Question 1

Cash receipts of $719 and a cash count of $715 would indicate a cash overage.

Accepted Answer

A) True 
 B)False  False

Question 2

The depositor who orders the bank to pay a certain amount of money is known as the drawee.

Accepted Answer

A) True 
 B)False  False

Question 3

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

Accepted Answer

A) True 
 B)False  False

Question 4

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 5

The check written to establish the petty cash fund is recorded in the journal by crediting Cash and debiting Petty Cash.

Accepted Answer

A) True 
 B)False

Question 6

When words such as "for deposit only" or "pay to the order of" are added to a blank endorsement,it becomes a(n)____________________.

Accepted Answer

restrictiv

Question 7

A statement of account issued by a bank to each depositor once a month is known as a(n)____________________.

Accepted Answer

The answer of A statement of account issued by a...

Question 8

____________________ are checks that have been issued during the period,but have not been presented to the bank for payment before the bank statement is prepared.

Accepted Answer

The answer of ____________________ are checks that have been issued...

Question 9

Match the terms with the definitions.
-A set of procedures designed to ensure proper accounting for transactions.(Appendix)

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

Post the differences between the cash count and the cash register tape to the Cash Short and Over T account.Assume a change fund of $100.
 $$\begin{array} { r r c c } 
 \underline{\text { Date }} &  \underline{\text { Cash Register Tape }} &  \underline{\text { Cash Count }} \
\text { March } \quad 3 & \$ 1,495.89 & \$ 1,601.89 \
4 & 1,878.55 & 1,986.55 \
5 & 741.76 & 843.76 \
6 & 1,646.62 & 1,744.62 \
7 & 1,714.13 & 1,814.13
\end{array}$$ ?
 $\begin{array}{cc}\text {Cash Short and Over }\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ 1. What is the amount of cash sales for the week?$\underline{\quad\quad}$
2. What is the balance in the cash short and over account?$\underline{\quad\quad}$
3. Does the balance in the cash short and over account represent a shortage or overage?$\underline{\quad\quad}$
4. How much cash was deposited?$\underline{\quad\quad}$

Accepted Answer

None

Question 11

____________________ are checks written by a depositor and paid by the bank.

Accepted Answer

The answer of ____________________ are checks written by a depositor...

Question 12

Posting must be done from the petty cash payments record.

Accepted Answer

A) True 
 B)False

Question 13

To sign the back of a check with the name of the company and "Pay to any bank" is an example of a

Accepted Answer

A)  restrictive endorsement. 
B)  signature card. 
C)  blank endorsement. 
D)  canceled check. 
A)  restrictive endorsement. 
B)  signature card. 
C)  blank endorsement. 
D)  canceled check.

Question 14

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 15

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

Accepted Answer

A) True 
 B)False

Question 16

The petty cash payments record indicates classified expenditures as follows: Automobile Expense,$20; Supplies Expense,$12; Postage Expense,$6; and Miscellaneous Expense,$5.The transaction would include

Accepted Answer

A)  debiting Automobile Expense. 
B)  crediting Supplies Expense. 
C)  debiting Cash. 
D)  crediting Accounts Payable. 
A)  debiting Automobile Expense. 
B)  crediting Supplies Expense. 
C)  debiting Cash. 
D)  crediting Accounts Payable.

Question 17

A debit to Accounts Receivable for $50 and a credit to Cash for $50 would be an accurate journal entry to record

Accepted Answer

A)  electronic funds transfers (EFTs). 
B)  not sufficient funds (NSF)checks. 
C)  petty cash. 
D)  ATM deposits. 
A)  electronic funds transfers (EFTs). 
B)  not sufficient funds (NSF)checks. 
C)  petty cash. 
D)  ATM deposits.

Question 18

The difference between the balance in the cash account on the depositor's books and the bank's books is usually due to errors.

Accepted Answer

A) True 
 B)False

Question 19

Outstanding checks are checks issued that have not yet been presented to the bank for payment.

Accepted Answer

A) True 
 B)False

Question 20

Match the terms with the definitions.
-Deposits that have not reached or been recorded by the bank before the bank statement is prepared.

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

Cash receipts of $719 and a cash count of $715 would indicate a cash overage.

The depositor who orders the bank to pay a certain amount of money is known as the drawee.

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

To use an ATM machine,the depositor must have a

The check written to establish the petty cash fund is recorded in the journal by crediting Cash and debiting Petty Cash.

When words such as "for deposit only" or "pay to the order of" are added to a blank endorsement,it becomes a(n)____________________.

A statement of account issued by a bank to each depositor once a month is known as a(n)____________________.

____________________ are checks that have been issued during the period,but have not been presented to the bank for payment before the bank statement is prepared.

Match the terms with the definitions. -A set of procedures designed to ensure proper accounting for transactions.(Appendix)

____________________ are checks written by a depositor and paid by the bank.

Posting must be done from the petty cash payments record.

To sign the back of a check with the name of the company and "Pay to any bank" is an example of a

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

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

The petty cash payments record indicates classified expenditures as follows: Automobile Expense,$20; Supplies Expense,$12; Postage Expense,$6; and Miscellaneous Expense,$5.The transaction would include

A debit to Accounts Receivable for $50 and a credit to Cash for $50 would be an accurate journal entry to record

The difference between the balance in the cash account on the depositor's books and the bank's books is usually due to errors.

Outstanding checks are checks issued that have not yet been presented to the bank for payment.

Match the terms with the definitions. -Deposits that have not reached or been recorded by the bank before the bank statement is prepared.

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

Module Accounting For A Professional Service Business The Combination Journal

Filters

Exam 7: Accounting for Cash

Cash receipts of $719 and a cash count of $715 would indicate a cash overage.

The depositor who orders the bank to pay a certain amount of money is known as the drawee.

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

To use an ATM machine,the depositor must have a

The check written to establish the petty cash fund is recorded in the journal by crediting Cash and debiting Petty Cash.

When words such as "for deposit only" or "pay to the order of" are added to a blank endorsement,it becomes a(n)____________________.

A statement of account issued by a bank to each depositor once a month is known as a(n)____________________.

____________________ are checks that have been issued during the period,but have not been presented to the bank for payment before the bank statement is prepared.

Match the terms with the definitions. -A set of procedures designed to ensure proper accounting for transactions.(Appendix)

____________________ are checks written by a depositor and paid by the bank.

Posting must be done from the petty cash payments record.

To sign the back of a check with the name of the company and "Pay to any bank" is an example of a

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

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

The petty cash payments record indicates classified expenditures as follows: Automobile Expense,$20; Supplies Expense,$12; Postage Expense,$6; and Miscellaneous Expense,$5.The transaction would include

A debit to Accounts Receivable for $50 and a credit to Cash for $50 would be an accurate journal entry to record

The difference between the balance in the cash account on the depositor's books and the bank's books is usually due to errors.

Outstanding checks are checks issued that have not yet been presented to the bank for payment.

Match the terms with the definitions. -Deposits that have not reached or been recorded by the bank before the bank statement is prepared.

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

Module Accounting For A Professional Service Business The Combination Journal

Filters