Transfer the final balance of balance sheet cash

Assignment Help Accounting Basics

Reference no: EM131766017

Question 1: The following are examples of source (source) documents that can be used to enter transactions in the Quickbooks, with the exception of:

a- Purchase order

b- Balance sheet

c- Bank Statement

Question 2: Quickbooks:

a- You can only register transactions that affect the cash account

b- You do not need the debit and credit entries for the entries in the journal as you can generate the entries for yourself

c- Use Vendors to keep track of Accounts Payable

Question 3: When using Quickbooks at the end of the year to prepare the financial statements, you must:

a- Prepare the Cash Flow Statement. First to transfer the final balance of Balance Sheet Cash into a journal entry

b- Prepare the Income Statement first to transfer the net income to the Balance Sheet in a journal entry

c- Do nothing, since the financial statements are prepared automatically

Question 4: When using QuickBooks at the end of the year to prepare the adjustment inputs, you shoud:

a- Prepare the Balance Sheet and then prepare a test balance to adjust prepaid and non- accrued accounts

b- Prepare the inputs just as you would in a normal system

c- Preparing the Income Statement, first to transfer Net Income to the Balance Sheet in a journal entry, the rest of the entries are made automatically

Question 5: When the financial information is presented to the board of directors, it is better to provide

a- A list of increases and decreases in accounts in excess of $ 10,000

b- A summary of the data and details about these when required

c- Details of each number on each day in a presentation format such as Power Point

Question 6: When presenting financial information to banks and creditors, it is better to provide:

a- All financial information for the last 10 years

b- Detail of cash transactions

c- Only information that will be guaranteed for the loan to be approved

Reference no: EM131766017

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