508 QUICKBOOKS ONLINE PLUS: A Complete Course 2016 END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER. 1. An adjusting entry for depreciation reduces the value of fixed assets. 2. In QuickBooks Online Plus you cannot record an adjustment to the quantity of inventory 3. If you transfer Net Income into Capital, on the Balance Sheet it will show as a negative in Retained Earnings and a positive in Net Income until the following year 4. An owner's withdrawal decreases cash and equity 5. You may prepare a budget for locations. 6. When reconciling an account, if the statement amount is correct and your amount does not match it, you change the amount in your original transaction 7. An inventory starting value transaction is recorded when you prepare a purchase order for an inventory item. 8. After reconciling a credit card account, you may select the option to write a payment check now 9. When you have a budget, you cannot purchase office supplies if it is over the budg 10. You can change the amounts shown for account balances on the Balance Sheet by eted amount. changing the dates to the current month. MULTIPLE CHOICE WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER You may access the Inventory Quantity Adjustment form by-and clicking A. Clicking the Plus icon, Inventory Qty Adjustment B. Opening the item in the Products and Services List, Quantity 1. the drop-down list arrow in the item's Action column in the Products and Services List, Adjust Quantity D. All of the above 2. If the adjusting entry to transfer Net Income and Retained Earmings into the owner's capital account is made prior to the end of the year, the Balance Sheet shows A. Retained Eamings B. Net Income C. Both Net Income and Retained Earnings D. None of the above because the Net Income and Retained Earnings have been transferred into Capital