Question 1

Match the terms with the definitions.
-Items that the bank deducts from the 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

Question 2

The bank in which the depositor has money on deposit is known as the drawer.

Accepted Answer

A) True 
 B)False

Question 3

To reconcile the bank statement, which of the following amounts would be subtracted from the checkbook balance?

Accepted Answer

A)  service charge 
B)  outstanding checks 
C)  deposits in transit 
D)  amounts collected by the bank for the depositor's account 
A)  service charge 
B)  outstanding checks 
C)  deposits in transit 
D)  amounts collected by the bank for the depositor's account

Question 4

A check involves three parties. The bank in which the drawer has money on deposit is called the

Accepted Answer

A)  drawer. 
B)  drawee. 
C)  payee. 
D)  endorser. 
A)  drawer. 
B)  drawee. 
C)  payee. 
D)  endorser.

Question 5

Match the terms with the definitions.
-A receipt that is prepared for every payment from the petty cash fund.

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 6

Posting must be done from the petty cash payments record.

Accepted Answer

A) True 
 B)False

Question 7

When it is necessary to replenish the petty cash fund, the petty cashier prepares a statement of payments.

Accepted Answer

A) True 
 B)False

Question 8

The bank statement for a checking account normally shows the

Accepted Answer

A)  amounts of deposits to be made. 
B)  amount of deposits and other credits added during the period. 
C)  checks written but not yet cashed. 
D)  amounts to be collected by the bank for the depositor's account. 
A)  amounts of deposits to be made. 
B)  amount of deposits and other credits added during the period. 
C)  checks written but not yet cashed. 
D)  amounts to be collected by the bank for the depositor's account.

Question 9

The petty cash payments record is a special journal that takes the place of entering these transactions in the two-column journal.

Accepted Answer

A) True 
 B)False

Question 10

Match the terms with the definitions.
-The person being paid the cash.

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 11

To reconcile the bank statement, which of the following amounts would be subtracted from the bank statement balance?

Accepted Answer

A)  service charge 
B)  outstanding checks 
C)  deposits in transit 
D)  amounts collected by the bank for the depositor's account 
A)  service charge 
B)  outstanding checks 
C)  deposits in transit 
D)  amounts collected by the bank for the depositor's account

Question 12

Match the terms with the definitions.
-Stamping or writing the depositor's name and sometimes other information on the back of 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 13

To a business, cash includes currency, coins, checks, money in the checking accounts, money orders, and bank cashier's checks.

Accepted Answer

A) True 
 B)False

Match the terms with the definitions. -Items that the bank deducts from the account.

The bank in which the depositor has money on deposit is known as the drawer.

To reconcile the bank statement, which of the following amounts would be subtracted from the checkbook balance?

A check involves three parties. The bank in which the drawer has money on deposit is called the

Match the terms with the definitions. -A receipt that is prepared for every payment from the petty cash fund.

Posting must be done from the petty cash payments record.

When it is necessary to replenish the petty cash fund, the petty cashier prepares a statement of payments.

The bank statement for a checking account normally shows the

The petty cash payments record is a special journal that takes the place of entering these transactions in the two-column journal.

Match the terms with the definitions. -The person being paid the cash.

To reconcile the bank statement, which of the following amounts would be subtracted from the bank statement balance?

Match the terms with the definitions. -Stamping or writing the depositor's name and sometimes other information on the back of the check.

To a business, cash includes currency, coins, checks, money in the checking accounts, money orders, and bank cashier's checks.

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

Filters

Exam 7: Accounting for Cash

Match the terms with the definitions. -Items that the bank deducts from the account.

The bank in which the depositor has money on deposit is known as the drawer.

To reconcile the bank statement, which of the following amounts would be subtracted from the checkbook balance?

A check involves three parties. The bank in which the drawer has money on deposit is called the

Match the terms with the definitions. -A receipt that is prepared for every payment from the petty cash fund.

Posting must be done from the petty cash payments record.

When it is necessary to replenish the petty cash fund, the petty cashier prepares a statement of payments.

The bank statement for a checking account normally shows the

The petty cash payments record is a special journal that takes the place of entering these transactions in the two-column journal.

Match the terms with the definitions. -The person being paid the cash.

To reconcile the bank statement, which of the following amounts would be subtracted from the bank statement balance?

Match the terms with the definitions. -Stamping or writing the depositor's name and sometimes other information on the back of the check.

To a business, cash includes currency, coins, checks, money in the checking accounts, money orders, and bank cashier's checks.

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

Filters