The Checking Register:

Multiple Choice

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Tracks company purchase orders and vendors

Tracks company invoices and customers

Records all transactions affecting the Checking account

Lists all accounts and their account numbers

Deposits other than customer payments are entered using:

Multiple Choice

Receive Payments

Pay Bills

Bank Deposit

All of these choices are correct.

Examples of money going out that can be recorded using the Expense or Check onscreen forms include all of the following except:

Multiple Choice

Rent expense

Payroll expense

Insurance expense

Legal Services expense

Ways to record money out using QBO include:

Multiple Choice

Enter Bill > Pay Bills

Check

Expense

Purchase Order > Bill > Pay Bills

All of these choices are correct.

Ways to record money coming into QBO include:

Multiple Choice

Customer Sales using Sales Receipts

Customer Sales using Invoices and Receive Payments

Bank Deposit

All of these choices are correct.

To record a bill payment that is made immediately with a credit card when the product or service is received, use the following onscreen form:

Multiple Choice

Bill

Check

Pay Bills

Expense

Differences between the balance the bank reports on the bank statement and the balance the business shows in its accounting records usually arise for which of the following two reasons:

Check All That Apply

• Closing entries have been madeClosing entries have been made
• Errors (bank errors or company errors)Errors (bank errors or company errors)
• Adjusting entries have been made twiceAdjusting entries have been made twice
• Timing differences between when the bank records and when the company records an itemTiming differences between when the bank records and when the company records an item

When reconciling a bank account, which of the following is not considered a timing difference (difference between the bank balance and the book balance)?

Multiple Choice

Interest earned

Deposits in transit

Errors

Unrecorded charges

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