difference between the bank balance and the book balance)?

The one-step approach (Write Checks window)can be used to pay which of the following:

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

To print multiple checks at one time:

When the balance of an equity account,like Capital Stock,increases,it means that the account has been:

Examples of undeposited funds are:

Introduction to PFP

Time Value of Money

Household Finance

Financial Statements Analysis

Cash Flow Planning

Debt

Non Financial Investments

Financial Investments

Risk Management

Other Insurance

Retirement Planning

Filters