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QuickBooks MCQs

Why is undeposited funds showing a negative value on the balance sheet ?

Undeposited funds can show a negative value on the balance sheet if a payment is deposited with a date that pre-dates the payment.

No checks to deposit.

All the funds were transferred to your bank account.

The Undeposited Funds Account was overdrawn.

Answer

Correct Answer: Undeposited funds can show a negative value on the balance sheet if a payment is deposited with a date that pre-dates the payment.

Explanation:

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