Question 1 The Banking Menu allows you to import transactions from a bank or credit card account.

Question 1

The Banking Menu allows you to import transactions from a bank or credit card account.

True

False

Question 2

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.

sales

payroll

cash payments

general

Question 3

Balance differences identified during a bank reconciliation fall into three categories:

errors, omissions, and penalties

timing differences, omissions, errors

omissions, fees and penalties

omissions, errors, and fraud

Question 4

Cleared checks have not yet been received by the bank.

True

False

Question 5

What two tabs are displayed in the bottom half of the Enter Credit Card Charges window?

Assets and Liabilities

Revenue and Expenses

Expenses and Items

Debits and Credits

Question 6

in accounting terms, the movement of money from one account to another is called a(n)

offset

shift

transfer

reverse

Question 7

The QuickBooks Reconcile window consists of __________ parts.

4

3

2

8

Question 8

When starting reconciliation you do not enter the following information.

Statement Date

Ending Balance

Interest

Number of checks in the reconciliation

Question 9

A zero (0) in this field of the Reconcile window indicates that all reconciling items have been accounted for

difference

ending balance

cleared balance

beginning balance

Question 10

You can only transfer funds between cash accounts after the 15th of each month.

True

False

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