Question

In: Accounting

Which of the following is NOT true regarding merging entries? A. QuickBooks allows you to merge...

Which of the following is NOT true regarding merging entries?

A. QuickBooks allows you to merge an expense account with an income account

B. You can only merge names of the same Type

C. Merging effectively combines names on a list

D. Merging entries affects past transactions

Which of the following statements is true regarding Undeposited Funds in QuickBooks?

A. It is an account used to record unpaid invoices

B. It is an item type usually associated with NSF fee

C. It is an account used to record payments before you make a deposit

D. It is an item type usually associated with bad debt

Which of the following statements is true about entering and paying bills in QuickBooks?

A. You should write a cheque for a bill using the Write Cheques window (or the cheque register) FIRST, and then enter the bill for your records

B. If you record the bill in QuickBooks, use the Write Cheques window (or the cheque register) to pay that same bill

C. If you use Online Banking in QuickBooks, you can pay bills that you entered in QuickBooks

D. If you record the bill in QuickBooks, do not use the Write Cheques window (or the cheque register) to pay that same bill

Which of the following statements is true regarding vendor credit memos?

A. Vendor credit memos are the same as Statement Charges

B. Vendor credit memos are sent to you when your account is overdue

C. Vendor credit memos reduce what you owe the vendor

D. Vendor credit memos increase what you owe the vendor

Expert Solution

The correct answers are highlighted in bold:

Which of the following is NOT true regarding merging entries?

A. QuickBooks allows you to merge an expense account with an income account

Which of the following statements is true regarding Undeposited Funds in QuickBooks?

C. It is an account used to record payments before you make a deposit

Which of the following statements is true about entering and paying bills in QuickBooks?

D. If you record the bill in QuickBooks, do not use the Write Cheques window (or the cheque register) to pay that same bill

Which of the following statements is true regarding vendor credit memos?

C. Vendor credit memos reduce what you owe the vendor

Rationale

Quickbooks is an accounting software which is used across the globe. The software allows merging of entries of names and similar account types. Mergin of income & expense is not permissible. Any merging which is done impacts all the transactions which were booked in the past related to these merged accounts/names.

In quickbooks if you record a payment from customer before the funds are actually reflected in the bank account, the amount of payment recorded becomes a part of undeposited funds for the company.

You can pay the bill directly by clicking on Pay bill in quickbooks. The owner does not need to write a check to make the bill payment.

Vendor credit memos also known as supplier credit are credit notes issued by suppliers to the customer. Hence, the amount owed by the customer reduces when a supplier credit or vendor credit memo is issued.

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