Question

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) One of the objectives of the bank reconciliation is: A) Pay bills 1) B) Insure the debits equal credits D) None of the choices are correct C) Detect errors 2) When reconciling the bank statement using QuickBooks: A) All deposits listed on the bank statement are selected as cleared in the Reconcile window 2) B) Interest earned is subtracted C) Service charges are added D) All of the choices are correct 3) 3) The Write Checks window can be used to pay which of the following: A) Bills entered in the Enter Bills window B) Payroll checks C) Sales taxes D) None of the choices are correct 4)A Check Register is a record of all transactions affecting the A) Cheeking account C) Taxes payable account B) Petty cash account D) Payroll account 5) 5) When paying a bill, QuickBooks automatically: A) Reduces the liability (debit) and the checking account (credit) B) Reduces the liability (credit) and the checking account (debit) C) Records an expense (credit) and the obligation to pay later (debit) D) Records an expense (debit) and the obligation to pay later (credit) 6) In the Check Register, the term "split" indicates the payment is split between two or 6) more: A) Invoices C) Checks B) Accounts D) Purchase orders

Answer 1

Answer-1:

Option C - Detect errors

Answer-2:

Option C - Service charges are added.

Answer-3:

Option D - None of these

Answer-4:

Option A - Checking account

Answer-5:

Option A - Reduces the liability (debit) and the checking account (credit)

Answer-6:

Option B - Accounts