Question 1

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

Question 2

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

Question 3

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 B

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 these 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 these are true

Question 5

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 6

All the following are non-sales 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 7

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

Question 8

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 9

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 10

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 deposits in transit and outstanding checks 
A) Deposits in transit 
B) Interest earned 
C) Outstanding checks 
D) Both deposits in transit and outstanding checks

Question 11

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 these 
A) Rent Payments 
B) Legal Services 
C) Sales Taxes 
D) None of these

Question 12

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

Question 14

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 15

How would you indicate that a payment is split between 2 or more accounts?

Accepted Answer

A) Use the notation "split" in your checking account 
B) Skip it, it will be done automatically in QuickBooks 
C) Note on your invoices only 
D) None of these 
A) Use the notation "split" in your checking account 
B) Skip it, it will be done automatically in QuickBooks 
C) Note on your invoices only 
D) None of these

Question 16

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 17

When reconciling the bank statement using QuickBooks:

Accepted Answer

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 these 
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 these

Question 18

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 19

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 20

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

Accepted Answer

The drill down feature in QuickBooks is

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

Which of the following steps will record a deposit?

Which of the following statements is true?

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

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

All the following are non-sales type of deposits except:

The Check Register:

The one-step approach to bill paying:

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

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

The two-step approach for writing checks must 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)?

One of the objectives of the bank reconciliation is:

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

How would you indicate that a payment is split between 2 or more accounts?

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

When reconciling the bank statement using QuickBooks:

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

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

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

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 asset account, like Checking, increases, it means that the account has been:

Which of the following steps will record a deposit?

Which of the following statements is true?

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

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

All the following are non-sales type of deposits except:

The Check Register:

The one-step approach to bill paying:

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

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

The two-step approach for writing checks must 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)?

One of the objectives of the bank reconciliation is:

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

How would you indicate that a payment is split between 2 or more accounts?

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

When reconciling the bank statement using QuickBooks:

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

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

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

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