QuickBooks Chapter 4 (2024/25); Questions
and Answers 100% Correct
Accrual-basis accounting matches the income from the period and the expenses
for the period in
order to determine the net income or net loss for the period. ✔✔True
In QuickBooks, the Journal is called the book of final entry. ✔✔False
An account may be deleted at any time. ✔✔False
In a sole proprietorship, an owner's name is added to the Vendor List for
recording withdrawals.
✔✔False
Additional investments made by an owner may be cash or non-cash items.
✔✔True
QuickBooks records every transaction in the Journal. ✔✔True
A Reconciliation Detail Report prints the last two bank reconciliation reports.
✔✔False
Once an account has been used in a transaction, no changes may be made to the
account name.
, QuickBooks Chapter 4 (2024/25); Questions
and Answers 100% Correct
✔✔False
When completing a bank reconciliation, anything entered as a service charge or
as interest
earned will be entered in the Journal automatically when the reconciliation is
complete. ✔✔True
A Balance Sheet is prepared to prove the equality of debits and credits. ✔✔False
When the letter of the corect answer in the space povided before the question
number
A. have a closing password
B. enter a closing date in the Company Preferences for Accounting
C. enter a closing date in the Company Preferences for Reports
D. enter the traditional closing entries in debit/credit format in the General
Journal ✔✔B. enter a
closing date in the Company Preferences for Accounting
When a master account name such as "cars" is changed to "automobiles", the
subaccount
and Answers 100% Correct
Accrual-basis accounting matches the income from the period and the expenses
for the period in
order to determine the net income or net loss for the period. ✔✔True
In QuickBooks, the Journal is called the book of final entry. ✔✔False
An account may be deleted at any time. ✔✔False
In a sole proprietorship, an owner's name is added to the Vendor List for
recording withdrawals.
✔✔False
Additional investments made by an owner may be cash or non-cash items.
✔✔True
QuickBooks records every transaction in the Journal. ✔✔True
A Reconciliation Detail Report prints the last two bank reconciliation reports.
✔✔False
Once an account has been used in a transaction, no changes may be made to the
account name.
, QuickBooks Chapter 4 (2024/25); Questions
and Answers 100% Correct
✔✔False
When completing a bank reconciliation, anything entered as a service charge or
as interest
earned will be entered in the Journal automatically when the reconciliation is
complete. ✔✔True
A Balance Sheet is prepared to prove the equality of debits and credits. ✔✔False
When the letter of the corect answer in the space povided before the question
number
A. have a closing password
B. enter a closing date in the Company Preferences for Accounting
C. enter a closing date in the Company Preferences for Reports
D. enter the traditional closing entries in debit/credit format in the General
Journal ✔✔B. enter a
closing date in the Company Preferences for Accounting
When a master account name such as "cars" is changed to "automobiles", the
subaccount
