Reference no: EM132668713

Problem 1: 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

Problem 2: 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