NAME KEY
QUICKBOOKS DESKTOP 2018:
A COMPLETE COURSE
CHAPTER 4 EXAM
General Accounting and End-of-Period Procedures:
Service Business
TRUE/FALSE
ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION
NUMBER.
expenses for the period to determine the net income for the period.
Operating Activities, Investing Activities, and Financing Activities.
was prior to the date when the account was marked as inactive.
deleted.
recording withdrawals.
entry.
the checking account.
the expense account in the General Journal.
EXAM KEY 4-
2
QUICKBOOKS DESKTOP 2018: A Complete Course
entered automatically when the bank reconciliation is complete.
MULTIPLE CHOICE
WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED
BEFORE THE QUESTION NUMBER.
amounts.
A. Graphs
B. QuickZoom
C. Invoices
D. The Balance Sheet
A. all transactions no matter where they were recorded
B. only those transactions recorded in the General Journal
C. only transactions recorded in account registers
D. only those transactions that have been edited
A. is prepared for every balance sheet account
B. contains records of all activity for an account
C. can be used to record transactions
D. all the above
capital account is made prior to the end of the year, the Balance Sheet
shows .
A. Owner’s Equity
B. Net Income
C. both Net Income and Owner’s Equity
D. none of the above because the income/earnings has been transferred
into capital
A. at the beginning of a fiscal period
B. before the end of the fiscal year
C. at any time
D. once established the chart of accounts may not be modified
A. after all passwords have been assigned
B. at the beginning of the year
Exam Chapter-4—Key EXAM KEY 4-
3
C. by entering a closing transaction
D. at the end of the accounting period to be closed
income for the year in the account.
A. owner’s capital
B. owner’s investment
C. owner’s net income
D. owner’s equity
A. a calculator
B. adding machine tape
C. a calculator with adding machine tape
D. none of the above
A. Trial Balance
B. Income Statement
C. Profit and Loss Statement
D. Balance Sheet
A. a Summary report
B. a Detailed report
C. Both
D. All the above
FILL-IN
IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY
COMPLETES THE SENTENCE.