QuickBooks Chapter 7 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
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
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
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
