Question 1

All the following are nonsales type of deposit 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 B

Question 2

The Check Register:

Accepted Answer

A) Lists all accounts and their account numbers 
B) Records payments and deposits to the Checking account 
C) Is located directly on the Company section of the Home page 
D) Keeps track of company deposits only 
A) Lists all accounts and their account numbers 
B) Records payments and deposits to the Checking account 
C) Is located directly on the Company section of the Home page 
D) Keeps track of company deposits only B

Question 3

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 C

Question 4

When deleting a check all of the following is true except:

Accepted Answer

A) It is better to Delete the check than Void the check in order to erase all records of the transaction 
B) The deleted check no longer appears in the check register 
C) QuickBooks changes the amount deducted in the check register to zero 
D) All of the above are true 
A) It is better to Delete the check than Void the check in order to erase all records of the transaction 
B) The deleted check no longer appears in the check register 
C) QuickBooks changes the amount deducted in the check register to zero 
D) All of the above are true

Question 5

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

Accepted Answer

A) Furniture for the office 
B) Furniture for the owner's home 
C) Utility bills for the owner 
D) Owner's car payment 
A) Furniture for the office 
B) Furniture for the owner's home 
C) Utility bills for the owner 
D) Owner's car payment

Question 6

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

Question 7

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

Question 8

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

Question 9

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 10

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

Question 11

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 12

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 13

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

Question 14

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

Question 15

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 16

When the balance of an asset account, like Checking, increases, it means that the account has been:

Accepted Answer

A) Debited 
B) Credited 
C) Deposited 
D) None of the above 
A) Debited 
B) Credited 
C) Deposited 
D) None of the above

Question 17

When paying a bill, QuickBooks automatically:

Accepted Answer

A) Records and expense (credit) and the obligation to pay later (debit) 
B) Records and 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 and expense (credit) and the obligation to pay later (debit) 
B) Records and 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 18

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

Accepted Answer

The drill down feature in QuickBooks is

Question 19

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 the above 
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 the above

Question 20

Which of the following steps will record a deposit?

Accepted Answer

A) Use the Make Deposits window. 
B) Enter the information directly into the check register. 
C) None of the above. 
D) All the above. 
A) Use the Make Deposits window. 
B) Enter the information directly into the check register. 
C) None of the above. 
D) All the above.

All the following are nonsales type of deposit except:

The Check Register:

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

When deleting a check all of the following is true except:

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

Examples of undeposited funds are:

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

To print multiple checks at one time:

What are the 4 (four) types of bills that should not be paid using the One-Step Approach?

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

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

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

One of the objectives of the bank reconciliation is:

The one-step approach to bill paying:

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

When the balance of an asset account, like Checking, increases, it means that the account has been:

When paying a bill, QuickBooks automatically:

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

Which of the following statements is true?

Which of the following steps will record a deposit?

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters

Exam 3: Banking

All the following are nonsales type of deposit except:

The Check Register:

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

When deleting a check all of the following is true except:

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

Examples of undeposited funds are:

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

To print multiple checks at one time:

What are the 4 (four) types of bills that should not be paid using the One-Step Approach?

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

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

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

One of the objectives of the bank reconciliation is:

The one-step approach to bill paying:

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

When the balance of an asset account, like Checking, increases, it means that the account has been:

When paying a bill, QuickBooks automatically:

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

Which of the following statements is true?

Which of the following steps will record a deposit?

Quick Tour of Quickbooks 2011

Customizing Quickbooks and the Chart of Accounts

Customers and Sales

Vendors, Purchases, and Inventory

Employees and Payroll

Reports and Graphs

New Company Setup

Accounting for a Service Company

Merchandising Corporation: Sales, Purchases and Inventory

Merchandising Corporation: Payroll

Advanced Quickbooks Features for Accountants

Filters