QuickBooks Chapter 07 Test; Questions and Answers 100% Verified

QuickBooks Chapter 07 Test; Questions and
Answers 100% Verified
The owner's drawing account should be transferred to capital each week.

✔✔False


Even if entered elsewhere, all transactions are recorded in the Journal. ✔✔True


You must access the General Journal in order to close a period. ✔✔False


If Show All is selected, inactive accounts will not appear in the Chart of

Accounts. ✔✔False


When you reconcile a bank statement, anything entered as a service charge will

automatically be


entered as a transaction when the reconciliation is complete. ✔✔True


Once an account has been used, the name cannot be changed. ✔✔False


The adjusting entry for depreciation may be made in the Depreciation account

register. ✔✔True


At the end of the year, QuickBooks transfers the net income into retained

earnings. ✔✔True


A withdrawal by an owner in a partnership reduces the owner's capital. ✔✔True

, QuickBooks Chapter 07 Test; Questions and
Answers 100% Verified
As with other accounting programs, QuickBooks requires that a formal closing

be performed at


the end of each year. ✔✔False


To print a Reconciliation Report that lists only totals, select _________.


A. none


B. summary

C. detail


D. complete ✔✔summary


The report that proves debits equal credits is the ________ .

A. Sales Graph


B. Balance Sheet

C. Profit & Loss Statement


D. Trial Balance ✔✔Trial Balance


If reports are prepared for the month of January, net income will appear in the

________.