Question 1

A check involves three parties.The person directed to receive the money is called the

Accepted Answer

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

Question 2

If the depositor's book balance is not the same as the bank's book balance,an error has occurred.

Accepted Answer

A) True 
 B)False

Question 3

The person directed to receive the money indicated by a check is known as the payee.

Accepted Answer

A) True 
 B)False

Question 4

The process of bringing the book and the bank balance into agreement is called

Accepted Answer

A)  reconciling the bank statement. 
B)  proving the cash. 
C)  preparing a statement of payment. 
D)  preparing a statement of disbursements. 
A)  reconciling the bank statement. 
B)  proving the cash. 
C)  preparing a statement of payment. 
D)  preparing a statement of disbursements.

Question 5

Match the terms with the definitions.
-A supply of currency and coins kept in a cash drawer for use in handling sales transactions.

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

A debit journal entry to the cash short and over account is used to record a cash shortage.

Accepted Answer

A) True 
 B)False

Question 7

Each check should be identified by its

Accepted Answer

A)  AAB number. 
B)  MBA number. 
C)  CPA number. 
D)  ABA number. 
A)  AAB number. 
B)  MBA number. 
C)  CPA number. 
D)  ABA number.

Question 8

Check No.450,a payment of $54 for the telephone bill,was incorrectly entered on the check stub as $45.Which of the following adjustments needs to be made?

Accepted Answer

A)  increase the bank statement balance 
B)  increase the book balance 
C)  decrease the bank statement balance 
D)  decrease the book balance 
A)  increase the bank statement balance 
B)  increase the book balance 
C)  decrease the bank statement balance 
D)  decrease the book balance

Question 9

In reconciling the bank statement,the outstanding checks are added to the balance shown on the bank statement.

Accepted Answer

A) True 
 B)False

Question 10

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

Question 11

Cash usually means only currency and coins.

Accepted Answer

A) True 
 B)False

Question 12

A restrictive endorsement makes a check payable to any bearer.

Accepted Answer

A) True 
 B)False

Question 13

A check is a document ordering the depositor to pay cash from the bank's account.

Accepted Answer

A) True 
 B)False

Question 14

Match the terms with the definitions.
-A form showing a detailed listing of items being deposited.

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

A special multi-column record that supplements the regular accounting records and from which no posting is done is called a

Accepted Answer

A)  bank reconciliation form. 
B)  petty cash payment record. 
C)  journal. 
D)  ledger. 
A)  bank reconciliation form. 
B)  petty cash payment record. 
C)  journal. 
D)  ledger.

Question 16

The check written to establish the petty cash fund is entered in the journal by

Accepted Answer

A)  debiting Cash and crediting Petty Cash. 
B)  debiting Petty Cash and crediting Owner's Capital. 
C)  debiting Owner's Capital and crediting Petty Cash. 
D)  debiting Petty Cash and crediting Cash. 
A)  debiting Cash and crediting Petty Cash. 
B)  debiting Petty Cash and crediting Owner's Capital. 
C)  debiting Owner's Capital and crediting Petty Cash. 
D)  debiting Petty Cash and crediting Cash.

Question 17

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.
 $$\begin{array} { r r r } 
\underline{\text { Date } }&\underline{ \text { Cash Register Tape }} &\underline{ \text { Cash Count }} \
 \text { Sept. } 7 & \$ 1,295.89 & \$ 1,402.89 \
8 & 1,678.55 & 1,787.55 \
9 & 941.76 & 1,044.76 \
10 & 1,446.62 & 1,545.62 \
11 & 1,614.13 & 1,714.13
\end{array}$$ ?
 $\begin{array}{cc}\text {Cash Short and Over  }\\hline
\begin{array}{ll|l}
& \
\end{array}
\end{array}$ 1. What is the amount of cash sales for the week?
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$_________
2. What is the balance in the cash short and over account?
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$_________
3. Does the balance in the cash short and over account represent a shortage or overage?$\quad$$_________
4. How much cash was deposited?$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$_________

Accepted Answer

? \[\begin{array}{c}
{ \text { Cash Shor

Question 18

A(n)____________________ consists of a stamp or written signature and in some cases other important information on the back of the check.

Accepted Answer

The answer of A(n)____________________ consists of a stamp or written...

Question 19

A petty cash fund of $200 has $27 in cash,$170 in petty cash vouchers,and $3 in miscellaneous receipts not included with the petty cash vouchers.The debit to the Cash Short and Over would be

Accepted Answer

A)  $173. 
B)  $170. 
C)  $27. 
D)  $0. 
A)  $173. 
B)  $170. 
C)  $27. 
D)  $0.

Question 20

Match the terms with the definitions.
-In some checkbooks,a document attached to a check that contains space for relevant information about 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

A check involves three parties.The person directed to receive the money is called the

If the depositor's book balance is not the same as the bank's book balance,an error has occurred.

The person directed to receive the money indicated by a check is known as the payee.

The process of bringing the book and the bank balance into agreement is called

Match the terms with the definitions. -A supply of currency and coins kept in a cash drawer for use in handling sales transactions.

A debit journal entry to the cash short and over account is used to record a cash shortage.

Each check should be identified by its

Check No.450,a payment of $54 for the telephone bill,was incorrectly entered on the check stub as $45.Which of the following adjustments needs to be made?

In reconciling the bank statement,the outstanding checks are added to the balance shown on the bank statement.

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

Cash usually means only currency and coins.

A restrictive endorsement makes a check payable to any bearer.

A check is a document ordering the depositor to pay cash from the bank's account.

Match the terms with the definitions. -A form showing a detailed listing of items being deposited.

A special multi-column record that supplements the regular accounting records and from which no posting is done is called a

The check written to establish the petty cash fund is entered in the journal by

A(n)____________________ consists of a stamp or written signature and in some cases other important information on the back of the check.

A petty cash fund of $200 has $27 in cash,$170 in petty cash vouchers,and $3 in miscellaneous receipts not included with the petty cash vouchers.The debit to the Cash Short and Over would be

Match the terms with the definitions. -In some checkbooks,a document attached to a check that contains space for relevant information about the check.

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

A check involves three parties.The person directed to receive the money is called the

If the depositor's book balance is not the same as the bank's book balance,an error has occurred.

The person directed to receive the money indicated by a check is known as the payee.

The process of bringing the book and the bank balance into agreement is called

Match the terms with the definitions. -A supply of currency and coins kept in a cash drawer for use in handling sales transactions.

A debit journal entry to the cash short and over account is used to record a cash shortage.

Each check should be identified by its

Check No.450,a payment of $54 for the telephone bill,was incorrectly entered on the check stub as $45.Which of the following adjustments needs to be made?

In reconciling the bank statement,the outstanding checks are added to the balance shown on the bank statement.

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

Cash usually means only currency and coins.

A restrictive endorsement makes a check payable to any bearer.

A check is a document ordering the depositor to pay cash from the bank's account.

Match the terms with the definitions. -A form showing a detailed listing of items being deposited.

A special multi-column record that supplements the regular accounting records and from which no posting is done is called a

The check written to establish the petty cash fund is entered in the journal by

A(n)____________________ consists of a stamp or written signature and in some cases other important information on the back of the check.

A petty cash fund of $200 has $27 in cash,$170 in petty cash vouchers,and $3 in miscellaneous receipts not included with the petty cash vouchers.The debit to the Cash Short and Over would be

Match the terms with the definitions. -In some checkbooks,a document attached to a check that contains space for relevant information about the check.

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