Self-Assessment Check your knowledge of this chapter's key concepts and skills using the Self-Assessment in your ebook or eLab course, True False 1. Payments received on an invoice held in Undeposited Funds automatically appear in the checking register. 2. When you make a deposit to Checking, the amount shows on the credit side of the t-account. True False 3. In QuickBooks, Credit Card is a type of bank account, True False 4. Only bank accounts have registers that detall all account transactions, True False 5. When you double-click a liability in the Chart of Accounts, a Quick Report is displayed True False 6. Bank feeds allow you to save time from having to type in all your transactions, help you to maintain better accuracy in your records, and assist in cash flow management. True False 7. Reconciliation is the process of matching your QuickBooks bank accounts to your bank statements. True False 8. The Chart of Accounts is a list of Just your company's bank accounts. True False 9. The Reconciliation Discrepancy report helps you find transactions changed since your last reconciliation True False 10. Reconciliation reports display only transactions cleared by the bank. True False 11. What's the recommended first step if your cleared QuickBooks transactions and the bank statement don't balance during reconciliation? A. Look for a transaction that is the same amount as the difference. B. Click the Unmark All button so you can start over C. Go through all the deposit transactions and make sure they're all checked. D. Review the payment transactions and make sure they're all the correct amounts. 12. What window appears when you choose Banking->Make Deposits if there are funds in the Undeposited Funds account? A. Undeposited Funds Register B. Make Deposits C. Deposits in Walt D. Payments to Deposit 13. What account do you find on a balance sheet report? A. Payroll Liabilities B. Utilities Expense C. Sales D. Cost of Goods Sold