QuickBooks chapter 10; Questions and
Answers…Grade A+
Many companies maintain two checking accounts, one for paying bills and one
used exclusively
for ✔✔payroll
As a business grows in complexity, the need for special purpose accounts
✔✔grows accordingly.
The process of determining the correct cash balance in an account by comparing
company
records with the bank statement is called a(n) ✔✔bank reconciliation.
In accounting terms, the movement of money from one account to another is
called a(n)
✔✔transfer
In a manual accounting system, a transfer from a company's operating account is
usually
recorded in the ____ journal ✔✔cash payments
, QuickBooks chapter 10; Questions and
Answers…Grade A+
In a manual accounting system, when a transfer out of one cash account is
recorded in the
general journal, the corresponding transfer into another cash account is
recorded in the ____
journal. ✔✔general
In QuickBooks, transfers between bank accounts are recorded in the ____
window, unless the
transfer is done by check ✔✔Transfer Funds Between Accounts
Balance differences identified during a bank reconciliation fall into three
categories: ✔✔timing
differences, omissions, and errors.
Using QuickBooks' Enter Credit Card Charges window to immediately record a
company's credit
card charges ensures that ✔✔the expenses are recorded in the proper time
period.
, QuickBooks chapter 10; Questions and
Answers…Grade A+
A check written and recorded by the company but not yet paid by the bank is
referred to as a(n)
✔✔outstanding check.
In QuickBooks, when you write a check from one cash account to deposit into
another cash
account, you use the ____ window. ✔✔Write Checks
Besides allowing you to identify the source and receiving accounts, the Transfer
Funds window
also shows you the ✔✔balance of the source account.
When you transfer funds from one cash account to another via an online
banking transaction, you
record the transaction in QuickBooks in the ____ window. ✔✔Transfer Funds
What is the purpose of the reconciliation procedure in QuickBooks? ✔✔To
ensure that a
company's cash records are correct
Answers…Grade A+
Many companies maintain two checking accounts, one for paying bills and one
used exclusively
for ✔✔payroll
As a business grows in complexity, the need for special purpose accounts
✔✔grows accordingly.
The process of determining the correct cash balance in an account by comparing
company
records with the bank statement is called a(n) ✔✔bank reconciliation.
In accounting terms, the movement of money from one account to another is
called a(n)
✔✔transfer
In a manual accounting system, a transfer from a company's operating account is
usually
recorded in the ____ journal ✔✔cash payments
, QuickBooks chapter 10; Questions and
Answers…Grade A+
In a manual accounting system, when a transfer out of one cash account is
recorded in the
general journal, the corresponding transfer into another cash account is
recorded in the ____
journal. ✔✔general
In QuickBooks, transfers between bank accounts are recorded in the ____
window, unless the
transfer is done by check ✔✔Transfer Funds Between Accounts
Balance differences identified during a bank reconciliation fall into three
categories: ✔✔timing
differences, omissions, and errors.
Using QuickBooks' Enter Credit Card Charges window to immediately record a
company's credit
card charges ensures that ✔✔the expenses are recorded in the proper time
period.
, QuickBooks chapter 10; Questions and
Answers…Grade A+
A check written and recorded by the company but not yet paid by the bank is
referred to as a(n)
✔✔outstanding check.
In QuickBooks, when you write a check from one cash account to deposit into
another cash
account, you use the ____ window. ✔✔Write Checks
Besides allowing you to identify the source and receiving accounts, the Transfer
Funds window
also shows you the ✔✔balance of the source account.
When you transfer funds from one cash account to another via an online
banking transaction, you
record the transaction in QuickBooks in the ____ window. ✔✔Transfer Funds
What is the purpose of the reconciliation procedure in QuickBooks? ✔✔To
ensure that a
company's cash records are correct
