Bank reconciliations do not provide good internal control over business activities.

True

False

The Budget vs$.$ Actual report lists budget data compared to actual transactions inputted into QBO.

True

False

There are no basic budget$-$related reports in QBO.

True

False

The Budget Overview Report only shows budget data.

True

False

QBO provides the option to customize both the Budget Overview Report and the Budget vs$.$ Actual Report.

True

False

Good internal control requires the bank reconciliation be performed by an individual other than the accountant or bookkeeper responsible for maintaining the accounting records.

True

False

Deposits in transit appear on the bank statement but not in the checking account.

True

False

Outstanding checks appear in the checking account but not on the bank statement.

True

False

Outstanding checks will not usually appear on the next bank statement.

True

False

It's not possible for deposits or checks to appear in the bank statement but not in the business checking account.

TRUE OR False