Question 1

Mobile banking is increasing today.

Accepted Answer

A) True 
 B)False

Question 2

A full endorsement is as safe as the restrictive endorsement.

Accepted Answer

A) True 
 B)False

Question 3

Electronic funds transfer does not use paper checks.

Accepted Answer

A) True 
 B)False

Question 4

Norm's concrete company had the following activity on its bank statement last month:

Accepted Answer

The answer of Norm's concrete company had the following activity...

Question 5

Citizen Bank sent a bank statement to Bane Co. showing an ending balance of $1,480. On the bank statement there was a service charge of $20. The bookkeeper of Bane Co. noticed in the reconciliation process a deposit in transit of $200 along with checks outstanding of $300. Complete the reconciliation for Bane assuming a beginning balance of $1,400.

Accepted Answer

A)  $1,830.00 
B)  $1,138.00 
C)  $1,380.00 
D)  $1,803.00 
E)  None of these 
A)  $1,830.00 
B)  $1,138.00 
C)  $1,380.00 
D)  $1,803.00 
E)  None of these

Question 6

The process of analyzing the differences between the bank statement balance and the checkbook balance is:

Accepted Answer

A)  Checks outstanding 
B)  Bank audit 
C)  Deposits in transit 
D)  Bank reconciliation 
E)  None of these 
A)  Checks outstanding 
B)  Bank audit 
C)  Deposits in transit 
D)  Bank reconciliation 
E)  None of these

Question 7

On DeC. 31 the checkbook balance of Rose Co. was $755.09. The bank statement balance was $602.05. Checks outstanding were $249.54. The statement revealed a deposit in transit of $401.95 as well as a bank service charge of $13.05. The company earned interest income of $12.42. Complete a bank reconciliation for Rose Co.

Accepted Answer

The answer of On DeC. 31 the checkbook balance of...

Question 8

Electronic funds transfer:

Accepted Answer

A)  Uses paper checks 
B)  Uses some paper checks 
C)  Does not use paper checks 
D)  Is a manual transfer system 
E)  None of these 
A)  Uses paper checks 
B)  Uses some paper checks 
C)  Does not use paper checks 
D)  Is a manual transfer system 
E)  None of these

Question 9

Sandi's checking account had a balance of $4627.36; her bank statement's balance was $10,275.46. A service fee of $37.00 also appeared on her statement. What was the total of all outstanding checks?

Accepted Answer

A)  $10,238.48 
B)  $5,685.10 
C)  $5,611.11 
D)  $6,115.10 
E)  None of the above 
A)  $10,238.48 
B)  $5,685.10 
C)  $5,611.11 
D)  $6,115.10 
E)  None of the above

Question 10

From the following, prepare a bank reconciliation for the J. Company:
Service charge $10
Checks outstanding $730
NSF $100
Deposits in transit $1,040
Checkbook balance $2,000
Bank balance $1,580

Accepted Answer

The answer of From the following, prepare a bank reconciliation...

Question 11

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?

Accepted Answer

@#IMG-DLM& What is J

Question 12

A reconciled balance is found on the front side of a bank statement.

Accepted Answer

A) True 
 B)False

Question 13

All checks are required to have a preprinted check number.

Accepted Answer

A) True 
 B)False

Question 14

The bank statement of Ali Co. indicated a current balance of $32,900.10. The current checkbook balance indicated a balance of $34,509.11. In the reconciliation process a deposit in transit for $6,821.11 was discovered. Check number 600 for $3,988.33 was outstanding. The statement also revealed an NSF of $110.11 along with interest earned by Ali of $1,333.88. The reconciled balance is:

Accepted Answer

A)  $35,237.88 
B)  $34,237.88 
C)  $35,723.88 
D)  $35,732.88 
E)  None of these 
A)  $35,237.88 
B)  $34,237.88 
C)  $35,723.88 
D)  $35,732.88 
E)  None of these

Question 15

On DeC. 31 the checkbook balance of Aster Co. was $1,241.05. The bank statement balance was $1,510. Checks outstanding were $3,052.03. The statement revealed a deposit in transit of $2,800.10 as well as a bank service charge of $12.03. The company earned interest income of $29.05. Complete a bank reconciliation for Aster Co.

Accepted Answer

The answer of On DeC. 31 the checkbook balance of...

Question 16

The bank statement for Mat Co. revealed a balance of $900, and the checkbook balance showed $1,420. Checks outstanding totaled $35. A check printing charge for $5 was on the bank statement. There was a $50 NSF shown on the bank statement. There was a $500 deposit in transit. What is the reconciled balance?

Accepted Answer

A)  $1,045 
B)  $1,095 
C)  $1,040 
D)  $1,545 
E)  None of these 
A)  $1,045 
B)  $1,095 
C)  $1,040 
D)  $1,545 
E)  None of these

Question 17

Photocopies of the front and back of canceled checks are acceptable evidence of payment for courts as well as IRS audits.

Accepted Answer

A) True 
 B)False

Question 18

On November 1, 200x, Broom Company received a bank statement that showed a $2,950 balance. Broom showed a $4,010 checking account balance. The bank did not return check number 124 for $1,080 and check number 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check printing and $18 for an NSF check. Broom forgot to record a $30 withdrawal at the ATM. The bank also collected a $400 note for Broom. Prepare bank reconciliation.

Accepted Answer

The answer of On November 1, 200x, Broom Company received...

Question 19

The payee is the person to whom the check is payable.

Accepted Answer

A) True 
 B)False

Question 20

Timing plays no role in differences between reconciling checkbook balances and bank balances.

Accepted Answer

A) True 
 B)False

Mobile banking is increasing today.

A full endorsement is as safe as the restrictive endorsement.

Electronic funds transfer does not use paper checks.

Norm's concrete company had the following activity on its bank statement last month:

The process of analyzing the differences between the bank statement balance and the checkbook balance is:

Electronic funds transfer:

Sandi's checking account had a balance of $4627.36; her bank statement's balance was $10,275.46. A service fee of $37.00 also appeared on her statement. What was the total of all outstanding checks?

From the following, prepare a bank reconciliation for the J. Company: Service charge $10 Checks outstanding $730 NSF $100 Deposits in transit $1,040 Checkbook balance $2,000 Bank balance $1,580

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?

A reconciled balance is found on the front side of a bank statement.

All checks are required to have a preprinted check number.

Photocopies of the front and back of canceled checks are acceptable evidence of payment for courts as well as IRS audits.

The payee is the person to whom the check is payable.

Timing plays no role in differences between reconciling checkbook balances and bank balances.

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Filters

Exam 4: Banking

Mobile banking is increasing today.

A full endorsement is as safe as the restrictive endorsement.

Electronic funds transfer does not use paper checks.

Norm's concrete company had the following activity on its bank statement last month:

The process of analyzing the differences between the bank statement balance and the checkbook balance is:

Electronic funds transfer:

Sandi's checking account had a balance of $4627.36; her bank statement's balance was $10,275.46. A service fee of $37.00 also appeared on her statement. What was the total of all outstanding checks?

From the following, prepare a bank reconciliation for the J. Company: Service charge $10 Checks outstanding $730 NSF $100 Deposits in transit $1,040 Checkbook balance $2,000 Bank balance $1,580

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?

A reconciled balance is found on the front side of a bank statement.

All checks are required to have a preprinted check number.

Photocopies of the front and back of canceled checks are acceptable evidence of payment for courts as well as IRS audits.

The payee is the person to whom the check is payable.

Timing plays no role in differences between reconciling checkbook balances and bank balances.

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Filters