1. The Check Register: A) Lists all accounts and their account numbers B) Records payments and deposits to the Checking account C) Is located directly on the Company section of the Home page D) Keeps track of company deposits only 2. When recording a bill, QuickBooks automatically: A) Records and expense (credit) and the obligation to pay later (debit) B) Records and expense (debit) and the obligation to pay later (credit) C) Reduces the liability (debit) and the checking account (credit) D) Reduces the liability (credit) and the checking account (debit) 3. When reconciling a bank account, which one of the following is considered a timing difference (difference between the bank balance and the book balance)? A) Checks that have cleared the bank B) Deposits recorded by the bank C) Outstanding checks D) Errors 4. All of the following tasks can be completed in the Banking section of the Home page except: A) Pay Employees B) Reconcile Accounts C) Print Checks D) Record Deposits 5. Which of the following statements is true? A) To conserve resources, it is best if the owner uses one Checking account for both personal and business purposes B) To maintain separation between the personal and business accounting records, the owner's personal Checking account should not be used to pay bills for the business and should not be listed in the business' Chart of Accounts C) To maintain more consistent records, it is best if the owner maintains a separate personal Checking account, but both the owner's personal Checking and business Checking accounts are listed in the Chart of Accounts D) None of the above 6. Timing differences discovered when reconciling the bank statement that the bank has not recorded yet, include: A) Deposits in transit B) Interest earned C) Outstanding Checks D) Both A and C 7. The two-step approach for writing checks must be used to pay which of the following? A) Rent Payments B) Legal Services C) Sales Taxes D) None of the above. 8. When deleting a check all of the following is true except: A) It is better to Delete the check than Void the check in order to erase all records of the transaction B) The deleted check no longer appears in the check register C) QuickBooks changes the amount deducted in the check register to zero D) All of the above are true 9. All the following are nonsales type of deposit except: A) Money received from a loan B) Payment from a customer C) Cash from investors D) Interest earned 10. When paying a bill, QuickBooks automatically: A) Records and expense (credit) and the obligation to pay later (debit) B) Records and expense (debit) and the obligation to pay later (credit) C) Reduces the liability (debit) and the checking account (credit) D) Reduces the liability (credit) and the checking account (debit)