Reference no: EM132668651
Question 1: Which type of account is used to record credit card purchases?
a. Expense
b. Asset
c. Liability
d. Equity
Question 2: 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
Question 3: 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
Question 4: 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
Question 5: 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
Question 6: 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
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