308 QUICKBOOKS ONLINE PLUS: A Complete Course 2016 3. A bank statement may A. show service charges or interest not yet recorded B. be missing deposits in transit or outstanding checks C. show automatic payments D. all of the above 4. If you donate a desk to Your Name’s Beach Barkers, it is recorded in Your Name, Investment account and in A. Checking B. Furniture: Original Cost C. Store Supplies D. Owner’s Donations 5. Prepaid Insurance is recorded as a(n) in a(n) account A. Prepaid Expense, Asset B. Prepaid Expense, Expense C. Asset, Asset D. Expense, Expense 6. In Your Name’s Beach Barkers, what account should be used to record owner investments? A. Your Name, Capital B. Your Name, Investments C. Opening Balance Equity D. Retained Earnings 7. To close income and expense accounts in QuickBooks Online, you- Record adjusting entries for each account Do not have to do anything Enter a closing date on the Advanced tab in Settings Transfer the total income and total expenses to Retained Earnings A. B. C. D. 8. Which report calculates the Net Income or Net Loss? A. Trial Balance B. Profit and Loss C. Statement of Cash Flows D. Balance Sheet 9. After editing an invoice in a closed period, you record the change in income by editing the adjusting entry A. For the Closing Date B. For transferring Net Income and Retained Earnings into the Capital account C. You do not edit anything, you record another adjusting entry D. Both A and B 10. To record the decrease in value of something you own, you record A. Depreciation B. Depreciation Expense C. A Net Loss D. Both A and B
3. Correct option is D.
Bank Statement is a summary all the bank transations for a particular period like bank charges, checks deposits and direct payment etc.
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