Question 1

Select the one term that best fits each definition
-An amount of cash kept on hand and used for making small payments.

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

When petty cash is replenished, Petty Cash is debited and Cash is credited.

Accepted Answer

A) True 
 B)False

Question 3

Select the one term that best fits each definition
-A report of deposits, withdrawals, and bank balances sent to a depositor by a 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 4

An outstanding check is one that has been issued but not yet reported on a bank statement.

Accepted Answer

A) True 
 B)False

Question 5

Select the one term that best fits each definition
-A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.

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 6

When cash is short, the entry to replenish petty cash includes a

Accepted Answer

A)   debit to Cash Short and Over.
B)   credit to Cash Short and Over.
C)   debit to Petty Cash.
D)   credit to Miscellaneous Expense.

Question 7

If any kind of error is made in preparing a check,

Accepted Answer

A)   VOID should be written on the check.
B)   VOID should be written on the check stub.
C)   a new check should be prepared.
D)   all of the above.

Question 8

Select the one term that best fits each definition
-A check that a bank refuses to pay.

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 9

Select the one term that best fits each definition
-A check that cannot be processed because the maker has made it invalid.

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

The entry to establish a $200.00 petty cash fund is

Accepted Answer

A)   debit Petty Cash, $200. 00; credit Miscellaneous Expense, $200. 00.
B)   debit Cash, $200. 00; credit Petty Cash, $200. 00.
C)   debit Miscellaneous Expense, $200. 00; credit Cash, $200. 00.
D)   debit Petty Cash, $200. 00; credit Cash, $200. 00.

Question 11

Select the one term that best fits each definition
-A check with a future date on it.

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 12

Each time cash or checks are placed in a bank account, the customer prepares a

Accepted Answer

A)   signature card.
B)   check.
C)   deposit slip.
D)   none of these.

Exam 5: Cash Control Systems

Select the one term that best fits each definition -A check that a bank refuses to pay.

Correct Answer
verified

Select the one term that best fits each definition -A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.

Correct Answer
verified

The entry to establish a $200.00 petty cash fund is

Correct Answer
verified

When cash is short, the entry to replenish petty cash includes a

Correct Answer
verified

Select the one term that best fits each definition -An amount of cash kept on hand and used for making small payments.

Correct Answer
verified

Select the one term that best fits each definition -A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

Correct Answer
verified

If any kind of error is made in preparing a check,

Correct Answer
verified

Each time cash or checks are placed in a bank account, the customer prepares a

Correct Answer
verified

An outstanding check is one that has been issued but not yet reported on a bank statement.

Correct Answer
verified

Select the one term that best fits each definition -A check with a future date on it.

Correct Answer
verified

When petty cash is replenished, Petty Cash is debited and Cash is credited.

Correct Answer
verified

Select the one term that best fits each definition -A check that cannot be processed because the maker has made it invalid.

Correct Answer
verified

Exam 5: Cash Control Systems

Select the one term that best fits each definition -A check that a bank refuses to pay.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.

Correct AnswerverifiedShow Answer

The entry to establish a $200.00 petty cash fund is

Correct AnswerverifiedShow Answer

When cash is short, the entry to replenish petty cash includes a

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -An amount of cash kept on hand and used for making small payments.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

Correct AnswerverifiedShow Answer

If any kind of error is made in preparing a check,

Correct AnswerverifiedShow Answer

Each time cash or checks are placed in a bank account, the customer prepares a

Correct AnswerverifiedShow Answer

An outstanding check is one that has been issued but not yet reported on a bank statement.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A check with a future date on it.

Correct AnswerverifiedShow Answer

When petty cash is replenished, Petty Cash is debited and Cash is credited.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -A check that cannot be processed because the maker has made it invalid.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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