Which one of the following general statements about account reconciliation is incorrect

Select one:

a. unresolved amounts will be posted to the reconciliation adjustments account

b. income, expenses and adjustments are classifications of linked accounts

c. a backup copy of the data files should be made after you reconcile the account

d. a blank account reconciliation journal form is the last step in the process

To reconcile a credit card receivable account you must

Select one:

a. assign the Bank class to the receivable account

b. choose to save transactions for account reconciliation in the ledger record for the account

c. use the credit card processing option in the sales journal

d. you cannot use account reconciliation for credit card accounts

Which accounts may be set up to use account reconciliation

Select one:

a. all asset, liability and equity accounts

b. only asset and equity or capital accounts

c. only bank and credit card asset accounts

d. all asset, equity and expense accounts

To enter NSF cheques when deposit slips are used (receipts are recorded to a separate undeposited amounts account before entering them in the bank account)

Select one:

a. select the bank account in the receipts journal, then show paid invoices and enter negative amounts for the appropriate invoice

b. reverse the original receipt in the adjust receipts screen to restore the balance owing

c. notify the customer to replace the cheque so you will not need to make any changes to your recorded transactions

d. record the sales invoice again to restore the balance owing by the customer

All but one of the following are part of setting up account reconciliation for a bank account

Select one:

a. print the general ledger or bank account transactions report for the bank account

b. turn on the account reconciliation feature

c. identify and create the linking reconciliation accounts

d. mark the journal entries as cleared