CHAPTER 8 Curlys Cabinets

1. Which form should be used to record credit card purchases? a. Enter Bills b. Enter Credit Card Charges c. Enter Purchase Orders d. Credit Card Purchases

2. Which type of account is used to record credit card purchases? a. Expense b. Asset c. Liability d. Equity

3. Which icon should you select from the Home window when reconciling and paying the business credit card bill? a. Statements b. Credit Card Charges c. Reconcile d. Pay Bills

4. Finance charges processed on overdue customer accounts are recorded in QuickBooks as: a. New customer invoices b. Credit memos on the customer accounts c. Notes in the customer record d. Additional charges on the original overdue invoice

5. Any customer payment on account should first be applied to: a. Any overdue invoice b. The most recent invoice c. The invoice with the most current due date d. Any outstanding finance charges

6. Which of the following reports should be printed out and used when reconciling a bank account? a. Balance Sheet Detail b. General Ledger Report for the Bank account c. Transaction Journal d. Trial Balance

7. Which of the following can be edited once a reconciliation has been recorded? a. Cheques cleared b. Deposit amounts c. Deposit dates d. Service charge amounts

8. What happens when a date is entered in QuickBooks that is past the closing date assigned to the company data file? a. Year-end reports are automatically printed b. A new company data file is created c. Income and expense amounts are automatically transferred to the Retained Earnings account d. Customer and Vendor accounts are set to zero

9. What should be entered in the ending balance field of a bank account reconciliation? a. The closing or final balance from the bank statement b. The total of all service and interest charges from the bank statement c. The final balance for the bank account in the general ledger d. The total of all uncleared cheques and deposits from the general ledger

10. How would you make a correction to a previous tax remittance after the form has been filed with the Tax Authority? a. Click the Adjust Return button from the File Sales Tax form b. Find the appropriate File Sales Tax form and select Revert from the Edit menu c. Use the Previous button to display the tax remittance form and make the appropriate corrections d. Correct the amounts in the registers for the relevant tax accounts and adjust the next return for the amount of the error.