Question 1

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 2

A check involves three parties.The person who orders the bank to pay a certain amount of money is called the

Accepted Answer

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

Question 3

The following information relates to the bank account of Doug's Sky Diving Supply Store on June 30.$\begin{array}{llr}
  \text { Balance per bank statement } &&\$5,327\
 \text {Balance per books as of June 30  } &&9,265\
 \text {Outstanding checks:  } &\
 \# 1007 & \$ 241 \
\# 1008 & 67 \
\# 1009  & 597\
\text { Deposits in transit } & 229 \
& 4,111 \
\text { Bank service charges } & 98 \
\text { NSF check } & 412 \
\text { Credit memo for interest earned } & 16 
\end{array}$

Error: Check written and recorded by bank as $454 was subtracted from the checkbook as $445.
The check was used to pay the telephone bill.
Required:
Prepare a bank reconciliation as of June 30.

Accepted Answer

None

Question 4

Checks deposited by the depositor that are not paid because the drawer did not have sufficient funds are called ____________________.

Accepted Answer

not suffic

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

A(n)____________________ is a special multi-column record used to keep track of payments from the petty cash fund as a supplement to the accounting records.

Accepted Answer

petty cash

Question 8

Match the terms with the definitions.
-An endorsement where the depositor adds words such as "For deposit" to restrict the payment 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 9

Cash Sales from the cash register tapes totaled $882.There is a change fund of $100.The cash count indicates that $984 is in the cash drawer.What journal entry would be required?

Accepted Answer

A)  debit Miscellaneous Expense for $2; credit Cash Short and Over for $2 
B)  debit Cash for $982,Cash Short and Over for $2; credit Revenues for $984 
C)  debit Cash Short and Over for $2; credit Miscellaneous Expense $2 
D)  debit Cash for $884; credit Revenues for $882,and Cash Short and Over for $2 
A)  debit Miscellaneous Expense for $2; credit Cash Short and Over for $2 
B)  debit Cash for $982,Cash Short and Over for $2; credit Revenues for $984 
C)  debit Cash Short and Over for $2; credit Miscellaneous Expense $2 
D)  debit Cash for $884; credit Revenues for $882,and Cash Short and Over for $2

Question 10

A depositor is not responsible or liable to the bank for items deposited that are not honored when presented for payment.

Accepted Answer

A) True 
 B)False

Question 11

Match the terms with the definitions.
-A statement of account issued by a bank to each depositor once a month.

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 12

When a check is written to replenish the petty cash fund,it is entered in the journal by debiting the proper accounts indicated in the Distributions columns of the petty cash record and by crediting Cash Over and Short.

Accepted Answer

A) True 
 B)False

Question 13

A(n)____________________ contains a listing of all items being deposited.

Accepted Answer

The answer of A(n)____________________ contains a listing of all items...

Question 14

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 15

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 16

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 17

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 18

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

Accepted Answer

A)  petty cash voucher. 
B)  petty cash check. 
C)  petty cash document. 
D)  petty cash register. 
A)  petty cash voucher. 
B)  petty cash check. 
C)  petty cash document. 
D)  petty cash register.

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

(Appendix)The set of procedures designed to ensure proper accounting for transactions is known as ____________________.

Accepted Answer

The answer of (Appendix)The set of procedures designed to ensure...

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

A check involves three parties.The person who orders the bank to pay a certain amount of money is called the

Checks deposited by the depositor that are not paid because the drawer did not have sufficient funds are called ____________________.

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

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

A(n)____________________ is a special multi-column record used to keep track of payments from the petty cash fund as a supplement to the accounting records.

Match the terms with the definitions. -An endorsement where the depositor adds words such as "For deposit" to restrict the payment of the check.

Cash Sales from the cash register tapes totaled $882.There is a change fund of $100.The cash count indicates that $984 is in the cash drawer.What journal entry would be required?

A depositor is not responsible or liable to the bank for items deposited that are not honored when presented for payment.

Match the terms with the definitions. -A statement of account issued by a bank to each depositor once a month.

When a check is written to replenish the petty cash fund,it is entered in the journal by debiting the proper accounts indicated in the Distributions columns of the petty cash record and by crediting Cash Over and Short.

A(n)____________________ contains a listing of all items being deposited.

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

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 person being paid the cash.

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

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

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

(Appendix)The set of procedures designed to ensure proper accounting for transactions is known as ____________________.

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

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Exam 7: Accounting for Cash

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

A check involves three parties.The person who orders the bank to pay a certain amount of money is called the

Checks deposited by the depositor that are not paid because the drawer did not have sufficient funds are called ____________________.

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

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

A(n)____________________ is a special multi-column record used to keep track of payments from the petty cash fund as a supplement to the accounting records.

Match the terms with the definitions. -An endorsement where the depositor adds words such as "For deposit" to restrict the payment of the check.

Cash Sales from the cash register tapes totaled $882.There is a change fund of $100.The cash count indicates that $984 is in the cash drawer.What journal entry would be required?

A depositor is not responsible or liable to the bank for items deposited that are not honored when presented for payment.

Match the terms with the definitions. -A statement of account issued by a bank to each depositor once a month.

When a check is written to replenish the petty cash fund,it is entered in the journal by debiting the proper accounts indicated in the Distributions columns of the petty cash record and by crediting Cash Over and Short.

A(n)____________________ contains a listing of all items being deposited.

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

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 person being paid the cash.

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

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

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

(Appendix)The set of procedures designed to ensure proper accounting for transactions is known as ____________________.

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