Question

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 *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 © 2018 January 8, 2018

Answer 1

Answar! (C) Income statement (profit and loss statement) and Balance- Sheet Report Note! Income statement & Balance sheet Covers every asepets of a company which Bank wants to check. 2 (a)wheather QuickBooks will Use Imperial or Metric Measurement Note! This means that You Need to purchase & sell the item Usaing the same Unit of Measurment ie only one unit for enery Measurment. d To Provide a permanent Record. Quickbooks Pro overwrites the Previous reconciliation se port with data from the Latest Reconcilia -ation (6) Mortgage statement. (d) A ubaccount of a fixed Assets Account

(a) Retaired Earning (6) Advertising - >1 fixed Assets 2. Whent Liability 3. Equity 4. Expenses (C) Accounts Payable- (d)Sales Revene (e) Inventory & Delivery truck si long term-Liability 6. Current Assets 7. Income (of Building Loan (a) True d) Credit Memo To Must be applied for to the first Job tecken on for that Customes (e) All of the above (d) All of the above