1. Which type of account is used to record credit card purchases? a. Expense b. Asset c. Liability d. Equity
2. Which icon should you select from the Home window when reconciling and paying the business' credit card bill? a. Statements b. Credit Card Charges c. Reconcile d. Pay Bills
3. Finance charges processed on overdue customer accounts are recorded in QuickBooks as: a. New customer invoices b. Credit memos on the customer accounts c. Notes in the customer record d. Additional charges on the original overdue invoice
4. Any customer payment on account should first be applied to: a. Any overdue invoice b. The most recent invoice c. The invoice with the most current due date d. Any outstanding finance charges
5. Which of the following reports should be printed out and used when reconciling a bank account? a. Balance Sheet Detail b. General Ledger Report for the Bank account c. Transaction Journal d. Trial Balance
6. Which of the following can be edited once a reconciliation has been recorded? a. Cheques cleared b. Deposit amounts c. Deposit dates d. Service charge amounts