Question 1

If,in the effort to prove cash,a shortage is found,the amount is treated as a(n)

Accepted Answer

A)  cash receipts transaction. 
B)  petty cash transaction. 
C)  revenue earned transaction. 
D)  expense. 
A)  cash receipts transaction. 
B)  petty cash transaction. 
C)  revenue earned transaction. 
D)  expense.

Question 2

The petty cash payments record indicates classified expenditures as follows: Automobile Expense,$20; Supplies Expense,$12; Postage Expense,$6; and Miscellaneous Expense,$5.The journal entry to replenish the petty cash fund would include a credit to Cash for

Accepted Answer

A)  $38. 
B)  $5. 
C)  $11. 
D)  $43. 
A)  $38. 
B)  $5. 
C)  $11. 
D)  $43.

Question 3

The key documents and forms required in opening and using a checking account are the signature card,deposit tickets,checks,and bank statements.

Accepted Answer

A) True 
 B)False

Question 4

If the person who is named as payee on a check transfers the right to receive the money by signing his/her name on the back of the check,the signature is called a

Accepted Answer

A)  restrictive endorsement. 
B)  dishonored endorsement. 
C)  regular endorsement. 
D)  blank endorsement. 
A)  restrictive endorsement. 
B)  dishonored endorsement. 
C)  regular endorsement. 
D)  blank endorsement.

Question 5

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 6

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

Question 7

Once an entry is made to establish a change fund,no other entries are made to this account.

Accepted Answer

A) True 
 B)False

Question 8

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 9

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 10

Every person authorized to sign checks for a business must complete and sign a signature card for the bank.

Accepted Answer

A) True 
 B)False

Question 11

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 12

____________________ use computers rather than paper checks to complete transactions with the bank.

Accepted Answer

Electronic

Question 13

Match the terms with the definitions.
-An endorsement where the depositor simply signs the back of the check,making the check payable to any bearer.

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

The petty cash fund should be replenished only at the end of each accounting period so that the accounts are brought up-to-date.

Accepted Answer

A) True 
 B)False

Question 15

It is good business policy that all cash and cash items received be deposited daily in a bank.

Accepted Answer

A) True 
 B)False

Question 16

Match the terms with the definitions.
-A fund established to pay for small items with 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 17

The ____________________ is the small fraction printed in the upper right-hand corner of a check used to sort and route checks throughout the banking system.

Accepted Answer

American B

Question 18

The bank on which a check is drawn is known as the ____________________.

Accepted Answer

The answer of The bank on which a check is...

Question 19

A special ledger account entitled "Change Fund" is used to keep track of day-to-day shortages and overages of cash.

Accepted Answer

A) True 
 B)False

Question 20

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

If,in the effort to prove cash,a shortage is found,the amount is treated as a(n)

The petty cash payments record indicates classified expenditures as follows: Automobile Expense,$20; Supplies Expense,$12; Postage Expense,$6; and Miscellaneous Expense,$5.The journal entry to replenish the petty cash fund would include a credit to Cash for

The key documents and forms required in opening and using a checking account are the signature card,deposit tickets,checks,and bank statements.

If the person who is named as payee on a check transfers the right to receive the money by signing his/her name on the back of the check,the signature is called a

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. -Items that the bank adds to a customer's checking account.

Once an entry is made to establish a change fund,no other entries are made to this account.

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

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.

Every person authorized to sign checks for a business must complete and sign a signature card for the bank.

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

____________________ use computers rather than paper checks to complete transactions with the bank.

Match the terms with the definitions. -An endorsement where the depositor simply signs the back of the check,making the check payable to any bearer.

The petty cash fund should be replenished only at the end of each accounting period so that the accounts are brought up-to-date.

It is good business policy that all cash and cash items received be deposited daily in a bank.

Match the terms with the definitions. -A fund established to pay for small items with cash.

The ____________________ is the small fraction printed in the upper right-hand corner of a check used to sort and route checks throughout the banking system.

The bank on which a check is drawn is known as the ____________________.

A special ledger account entitled "Change Fund" is used to keep track of day-to-day shortages and overages of cash.

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

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

If,in the effort to prove cash,a shortage is found,the amount is treated as a(n)

The petty cash payments record indicates classified expenditures as follows: Automobile Expense,$20; Supplies Expense,$12; Postage Expense,$6; and Miscellaneous Expense,$5.The journal entry to replenish the petty cash fund would include a credit to Cash for

The key documents and forms required in opening and using a checking account are the signature card,deposit tickets,checks,and bank statements.

If the person who is named as payee on a check transfers the right to receive the money by signing his/her name on the back of the check,the signature is called a

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. -Items that the bank adds to a customer's checking account.

Once an entry is made to establish a change fund,no other entries are made to this account.

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

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.

Every person authorized to sign checks for a business must complete and sign a signature card for the bank.

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

____________________ use computers rather than paper checks to complete transactions with the bank.

Match the terms with the definitions. -An endorsement where the depositor simply signs the back of the check,making the check payable to any bearer.

The petty cash fund should be replenished only at the end of each accounting period so that the accounts are brought up-to-date.

It is good business policy that all cash and cash items received be deposited daily in a bank.

Match the terms with the definitions. -A fund established to pay for small items with cash.

The ____________________ is the small fraction printed in the upper right-hand corner of a check used to sort and route checks throughout the banking system.

The bank on which a check is drawn is known as the ____________________.

A special ledger account entitled "Change Fund" is used to keep track of day-to-day shortages and overages of cash.

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

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