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Managing cash for a company does nor involve maintaining cash in one or more bank accounts. h utilizing credit cards for personal purchases. reconciling account balances d ransferring finds among the bamk accounts. Part I Multiple Choice (50/100) The cash account commonly known as the operating account is used for paying bills and collecting and depositing receivables and other funds used for payroll transactions 2 b. used for investments d. the only cash account most companies use 3. Which statement is mot true? Most companies have only one checking account. b. As a business grows in complexity, the need for special purpose accounts grows correspondingly. . Periodically, funds from the money market account will be transferred to the checking account in order to pay for operating activities. d. Companies often maintain a separate account solely for savings. . 4. With QuickBooks, which window do you use to record and monitor the movement of funds between accounts? a. Transfer window Bill window Check window d. Reconcile window 5. Funds in an interest-bearing moncy market account earn interest until they are needed for an operating activity. a. are not designed to hold excess funds temporarily. are held there indefinitely. d. cannot be transferred to a checking account. 6. Companies typically do not receive a bank statement where differences are usually due to transactions that the bank has recorded in the account of which the company is unaware. b. with a balance that agrees with the company's records. from the bank at the end of the month with a month-end balance. d. detailing the activity the bank has recorded in the company's checking account. 7. Bank statements detail the activity in the account for the month but do not show carned interest and service charges. a b. the balance on the company's records. c. checks that have cleared (were paid by) the bank. d. deposits (or other additions) to the account Page 2 of 11 8. Chapter 7 states that many companies utilize credit cards to pay bills as this alowa the company to track expenses of a specific nature, such as travel and entertainment a. to be tracked as part of accounts receivable so the company does not have to defer payment of expenses. d expenses b. so the credit card charge is recorded when the bill is paid. 9 Credit card charges are a. a sub-account of Accounts Payable b. expenditures charged to a credit card to be paid at a later date. not recorded on the company's books d. a liability to the vendor. the procedure used to account for all differences between the company cash account record and the bank statement b the second level of operations in QuickBooks the listing of checks written by the company that have cleared the bank. d the procedure used to adjust accounts in the journal. 10. Bank Reconciliation is 11. What are the two settings for the PRIVACY toggle? Aministrator and User On and Of Internal and Extermal d. a. High and Low 12. Which of these panels no longer displays when you turn on (enable) the PRIVACY option? aIncome b. Sales c. Tips d Profit and Lass 13. For two accounts to be merged, the Type and a Account Number Name c Detail Type d. Description must be the same. 14. Which of the following accounts can be merged with another account? a. Retained Earnings b. Disposal Fees e Undeposited Funds Opening Balance Equity 15. To merge two accounts, you use a name or number already in use , and QuickBooks will ask you if you want to merge the two acbounts. Page 3 of 11 create two new accounts with the same namber create two new accounts with the same name drag one account on top of another in the Chart of Accounts List Which of the following is not a way you can customize an activity window? Remove the AAROUNT colmn. Reorder the rows Add fields d. Update field contents. 16. 17. To change a column width in a QuickBooks window, you can drag the a. column value in the first row b. dimmed line between title headings. column name d dimmed line between rows button appears in the lower left corier of the When you move a row in a QuickBooks window, a 18. window Sort b. Revert c Finish d. Filter 19. When customizing a QuickBooks window, you can add up to custom fields five a. b. four seven d. three 20, Options on the Design tab at the Create invoices that turn heads and open wallets window include customer messages and email preferences b. payment information and email preferences c. template style, company logo, color scheme, and font, d. fields, information, color scheme, print settings. 21. QuickBooks offers different payroll services. four b. a two six d. five 22. and a. Payroll; Payroll Lite b. Standard Payroll; Enhanced Payroll c Enhanced Payroll; Full Service Payroll d. Standard Payroll; Payroll Plus are payroll services offered by QuickBooks Online. Page 4 of 11