Question 1

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 checksF) petty cash fundG) payeeH) checkI) check stubJ) petty cash payments recordK) NSF checksL) deposit ticketM) deposits in transitN) draweeO) drawerP) electronic funds transferQ) endorsementR) magnetic ink character recognition code

Question 2

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 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

Question 4

The bank statement for a checking account normally shows the

Accepted Answer

A)   amounts of deposits to be made.
B)   amount of deposits and other credits added during the period.
C)   checks written but not yet cashed.
D)   amounts to be collected by the bank for the depositor's account.

Question 5

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.

Question 6

Match the terms with the definitions.
-Stamping or writing the depositor's name and sometimes other information on the back of the check.

Accepted Answer

A)  restrictive endorsement
B)  bank reconciliation
C)  bank statement
D)  blank endorsement
E)  canceled checksF) petty cash fundG) payeeH) checkI) check stubJ) petty cash payments recordK) NSF checksL) deposit ticketM) deposits in transitN) draweeO) drawerP) electronic funds transferQ) endorsementR) magnetic ink character recognition code

Question 7

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

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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 10

Match the terms with the definitions.
-Items that the bank deducts from the account.

Accepted Answer

A)  outstanding checks
B)  cash
C)  petty cash voucher
D)  automated teller machines
E)  change fundF) internal controlG) credit memosH) debit memos

Question 11

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

Question 12

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 fundF) internal controlG) credit memosH) debit memos

Question 13

Posting must be done from the petty cash payments record.

Accepted Answer

A) True 
 B)False

Exam 7: Accounting for Cash

Posting must be done from the petty cash payments record.

Correct Answer
verified

Match the terms with the definitions. -The person being paid the cash.

Correct Answer
verified

Match the terms with the definitions. -Items that the bank deducts from the account.

Correct Answer
verified

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

Correct Answer
verified

Match the terms with the definitions. -Stamping or writing the depositor's name and sometimes other information on the back of the check.

Correct Answer
verified

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

Correct Answer
verified

The petty cash payments record is a special journal that takes the place of entering these transactions in the two-column journal.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

The bank statement for a checking account normally shows the

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Exam 7: Accounting for Cash

Posting must be done from the petty cash payments record.

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -The person being paid the cash.

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -Items that the bank deducts from the account.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -Stamping or writing the depositor's name and sometimes other information on the back of the check.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The petty cash payments record is a special journal that takes the place of entering these transactions in the two-column journal.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The bank statement for a checking account normally shows the

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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