Question

please help

1. You are applying for a business loan. The two reports that your loan officer is most likely to require are: a. Transaction Detail Report and Accrual Basis Report b. Income Statement (Profit and Loss Statement) and Transaction Detail Report c. Income Statement (Profit and Loss Statement) and Balance Sheet Report d. Transaction Detail Report and Cash Basis Report 2. In QuickBooks, 'Units of Measure' is used to define: a. Whether QuickBooks will use Imperial or Metric measurements b. Whether items will be purchased and sold in different currencies c. The number of units that will typically be included on an invoice d. Whether items are typically bought in different measurement units than they are and sold in 3. Why does QuickBooks recommend that you print out each reconciliation report? a. It is faster to find a hard-copy report than to generate an electronic report b. It is required by the CRA (Canada Revenue Agency) c. It is easier to match transactions to the bank statement d. To provide a permanent record. QuickBooks Pro overwrites the previous reconciliation report with data from the latest reconciliation 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

Answer 1

1) Solution: Income statement (Profit and loss statement) and Balance Sheet Report

Explanation: P&L and Balance Sheet report are required for loan officer

2) Solution: Whether items are typically bought in different measurement units than they are and sold in

Explanation: The units of measure in QuickBooks refer to items which typically are bought in different measurement units instead what they are and sold in

3) Solution: To provide a permanent record. QuickBooks Pro overwrites the previous reconciliation report with data from the latest reconciliation

Explanation: QuickBooks Pro recommend for the print out each report of reconciliation to ensure a permanent record

4) Solution: mortgage statement

Explanation: The mortgage statement indicates the firm would likely not receive from their financial institution on performing the reconciliation in QuickBooks