Question

4. Which of the following would represent a statement that a company would likely not receive from their financial institution to perform a reconciliation in QuickBooks?

a. Credit card statement

b. Mortgage statement

c. Chequing Account statement

d. Savings Account statement

5. ‘Accumulated depreciation’ is typically what kind of account in QuickBooks:

a. A subaccount of a fixed asset account

b. A subaccount of a current asset account

c. An expense account

d. a subaccount of a liability account

6. Match the information on the left with the appropriate account-type on the right:

a. Retained Earnings 1. Fixed Asset

b. Advertising    2. Current Liability

c. Accounts Payable 3. Equity

d. Sales Revenue 4. Expense

e. Inventory 5. Long-Term Liability

f. Delivery Truck 6. Current Asset

g. Building Loan 7. Income

Answer 1

4.

Which of the following would represent a statement that a company would likely not receive from their financial institution to perform a reconciliation in QuickBooks?

b. Mortgage statement

5.

‘Accumulated depreciation’ is typically what kind of account in QuickBooks:

a. A subaccount of a fixed asset account

6.

Match the information on the left with the appropriate account-type on the right:

a. Retained Earnings - 3. Equity

b. Advertising - 4. Expense

c. Accounts Payable - 2. Current Liability

d. Sales Revenue - 7. Income

e. Inventory 6. Current Asset

f. Delivery Truck - 1. Fixed Asset

g. Building Loan - 5. Long-term Liability