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QuickBooks Chapter 4 (2024/25); Questions and Answers 100% Correct £9.80
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QuickBooks Chapter 4 (2024/25); Questions and Answers 100% Correct

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QuickBooks Chapter 4 (2024/25); Questions and Answers 100% Correct 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. ...

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  • August 26, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • quickbooks chapter 4 202425
  • questions and answers 100 correct

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  • QuickBooks
  • QuickBooks

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QuickBooks Chapter 4 (2024/25); Questions
and Answers 100% Correct
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.

, QuickBooks Chapter 4 (2024/25); Questions
and Answers 100% Correct
✔✔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

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