QUESTION 11

1. "Accumulated depreciation" is typically what kind of account in QuickBooks?

a.

A subaccount of a fixed asset account

b.

A subaccount of a current asset account

c.

An expense account

d.

A subaccount of a liability account

QUESTION 12

1. If your business is buying or selling goods and services outside of Canada you may choose to enable the multicurrency feature in QuickBooks. After it's enabled QuickBooks create and stores a list of currencies on the Currency List.

True

False

QUESTION 13

1. "Retained Earnings" is:

a.

The accumulation of a company's net income or loss from its start date

b.

The amount of money that a business retains for paying employees

c.

The earnings from non-essential business services

d.

The amount of interest saved from paying off a loan early

QUESTION 14

1. The Bank Reconciliation Reports details include:

a.

List of cleared cheques and payments

b.

List of cleared deposits and credit

c.

List of uncleared cheques and payments

d.

All of the above

QUESTION 15

1. You can transfer funds between most balance sheet accounts in your chart of accounts (except between A/P and A/R accounts).

True

False