Question 1

To use an ATM machine, the depositor must have a

Accepted Answer

A)   Bank number.
B)   PIN number.
C)   BIN number.
D)   TIN number.

Question 2

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.

Question 3

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 fundF) internal controlG) credit memosH) debit memos

Question 4

A restrictive endorsement makes a check payable to any bearer.

Accepted Answer

A) True 
 B)False

Question 5

Match the terms with the definitions.
-Machines used by depositors to make withdrawals or deposits at any time.

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 6

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 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

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 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 8

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.   Required:
Determine the ending balances to reconcile the bank statement and checkbook.

Accepted Answer

<img  loading="lazy" src="/assets/images/blured-textbook.svg" class="d-inline m-1" alt="blured image" width="139" height="30"> *$83.82 − $83.28 = ...

Question 9

A receipt called a petty cash voucher should be prepared for every payment from the petty cash fund.

Accepted Answer

A) True 
 B)False

Question 10

Businesses commonly use cash registers with tapes that accumulate a record of the day's cash receipts.

Accepted Answer

A) True 
 B)False

Question 11

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 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 12

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 fundF) internal controlG) credit memosH) debit memos

Question 13

Match the terms with the definitions.
-A report used to bring the book and bank balances into agreement.

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 14

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 fundF) internal controlG) credit memosH) debit memos

Question 15

Match the terms with the definitions.
-The bank on which the check is drawn.

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 16

Cash usually means only currency and coins.

Accepted Answer

A) True 
 B)False

Question 17

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.

Question 18

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.

Question 19

A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 7: Accounting for Cash

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.

Correct Answer
verified

To use an ATM machine, the depositor must have a

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified
*$83.82 − $83.28 = ...
View Answer

A restrictive endorsement makes a check payable to any bearer.

Correct Answer
verified

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

Correct Answer
verified

Businesses commonly use cash registers with tapes that accumulate a record of the day's cash receipts.

Correct Answer
verified

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

Correct Answer
verified

Match the terms with the definitions. -Items that the bank adds to a customer's checking account.

Correct Answer
verified

A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check.

Correct Answer
verified

Match the terms with the definitions. -A report used to bring the book and bank balances into agreement.

Correct Answer
verified

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

Correct Answer
verified

Match the terms with the definitions. -Machines used by depositors to make withdrawals or deposits at any time.

Correct Answer
verified

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

Correct Answer
verified

Cash usually means only currency and coins.

Correct Answer
verified

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

Correct Answer
verified

Match the terms with the definitions. -The bank on which the check is drawn.

Correct Answer
verified

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

Correct Answer
verified

A receipt called a petty cash voucher should be prepared for every payment from the petty cash fund.

Correct Answer
verified

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

Correct Answer
verified

Exam 7: Accounting for Cash

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.

Correct AnswerverifiedShow Answer

To use an ATM machine, the depositor must have a

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answerverified *$83.82 − $83.28 = ...View AnswerShow Answer

A restrictive endorsement makes a check payable to any bearer.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Businesses commonly use cash registers with tapes that accumulate a record of the day's cash receipts.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -Items that the bank adds to a customer's checking account.

Correct AnswerverifiedShow Answer

A check deposited that is not paid because the drawer did not have sufficient funds is called an NSF check.

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -A report used to bring the book and bank balances into agreement.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -Machines used by depositors to make withdrawals or deposits at any time.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Cash usually means only currency and coins.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -The bank on which the check is drawn.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A receipt called a petty cash voucher should be prepared for every payment from the petty cash fund.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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*$83.82 − $83.28 = ...
View Answer

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Correct Answer
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