Reference no: EM132943492

Problem 1: What does the Beginning Balance in the Begin Reconciliation window represent?

A The sum of all previously reconciled transactions in the account

B It always represents the ending balance on last month's bank statement

C The beginning balance for the account entered when QuickBooks was set up

D An internal calculation made by QuickBooks that is not relevant to the reconciliation process

Problem 2: Which of the following might you do for a client who has never reconciled the checking account?

A Reconcile each month in reverse order with the newest bank statement first

B Make the bank account inactive and add a new account with the correct balance

C Compare the audit trail to amounts in the Reconcile window to check for possible errors

D Reconcile as of the last day of the last fiscal year, treating the entire history of the bank account to that point as one big statement

Problem 3: Which report provides line-by-line detail of a client's deposits?

A Check Detail

B Deposit Detail

C Missing Checks

D Deposit Summary