Yes, Walter tapped off +/- 15 volts already in the amp to power the bass. Channel-1 is the neck pickup, channel-2 the bridge pickup. The 1/4 jacks are TRS so they can be used as insert points between the bass and amp, or just as normal inputs with a mono 1/4 cable. It's a switching amp and so may not be the quietest, most hi-fi rig, but I've found it tremendously handy in many situations. Easy to carry too!
Jimmy J