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QuickBooks Chapter 7 Questions and Answers 100% Verified £8.50   Add to cart
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QuickBooks Chapter 7 Questions and Answers 100% Verified
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The owner's drawing account should be transferred to capital each week. False Even if entered elsewhere, all transactions are recorded in the Journal. True You must access the General Journal in order to close a period. False

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  • September 16, 2023
  • 6
  • 2023/2024
  • Exam (elaborations)
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QuickBooks Chapter 7 Questions and
Answers 100% Verified
The owner's drawing account should be transferred to capital each week. ✔✔False




Even if entered elsewhere, all transactions are recorded in the Journal. ✔✔True




You must access the General Journal in order to close a period. ✔✔False




If Show All is selected, inactive accounts will not appear in the Chart of Accounts. ✔✔False




When you reconcile a bank statement, anything entered as a service charge will automatically be

entered as a transaction when the reconciliation is complete. ✔✔True




Once an account has been used, the name cannot be changed. ✔✔False




The adjusting entry for depreciation may be made in the Depreciation account register. ✔✔True

, At the end of the year, QuickBooks transfers the net income into retained earnings. ✔✔True




A withdrawal by an owner in a partnership reduces the owner's capital. ✔✔True




As with other accounting programs, QuickBooks requires that a formal closing be performed at

the end of each year. ✔✔False




To print a Reconciliation Report that lists only totals, select _________.

A. none

B. summary

C. detail


D. complete ✔✔summary




The report that proves debits equal credits is the ________ .

A. Sales Graph

B. Balance Sheet

C. Profit & Loss Statement


D. Trial Balance ✔✔Trial Balance

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