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Accounting Chapter 5

QuestionAnswer
A check that a bank refused to pay. Dishonored check
A check with a future date on it. Postdated check
A form showing proof of a petty cash payment. Petty cash slip
A bank account from which payments can be ordered by a depositor. Checking account
An endorsement consisting only of the endorser’s signature. Blank endorsement
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder. Debit card
A petty cash on hand amount that is more than a recorded amount. Cash over
A signature or stamp on the back of a check, transferring ownership. Endorsement
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. Electronic funds transfer (EFT)
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank. Bank statement
An amount of cash kept on hand and used for making small payments. Petty cash
A bank form listing the checks, currency, and coins that an account holder is adding to the bank account. Deposit slip
An endorsement restricting further transfer of a check's ownership. Restrictive endorsement
A petty cash on hand amount that is less than a recorded amount. Cash short
A check that has been paid by the bank. Canceled check
A check that cannot be processed because the maker has made it invalid. Voided check
A check dishonored by the bank because of insufficient funds in the account of the maker of the check. Non-sufficient funds check (NSF check)
An endorsement indicating a new owner of a check. Special endorsement
T/F: An outstanding check is one that has been issued but not yet reported on a bank statement. True
T/F: When petty cash is replenished, Petty Cash is debited and Cash is credited. False
T/F: Voided checks should be recorded in the journal. True
T/F: The source document for an electronic funds transfer is a memorandum. True
T/F: The petty cash fund is a liability with a normal debit balance. False
If any kind of error is made in preparing a check, (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. (D) all of the above
When cash is short, the entry to replenish petty cash includes a (A) debit to Cash Short and Over. (B) credit to Cash Short and Over. (C) debit to Petty Cash. (D) credit to Miscellaneous Expense. (A) debit to Cash Short and Over
Cash Short and Over is classified as a(n) (A) asset. (B) liability. (C) expense. (D) equity. (C) expense
Each time cash or checks are placed in a bank account, the customer prepares a (A) signature card. (B) check. (C) deposit slip. (D) none of these. (C) deposit slip
The entry to establish a $200.00 petty cash fund is (A) debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00. (B) debit Cash, $200.00; credit Petty Cash, $200.00. (D) debit Petty Cash, $200.00; credit Cash, $200.00. (D) debit Petty Cash, $200.00; credit Cash, $200.00
A lost check with a blank endorsement on it can be cashed by (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. (A) anyone who has the check
A petty cash fund is always replenished (A) daily. (B) weekly. (C) at the end of the month. (D) none of these. (C) at the end of the month
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 (A) blank endorsement. (B) special endorsement. (C) restrictive endorsement. (D) deposit endorsement. (B) special endorsement
An endorsement on the back of a check consisting only of a signature is a(n) (A) blank endorsement. (B) special endorsement. (C) restrictive endorsement. (D) incorrect endorsement. (A) blank endorsement
Created by: Benjamin321
 

 



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