1. What can you not do after a bill payment is saved and the cheque clears the bank? a. Change the date. b. Change the total amount on the bill payment. c. Change the bills paid. d. Change the memo.

2. How does QuickBooks process a cheque amount greater than any one invoice on a cheque? a. QuickBooks first applies the amount to the invoice with the smallest amount, and then to invoices with the next smallest amount. b. QuickBooks first applies the amount to the invoice with the largest amount, and then to invoices with the next largest amount. c. QuickBooks first applies the amount to the oldest invoice, and then to the next oldest invoices. d. QuickBooks first applies the amount to the newest invoice, and then to the next newest invoices.

3. Under what conditions can you issue a customer credit? a. The decision to reduce the original invoice amount is approved by the business. b. The customer decides they should not pay as much as charged. c. The customer took a discount on the invoice. d. The cost of what the customer purchased decreased.

4. What happens when you complete the Manage Bounced Cheque form? a. The invoice will be marked unpaid, and the process ends. b. An invoice will be created for the bank fee that you pass along to the customer, and the process ends. c. The invoice total is increased by the amount of the bank fee, and the process ends. d. The invoice will be marked unpaid, the fees for the invoice and the bank charge will be deducted from the business's bank account, and an invoice will be created for the bank fee that you pass along to the customer.

5. What is the purpose of reconciling GL accounts that process funds in and out of the business? a. Reconciling ensures that the register balance is correct. b. Reconciling ensures that the outstanding balance equals the register balance. c. Reconciling verifies outstanding transactions. d. Reconciling transactions with the bank statement verifies that both you and the bank processed them correctly.

6. Which statement about the ending balance on a credit card statement is true? a. The starting balance plus the charges and interest, and minus the payments, is the ending balance owed. b. When the ending balance equals the register balance, transactions are still in transit. c. The starting balance minus the charges plus the payments and interest is the ending balance. d. When the ending balance is zero, nothing is currently owed.

7. Which statement about the Merchant Credit Card GL account is true? a. The outstanding balance is held by the merchant processor. b. No transactions are ever in transit. c. You should always reconcile the batch to zero. d. Fees are always deducted from batches.