Question 1

Match the terms with the definitions.
-A report used to bring the book and bank balances into agreement.

Accepted Answer

A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code 
A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code

Question 2

Businesses commonly use cash registers with tapes that accumulate a record of the day's cash receipts.

Accepted Answer

A) True 
 B)False

Question 3

On a bank reconciliation, checks issued during the period that were not presented to the bank for payment before the bank statement was prepared are known as

Accepted Answer

A)  NSF checks. 
B)  outstanding checks. 
C)  deposits in transit. 
D)  dishonored checks. 
A)  NSF checks. 
B)  outstanding checks. 
C)  deposits in transit. 
D)  dishonored checks.

Question 4

Match the terms with the definitions.
-The bank on which the check is drawn.

Accepted Answer

A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code 
A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code

Question 5

A petty cash fund of $200 has $17 in cash, $180 in petty cash vouchers, and $3 in miscellaneous receipts not included with the petty cash vouchers. The proper journal entry to replenish the fund would include a credit to Cash for

Accepted Answer

A)  $3. 
B)  $17. 
C)  $180. 
D)  $183. 
A)  $3. 
B)  $17. 
C)  $180. 
D)  $183.

Question 6

On a deposit ticket, checks should be listed in numerical order.

Accepted Answer

A) True 
 B)False

Question 7

A receipt called a petty cash voucher should be prepared for every payment from the petty cash fund.

Accepted Answer

A) True 
 B)False

Question 8

Match the terms with the definitions.
-Checks deposited by the depositor that are not paid because the drawer did not have sufficient funds.

Accepted Answer

A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code 
A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code

Question 9

Match the terms with the definitions.
-Machines used by depositors to make withdrawals or deposits at any time.

Accepted Answer

A) outstanding checks 
B) cash 
C) petty cash voucher 
D) automated teller machines 
E) change fund
F)internal control
G)credit memos
H)debit memos 
A) outstanding checks 
B) cash 
C) petty cash voucher 
D) automated teller machines 
E) change fund
F)internal control
G)credit memos
H)debit memos

Question 10

The balance in the checking account of York Company as of July 31 is $5,852.16. The bank statement shows an ending balance of $4,870.00. The following information is discovered by comparing checks deposited and written and noting service charges and other debit and credit memos shown on the bank statement.     Required:
Determine the ending balances to reconcile the bank statement and checkbook.

Accepted Answer

@#IMG-DLM& *$83.82 − $83.28 =

Question 11

To use an ATM machine, the depositor must have a

Accepted Answer

A)  Bank number. 
B)  PIN number. 
C)  BIN number. 
D)  TIN number. 
A)  Bank number. 
B)  PIN number. 
C)  BIN number. 
D)  TIN number.

Question 12

Match the terms with the definitions.
-The character code used to print identifying information on the lower left front side of each check.

Accepted Answer

A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code 
A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code

Question 13

Match the terms with the definitions.
-In some checkbooks, a document attached to a check that contains space for relevant information about the check.

Accepted Answer

A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code 
A) restrictive endorsement 
B) bank reconciliation 
C) bank statement 
D) blank endorsement 
E) canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code

Question 14

Match the terms with the definitions.
-Checks issued during the bank statement period that have not been presented to the bank for payment before the statement is prepared.

Accepted Answer

A) outstanding checks 
B) cash 
C) petty cash voucher 
D) automated teller machines 
E) change fund
F)internal control
G)credit memos
H)debit memos 
A) outstanding checks 
B) cash 
C) petty cash voucher 
D) automated teller machines 
E) change fund
F)internal control
G)credit memos
H)debit memos

Question 15

A restrictive endorsement makes a check payable to any bearer.

Accepted Answer

A) True 
 B)False

Question 16

To complete transactions with the bank, electronic funds transfer (EFT) systems use

Accepted Answer

A)  a computer. 
B)  checks. 
C)  currency. 
D)  drafts or money orders. 
A)  a computer. 
B)  checks. 
C)  currency. 
D)  drafts or money orders.

Question 17

Cash usually means only currency and coins.

Accepted Answer

A) True 
 B)False

Question 18

A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check.

Accepted Answer

A) True 
 B)False

Question 19

Match the terms with the definitions.
-To a business, this includes currency, coins, checks received from customers, money orders, and bank cashier's checks.

Accepted Answer

A) outstanding checks 
B) cash 
C) petty cash voucher 
D) automated teller machines 
E) change fund
F)internal control
G)credit memos
H)debit memos 
A) outstanding checks 
B) cash 
C) petty cash voucher 
D) automated teller machines 
E) change fund
F)internal control
G)credit memos
H)debit memos

Question 20

Match the terms with the definitions.
-Items that the bank adds to a customer's checking account.

Accepted Answer

A) outstanding checks 
B) cash 
C) petty cash voucher 
D) automated teller machines 
E) change fund
F)internal control
G)credit memos
H)debit memos 
A) outstanding checks 
B) cash 
C) petty cash voucher 
D) automated teller machines 
E) change fund
F)internal control
G)credit memos
H)debit memos

Exam 7: Accounting for Cash

Match the terms with the definitions. -A report used to bring the book and bank balances into agreement.

Businesses commonly use cash registers with tapes that accumulate a record of the day's cash receipts.

On a bank reconciliation, checks issued during the period that were not presented to the bank for payment before the bank statement was prepared are known as

Match the terms with the definitions. -The bank on which the check is drawn.

A petty cash fund of $200 has $17 in cash, $180 in petty cash vouchers, and $3 in miscellaneous receipts not included with the petty cash vouchers. The proper journal entry to replenish the fund would include a credit to Cash for

On a deposit ticket, checks should be listed in numerical order.

A receipt called a petty cash voucher should be prepared for every payment from the petty cash fund.

Match the terms with the definitions. -Checks deposited by the depositor that are not paid because the drawer did not have sufficient funds.

Match the terms with the definitions. -Machines used by depositors to make withdrawals or deposits at any time.

To use an ATM machine, the depositor must have a

Match the terms with the definitions. -The character code used to print identifying information on the lower left front side of each check.

Match the terms with the definitions. -In some checkbooks, a document attached to a check that contains space for relevant information about the check.

Match the terms with the definitions. -Checks issued during the bank statement period that have not been presented to the bank for payment before the statement is prepared.

A restrictive endorsement makes a check payable to any bearer.

To complete transactions with the bank, electronic funds transfer (EFT) systems use

Cash usually means only currency and coins.

A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check.

Match the terms with the definitions. -To a business, this includes currency, coins, checks received from customers, money orders, and bank cashier's checks.

Match the terms with the definitions. -Items that the bank adds to a customer's checking account.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for Accounts Receivable

Accounting for Notes and Interest

Accounting for Long-Term Assets

Accounting for Partnerships

Corporations: Organization and Capital Stocks

Corporations: Earnings, Taxes, Distributions, and the Retained Earnings Statement

Corporations: Bonds

Statement of Cash Flows

Analysis of Financial Statements

Departmental Accounting

Manufacturing Accounting: The Job Order Cost System

Manufacturing Accounting: The Work Sheet and Financial Statements

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