Answer accounting questions

Chapter 5

1. When the beginning balance field on the Begin Reconciliation window doesn’t match the beginning balance on the bank statement, you should:

A. call the bank

B. Change the amount in QuickBooks to match the bank’s amount.

C. Click locate discrepancies in the begin reconciliation window. Click discrepancy report and / or previous reports to research what has been changed since the last reconciliation. Then fix the problem before reconciling.

D. Select the banking menu and then select enter statement charges.

2. Which statement is false?

A. You can enter bank service charges using enter statement charges.

B. You can enter bank service charges on the Begin Reconciliation window.

C. You can enter bank service charges using the splits button on a register transaction.

D. You can either enter bank service charges using write checks before you start your reconciliation.