Answer accounting questions
1. When the beginning balance field on the Begin Reconciliation window doesnâ€™t match the beginning balance on the bank statement, you should:
A. call the bank
B. Change the amount in QuickBooks to match the bankâ€™s amount.
C. Click locate discrepancies in the begin reconciliation window. Click discrepancy report and / or previous reports to research what has been changed since the last reconciliation. Then fix the problem before reconciling.
D. Select the banking menu and then select enter statement charges.
2. Which statement is false?
A. You can enter bank service charges using enter statement charges.
B. You can enter bank service charges on the Begin Reconciliation window.
C. You can enter bank service charges using the splits button on a register transaction.
D. You can either enter bank service charges using write checks before you start your reconciliation.
3. When you find an erroneous amount on a transaction while reconciling, correct the amount by:
A. Selecting the Banking menu and then selecting correct error.
B. Double clicking on the entry and changing the amount on the transaction.
C. Selecting the entry in the Reconcile window, then clicking go to and changing the amount of either transaction.
D. Performing either b or c.
4. To properly record a voided check from a closed accounting period:
A. Delete the check in the register
B. Make a deposit in the current period and code it to the same account as the original check you want to void. Then delete both transactions in the Reconciliation window.
C. Find the check in the register, select the edit menu, and then select void check.
D. Change the amount of the check to zero.
5. Which of the following columns cannot be displayed in the checks and payments section of the Reconcile window:
A. Check #
Chapter 6 Review Questions
1. What are the two major types of reports in QuickBooks?
A. Register and list
B. Monthly and annual
C. Accounting and business management
D. Balance sheet and profit and loss
2. Use the customize report button on any report to:
A. Add or delete columns or changes the accounting basis of the report.
B. Change the Width of columns on the report
C. Print the report on blank paper
D. Memorize the report for future use
3. You cannot create a QuickReport for:
D. Incorrectly posted entries
4. To create a report that lists each of your vendors along with their address and telephone information:
A. Display the vendor contact list
B. Open the Search window and do a search for Vendors and the corresponding Address and Phone Numbers.
C. Customize the Vendors database
D. You must create a Modified report to see this information
5. In order to analyze if the company is profitable.
A. Only analyze if the company is profitable
B. Create a profit and loss report
C. Review all detailed transaction reports
D. Review the financial exceptions report
Chapter 7 review Questions
1. You can create custom fields for:
D. Both a and c
2. The two types of preferences are:
A. User and Company preferences
B. User and accountant preferences
C. Favorite and general preferences
D. Income and expense preferences
3. If you donâ€™t see the favorites menu in your menu bar, you can turn it on in the:
A. Customize templates windows
B. Customize Icon bar window
C. View menu
D. Windows menu
4. Which of the following is not an available template type in QuickBooks?
A. Credit memo
D. Sales receipt
5. If you pay sales tax to more than one agency, you should use which of the following item types?
A. Sales tax group
C. Inventory assembly
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