Reference no: EM132894252

Problem 1: Lamar finds reconciling his bank statement with his QuickBooks file at the end of the month too time-consuming. Upon learning that his bank offers a bank feed with QuickBooks, Lamar signs up for the service. How will this change his monthly reconciliation?

A. It won't. Reconciliation will likely take just as long and be just as complicated.
B. He will not have to do reconciliation at all anymore.
C. Reconciliation will be quicker because most transactions will be matched already.
D. The teller will do the reconciliation for him.

Problem 2: What deposit is customer related?

A. An insurance overpayment refund
B. Loan proceeds
C. Purchase rebates

Problem 3: After comparing transactions entered into QuickBooks with the business's statements, what account is created to record differences found?

A. Chart of Accounts
B. Reconciliation Discrepancies
C. Differences
D. Banking Errors

Problem 4: What method of inventory valuation does QuickBooks Online use?

A. FIFO
B. Average cost
C. Specific identification method
D. LIFO

Problem 5: What report do you run to verify that goods were not received without applying the receipt of inventory to a purchase order?

A. Open Purchase Order List
B. Purchases by Vendor Detail
C. Purchases by Product/Service Detail
D. Expenses by Vendor Summary

What is an asset?

A. Everything the business owns
B. The profit a business makes
C. Everything the business owns minus any liabilities
D. What the business will use within the next year

 

Why do expense forms not require a payee?

A. The customer cannot be located
B. All expense forms require a payee so QuickBooks knows who to credit
C. It allows you to create one-off transactions that don't require a record
D. It's a scheduled transaction, so the payee is already known

What is NOT an example of an other current asset?

A. Prepaid insurance
B. Mortgage
C. Security deposit
D. Prepaid rent

When would you consider a customer debt an uncollectible receivable?

A. The debt is older than one year.
B. You've been unable to contact them to collect.
C. The debt is associated with a non-inventory item.
D. You need to match income with expenses.