QuickBooks Chapter 8; Questions with
Complete Solutions 2024/25 Update
what are the steps to create a profit and loss budget? ✔✔- gear icon
- budgeting
- add budget
- enter info
what value do budgets provide a business? ✔✔- provide internal control over
business activities
- help ID and resolve problems
why should a business reconcile a checking account? ✔✔reconciliation helps ID
any unusual
transactions that can be caused by fraud or accounting errors.
who should prepare a bank reconciliation? ✔✔someone other than the
accountant or bookkeeper
explain the difference between the Budget Overview Report and budget vs.
Actual Report?
Complete Solutions 2024/25 Update
what are the steps to create a profit and loss budget? ✔✔- gear icon
- budgeting
- add budget
- enter info
what value do budgets provide a business? ✔✔- provide internal control over
business activities
- help ID and resolve problems
why should a business reconcile a checking account? ✔✔reconciliation helps ID
any unusual
transactions that can be caused by fraud or accounting errors.
who should prepare a bank reconciliation? ✔✔someone other than the
accountant or bookkeeper
explain the difference between the Budget Overview Report and budget vs.
Actual Report?
