QuickBooks Chapter 10 Questions and Answers Rated A+
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QuickBooks
Institution
QuickBooks
QuickBooks Chapter 10 Questions and
Answers Rated A+
Many companies maintain two checking accounts, one for paying bills and one used exclusively
for payroll
As a business grows in complexity, the need for special purpose accounts grows accordingly.
The process of determining the correct cash ...
QuickBooks Chapter 10 Questions and
Answers Rated A+
Many companies maintain two checking accounts, one for paying bills and one used exclusively
for ✔✔payroll
As a business grows in complexity, the need for special purpose accounts ✔✔grows accordingly.
The process of determining the correct cash balance in an account by comparing company
records with the bank statement is called a(n) ✔✔bank reconciliation.
In accounting terms, the movement of money from one account to another is called a(n)
✔✔transfer
In a manual accounting system, a transfer from a company's operating account is usually
recorded in the ____ journal ✔✔cash payments
In a manual accounting system, when a transfer out of one cash account is recorded in the
general journal, the corresponding transfer into another cash account is recorded in the ____
journal. ✔✔general
,In QuickBooks, transfers between bank accounts are recorded in the ____ window, unless the
transfer is done by check ✔✔Transfer Funds Between Accounts
Balance differences identified during a bank reconciliation fall into three categories: ✔✔timing
differences, omissions, and errors.
Using QuickBooks' Enter Credit Card Charges window to immediately record a company's credit
card charges ensures that ✔✔the expenses are recorded in the proper time period.
A check written and recorded by the company but not yet paid by the bank is referred to as a(n)
✔✔outstanding check.
In QuickBooks, when you write a check from one cash account to deposit into another cash
account, you use the ____ window. ✔✔Write Checks
Besides allowing you to identify the source and receiving accounts, the Transfer Funds window
also shows you the ✔✔balance of the source account.
, When you transfer funds from one cash account to another via an online banking transaction, you
record the transaction in QuickBooks in the ____ window. ✔✔Transfer Funds
What is the purpose of the reconciliation procedure in QuickBooks? ✔✔To ensure that a
company's cash records are correct
The Reconcile windows in QuickBooks do not display ____. ✔✔bad debts of an account
When QuickBooks' reconciliation process turns up transactions that were not recorded in the
company records, the user ✔✔has the opportunity to record them from within the Reconciliation
windows and adjust the company's accounts accordingly.
The QuickBooks Reconcile window consists of ____ parts. ✔✔2
Which of the following fields in the first of QuickBooks Reconcile windows should not be
edited? ✔✔Beginning Balance
In the first Reconcile window, where does the amount to be entered in the Interest Earned field
come from? ✔✔It comes from the bank statement.
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