Which of the following is NOT true regarding merging entries?

A. QuickBooks allows you to merge an expense account with an income account

B. You can only merge names of the same Type

C. Merging effectively combines names on a list

D. Merging entries affects past transactions

Which of the following statements is true regarding Undeposited Funds in QuickBooks?

A. It is an account used to record unpaid invoices

B. It is an item type usually associated with NSF fee

C. It is an account used to record payments before you make a deposit

D. It is an item type usually associated with bad debt

Which of the following statements is true about entering and paying bills in QuickBooks?

A. You should write a cheque for a bill using the Write Cheques window (or the cheque register) FIRST, and then enter the bill for your records

B. If you record the bill in QuickBooks, use the Write Cheques window (or the cheque register) to pay that same bill

C. If you use Online Banking in QuickBooks, you can pay bills that you entered in QuickBooks

D. If you record the bill in QuickBooks, do not use the Write Cheques window (or the cheque register) to pay that same bill

Which of the following statements is true regarding vendor credit memos?

A. Vendor credit memos are the same as Statement Charges

B. Vendor credit memos are sent to you when your account is overdue

C. Vendor credit memos reduce what you owe the vendor

D. Vendor credit memos increase what you owe the vendor