Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Bank Reconciliation

Financial Accounting

6. Internal Controls and Reporting Cash

Bank Reconciliation

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Multiple Choice

Which statement is true when an account is disconnected from the bank feed in QuickBooks Online?

QuickBooks Online will continue to import transactions until the end of the month.

All previously imported transactions are permanently deleted from QuickBooks Online.

The account is automatically removed from all past bank reconciliations.

Transactions will no longer be automatically downloaded from the bank into QuickBooks Online.

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Verified step by step guidance

Understand the context of the problem: The question is about the behavior of QuickBooks Online when an account is disconnected from the bank feed. This involves understanding how bank feeds work and their impact on transaction imports and reconciliations.

Clarify the concept of bank feeds: Bank feeds in QuickBooks Online allow automatic downloading of transactions from a bank account into the software. Disconnecting the bank feed stops this automatic process.

Analyze the options provided: Evaluate each statement to determine its accuracy based on how QuickBooks Online handles disconnected accounts. For example, transactions are not deleted, and past reconciliations are not affected.

Focus on the correct answer: When an account is disconnected, transactions will no longer be automatically downloaded from the bank into QuickBooks Online. This is the key behavior of a disconnected bank feed.

Conclude with the implications: Explain that while transactions stop being downloaded, previously imported transactions remain in QuickBooks Online, and past reconciliations are unaffected. This ensures clarity on the impact of disconnecting a bank feed.