100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
QuickBooks Chapter 10 Questions and Answers Rated A+ $9.99   Add to cart

Exam (elaborations)

QuickBooks Chapter 10 Questions and Answers Rated A+

 0 view  0 purchase
  • Course
  • Institution

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 ...

[Show more]

Preview 3 out of 17  pages

  • September 5, 2023
  • 17
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TUTORSON. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81531 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart