QuickBooks Chapter 07 Test; Questions and Answers 100% Verified
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Module
QuickBooks
Institution
QuickBooks
QuickBooks Chapter 07 Test; 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
...
QuickBooks Chapter 07 Test; 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
, QuickBooks Chapter 07 Test; Questions and
Answers 100% Verified
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
If reports are prepared for the month of January, net income will appear in the
________.
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