Question 1

Select the one term that best fits each definition
-An endorsement indicating a new owner of a check.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 2

Select the one term that best fits each definition
-An endorsement consisting only of the endorser's signature.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 3

Select the one term that best fits each definition
-A form showing proof of a petty cash payment.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check N

Question 4

Cash Short and Over is classified as a(n)

Accepted Answer

A)   asset.
B)   liability.
C)   expense.
D)   equity.

Question 5

A lost check with a blank endorsement on it can be cashed by

Accepted Answer

A)   anyone who has the check.
B)   only the person whose name follows the words "Pay to the order of. "
C)   only the person who endorsed the check.
D)   no one.

Question 6

The petty cash fund is a liability with a normal debit balance.

Accepted Answer

A) True 
 B)False

Question 7

Select the one term that best fits each definition
-An endorsement restricting further transfer of a check's ownership.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 8

A petty cash fund is always replenished

Accepted Answer

A)   daily.
B)   weekly.
C)   at the end of the month.
D)   none of these.

Question 9

Select the one term that best fits each definition
-A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 10

An endorsement on the back of a check consisting of the words "Pay to the order of" and a new check owner's name is a

Accepted Answer

A)   blank endorsement.
B)   special endorsement.
C)   restrictive endorsement.
D)   deposit endorsement.

Question 11

Select the one term that best fits each definition
-A signature or stamp on the back of a check, transferring ownership.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check K

Question 12

The source document for an electronic funds transfer is a memorandum.

Accepted Answer

A) True 
 B)False  True

Question 13

Voided checks should be recorded in the journal.

Accepted Answer

A) True 
 B)False

Question 14

Select the one term that best fits each definition
-A bank form listing the checks, currency, and coins that an account holder is adding to the bank account.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 15

Select the one term that best fits each definition
-A bank account from which payments can be ordered by a depositor.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 16

An endorsement on the back of a check consisting only of a signature is a(n)

Accepted Answer

A)   blank endorsement.
B)   special endorsement.
C)   restrictive endorsement.
D)   incorrect endorsement.

Question 17

Select the one term that best fits each definition
-A check that has been paid by the bank.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 18

Select the one term that best fits each definition
-A check dishonored by the bank because of insufficient funds in the account of the maker of the check.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 19

Select the one term that best fits each definition
-A petty cash on hand amount that is less than the recorded amount.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Question 20

Select the one term that best fits each definition
-A petty cash on hand amount that is more than the recorded amount.

Accepted Answer

A)   bank statement
B)   blank endorsement
C)   canceled check
D)   cash over
E)   cash shortF)  checking accountG)  debit cardH)  deposit slipI)  dishonored checkJ)  electronic funds transferK)  endorsementL)  non-sufficient funds checkM)  petty cashN)  petty cash slipO)  postdated checkP)  restrictive endorsementQ)  special endorsementR)  voided check

Exam 5: Cash Control Systems

Select the one term that best fits each definition -An endorsement indicating a new owner of a check.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -An endorsement consisting only of the endorser's signature.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A form showing proof of a petty cash payment.

Correct AnswerverifiedN

Cash Short and Over is classified as a(n)

Correct AnswerverifiedShow Answer

A lost check with a blank endorsement on it can be cashed by

Correct AnswerverifiedShow Answer

The petty cash fund is a liability with a normal debit balance.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -An endorsement restricting further transfer of a check's ownership.

Correct AnswerverifiedShow Answer

A petty cash fund is always replenished

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.

Correct AnswerverifiedShow Answer

An endorsement on the back of a check consisting of the words "Pay to the order of" and a new check owner's name is a

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A signature or stamp on the back of a check, transferring ownership.

Correct AnswerverifiedK

The source document for an electronic funds transfer is a memorandum.

Correct AnswerverifiedTrue

Voided checks should be recorded in the journal.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A bank form listing the checks, currency, and coins that an account holder is adding to the bank account.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A bank account from which payments can be ordered by a depositor.

Correct AnswerverifiedShow Answer

An endorsement on the back of a check consisting only of a signature is a(n)

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A check that has been paid by the bank.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A check dishonored by the bank because of insufficient funds in the account of the maker of the check.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A petty cash on hand amount that is less than the recorded amount.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A petty cash on hand amount that is more than the recorded amount.

Correct AnswerverifiedShow Answer

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