Accounting Chapter 5

Accounting Chapter 5

Assessment

Flashcard

11th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

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47 questions

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1.

FLASHCARD QUESTION

Front

In accounting, money is usually referred to as cash.

Back

True

2.

FLASHCARD QUESTION

Front

Most businesses make major payments with cash.

Back

False

3.

FLASHCARD QUESTION

Front

Ownership of a check cannot be transferred.

Back

False

4.

FLASHCARD QUESTION

Front

If a bank does not receive payment from the person who signed the check, each endorser of the check is individually liable for payment.

Back

True

5.

FLASHCARD QUESTION

Front

Blank endorsements should be used when sending checks through the mail.

Back

False

6.

FLASHCARD QUESTION

Front

Voided checks should be recorded in the journal.

Back

True

7.

FLASHCARD QUESTION

Front

When a bank statement is received, the depositor should verify its accuracy immediately.

Back

True

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