QuickBooks Chapter 1 Test Latest Update with Verified Solutions
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Course
Quickbooks
Institution
Oxford University (OX)
xData entry is the same in QuickBooks whether you use accrual or cash basis accounting True
Always back up your company file to a location NOT on the same hard drive as the original file
True
The cash basis accounting means the sale transaction is recorded when the sale is made, and
expen...
QuickBooks Chapter 4 Questions and
Answers 100% Pass
Accrual-basis accounting matches the income from the period and the expenses for the period in
order to determine the net income or net loss for the period. ✔✔True
In QuickBooks, the Journal is called the book of final entry. ✔✔False
An account may be deleted at any time. ✔✔False
In a sole proprietorship, an owner's name is added to the Vendor List for recording withdrawals.
✔✔False
Additional investments made by an owner may be cash or non-cash items. ✔✔True
QuickBooks records every transaction in the Journal. ✔✔True
A Reconciliation Detail Report prints the last two bank reconciliation reports. ✔✔False
, Once an account has been used in a transaction, no changes may be made to the account name.
✔✔False
When completing a bank reconciliation, anything entered as a service charge or as interest
earned will be entered in the Journal automatically when the reconciliation is complete. ✔✔True
A Balance Sheet is prepared to prove the equality of debits and credits. ✔✔False
When the letter of the corect answer in the space povided before the question number
A. have a closing password
B. enter a closing date in the Company Preferences for Accounting
C. enter a closing date in the Company Preferences for Reports
D. enter the traditional closing entries in debit/credit format in the General Journal ✔✔B. enter a
closing date in the Company Preferences for Accounting
When a master account name such as "cars" is changed to "automobiles", the subaccount
"depreciation" .
A. needs to be changed to a subaccount of automobiles
B. is automatically changed to a subaccount of automobiles
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