chapter 4 quicks books

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CHAPTER 4
END-OF-CHAPTER QUESTIONS
TRUE/FALSE
ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE
QUESTION NUMBER.
T

1. Accrual-basis accounting matches the income from the period and the expenses for the period in order to determine the net income or net loss for the period.

F

2. In QuickBooks Pro, the Journal is called the book of final entry.

F

3. An account may be deleted at any time.

F

4. In a sole proprietorship, an owner=s name is added to the Vendor List for recording withdrawals. T

5. Additional investments made by an owner may be cash or non-cash items.

T

6. QuickBooks Pro keeps a Journal of every transaction recorded.

T

7. QuickBooks Pro keeps the last two bank
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Standard Balance Sheet: shows the balance in each balance sheet account as of today with subtotals for assets, liabilities, and equity. Comparison: has columns for today, a year ago,
$ change, and % change. Summary: shows the amounts for each account type but not for individual accounts. Detailed: is a more detailed version of the standard balance sheet report. For each account, the report shows the starting balance at the beginning of last month, transactions entered in the account for this month to date, and the ending balance as of today.

NAME

TRANSMITTAL
CHAPTER 4: CREATIVE COMPUTER CONSULTING
Attach the following documents and reports:
Check No. 9: Roger Owens, $2,500.00
Reconciliation Report, Ending Account Balance, $49,272.46
Trial Balance, January 1-31, 2001, $138,119.07
Cash Flow Forecast, February 1-28, 2001, Projected Balance: $63,250.67
Statement of Cash Flows, January 2001, Cash at end of period: $49,364.67
Standard Profit and Loss Statement, January 31, 2001, $4,135.53
Standard Balance Sheet, January 31, 2001, $130,038.17
Standard Balance Sheet, January 2001, $130,038.17
Journal, January 1-31, 2001, $62,055.22
Trial Balance, February 1, 2001, $142,279.60
Profit and Loss, February 1, 2001, $0.00
Balance Sheet, February 1, 2001, $130,063.17
Balance Sheet, February 1, 2002, $130,063.17

NAME

TRANSMITTAL
CHAPTER 4: SUNSHINE LAWN AND POOL

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