Question 1

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

Question 2

Documents that prove a transaction occurred are:

Accepted Answer

A) Source documents 
B) Receipts 
C) Paid invoices 
D) All the above 
A) Source documents 
B) Receipts 
C) Paid invoices 
D) All the above

Question 3

The two-step approach for writing checks must be used to pay which of the following?

Accepted Answer

A) Rent Payments 
B) Legal Services 
C) Sales Taxes 
D) None of the above. 
A) Rent Payments 
B) Legal Services 
C) Sales Taxes 
D) None of the above.

Question 4

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 5

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 the above 
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 the above

Question 6

When recording 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 7

The Customer section of the Home page is used to record which of the following transaction?

Accepted Answer

A) Customer payment 
B) Other income, such as rental income 
C) Interest earned 
D) Cash from investors 
A) Customer payment 
B) Other income, such as rental income 
C) Interest earned 
D) Cash from investors

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

Documents that prove a transaction occurred are:

The two-step approach for writing checks must be used to pay which of the following?

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

When reconciling the bank statement using QuickBooks:

When recording a bill, QuickBooks automatically:

The Customer section of the Home page is used to record which of the following transaction?

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

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

Documents that prove a transaction occurred are:

The two-step approach for writing checks must be used to pay which of the following?

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

When reconciling the bank statement using QuickBooks:

When recording a bill, QuickBooks automatically:

The Customer section of the Home page is used to record which of the following transaction?

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