Question 1

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 2

____________________ represent items that the bank deducts from the depositor's account.

Accepted Answer

The answer of ____________________ represent items that the bank deducts...

Question 3

A depositor may endorse checks with a rubber stamp.

Accepted Answer

A) True 
 B)False

Question 4

To establish a change fund,Cash should be credited and Change Fund should be debited.

Accepted Answer

A) True 
 B)False

Question 5

To a business,____________________ includes currency,coins,checks received from customers,money orders,and bank cashier's checks.

Accepted Answer

The answer of To a business,____________________ includes currency,coins,checks received from...

Question 6

Whenever the bank mails a credit memo to the depositor indicating the amount of interest credited to the account,the transaction that would be entered in the accounting records of the depositor would include

Accepted Answer

A)  debiting Interest Earned and crediting Cash. 
B)  debiting Interest Expense and crediting Cash. 
C)  debiting Cash and crediting Interest Earned. 
D)  debiting Cash and crediting Interest Expense. 
A)  debiting Interest Earned and crediting Cash. 
B)  debiting Interest Expense and crediting Cash. 
C)  debiting Cash and crediting Interest Earned. 
D)  debiting Cash and crediting Interest Expense.

Question 7

A restrictive endorsement means that the check is payable to any bearer.

Accepted Answer

A) True 
 B)False

Question 8

Bringing the book and bank balances into agreement is called ____________________.

Accepted Answer

The answer of Bringing the book and bank balances into...

Question 9

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.
 $\begin{array} {l r }
\text { Deposits in transit:}\
 7 / 23 & \$ 220.00 \
 7 / 27 & 615.00 \
\
\text { Outstanding checks: } & \
\text { No. } 530 & \$ 120.00 \
\text { No. } 531 & 36.00 \
\text { No. } 532 & 278.30\
\
\text { Unrecorded ATM withdrawal: }\
7 / 30 & \$ 540.00 \\
\text { Bank service charge } & \$ 42.00
\end{array}$
 
$\begin{array}{ll}
\text { Error on check no. } 954 & \begin{array}{l}
\text { Recorded in checkbook as } \$ 83.82 \text {, but was actually written for } \
\$ 83.28 \text {, and cleared the bank correctly. }
\end{array}
\end{array}$ 
Required:
Determine the ending balances to reconcile the bank statement and checkbook.

Accepted Answer

*$83.82 ? $83.28 = $

Question 10

On any given day,it is unlikely that the balance in the cash account on the depositor's general ledger (or books)will be the same as the bank balance.

Accepted Answer

A) True 
 B)False

Question 11

____________________ are deposits that have not reached or been recorded by the bank before the bank statement is prepared.

Accepted Answer

The answer of ____________________ are deposits that have not reached...

Question 12

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 13

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 14

The ____________________ is generally established to pay for small items with cash.

Accepted Answer

The answer of The ____________________ is generally established to pay...

Question 15

On a bank reconciliation,deposits that were not entered by the bank before the bank statement was prepared are known as

Accepted Answer

A)  NSF deposits. 
B)  restrictive deposits. 
C)  deposits in transit. 
D)  unrecorded deposits. 
A)  NSF deposits. 
B)  restrictive deposits. 
C)  deposits in transit. 
D)  unrecorded deposits.

Question 16

The person presenting the check for payment is called the ____________________.

Accepted Answer

The answer of The person presenting the check for payment...

Question 17

Each person authorized to sign checks must sign a(n)____________________.

Accepted Answer

The answer of Each person authorized to sign checks must...

Question 18

If the cash short and over account has a debit balance at the end of the fiscal year,the balance represents a revenue.

Accepted Answer

A) True 
 B)False

Question 19

A special form of receipt showing the name of the payee,the purpose of the payment,and the account to be charged for each petty cash payment is known as a petty cash voucher.

Accepted Answer

A) True 
 B)False

Question 20

____________________ are provided by many banks to allow depositors to make deposits and withdrawals at all times by using a plastic card and a personal identification number.

Accepted Answer

Automated

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

____________________ represent items that the bank deducts from the depositor's account.

A depositor may endorse checks with a rubber stamp.

To establish a change fund,Cash should be credited and Change Fund should be debited.

To a business,____________________ includes currency,coins,checks received from customers,money orders,and bank cashier's checks.

Whenever the bank mails a credit memo to the depositor indicating the amount of interest credited to the account,the transaction that would be entered in the accounting records of the depositor would include

A restrictive endorsement means that the check is payable to any bearer.

Bringing the book and bank balances into agreement is called ____________________.

On any given day,it is unlikely that the balance in the cash account on the depositor's general ledger (or books)will be the same as the bank balance.

____________________ are deposits that have not reached or been recorded by the bank before the bank statement is prepared.

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

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

The ____________________ is generally established to pay for small items with cash.

On a bank reconciliation,deposits that were not entered by the bank before the bank statement was prepared are known as

The person presenting the check for payment is called the ____________________.

Each person authorized to sign checks must sign a(n)____________________.

If the cash short and over account has a debit balance at the end of the fiscal year,the balance represents a revenue.

A special form of receipt showing the name of the payee,the purpose of the payment,and the account to be charged for each petty cash payment is known as a petty cash voucher.

____________________ are provided by many banks to allow depositors to make deposits and withdrawals at all times by using a plastic card and a personal identification number.

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

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

____________________ represent items that the bank deducts from the depositor's account.

A depositor may endorse checks with a rubber stamp.

To establish a change fund,Cash should be credited and Change Fund should be debited.

To a business,____________________ includes currency,coins,checks received from customers,money orders,and bank cashier's checks.

Whenever the bank mails a credit memo to the depositor indicating the amount of interest credited to the account,the transaction that would be entered in the accounting records of the depositor would include

A restrictive endorsement means that the check is payable to any bearer.

Bringing the book and bank balances into agreement is called ____________________.

On any given day,it is unlikely that the balance in the cash account on the depositor's general ledger (or books)will be the same as the bank balance.

____________________ are deposits that have not reached or been recorded by the bank before the bank statement is prepared.

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

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

The ____________________ is generally established to pay for small items with cash.

On a bank reconciliation,deposits that were not entered by the bank before the bank statement was prepared are known as

The person presenting the check for payment is called the ____________________.

Each person authorized to sign checks must sign a(n)____________________.

If the cash short and over account has a debit balance at the end of the fiscal year,the balance represents a revenue.

A special form of receipt showing the name of the payee,the purpose of the payment,and the account to be charged for each petty cash payment is known as a petty cash voucher.

____________________ are provided by many banks to allow depositors to make deposits and withdrawals at all times by using a plastic card and a personal identification number.

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