Accounting 1: Chapter 5 Flashcard - Cash Control Systems

Front

An itemized record of all transactions in a depositor's account over a given period, usually a month.

Back

Bank Statement

Front

Checks that have been paid and deducted from the depositor's account

Back

Canceled Checks

Front

Checks that have been written but have not yet been presented to the bank for payment

Back

Outstanding Checks

Front

A fee for maintaining bank records and processing bank statement items for the depositor

Back

Bank Service Charge

Front

A check returned to the depositor by the bank because the drawer's checking account does not have enough funds to cover the amount

Back

NSF Check

Front

A check with a future date

Back

Postdated Check

Front

What would be the journal entry to replenish a petty cash fund that was initially established with $200 after a gas purchase of $25, a paper purchase of $32, and a miscellaneous expense of $15?

Back

Debit: Fuel Expense ($25), Supplies ($32), Misc. Expenses ($15); Credit: Cash ($72)

Front

Which of the following accounts would be credited to set up a petty cash fund? Cash, Petty cash, Withdrawals, Miscellaneous expense

Back

Cash

Front

In accounting, money is generally referred to as​

Back

cash

Answer explanation

Most businesses make major cash payments by check. However, small cash payments for items such as postage and some supplies may be made from a cash fund kept at the place of business.

Front

A bank form that lists the checks, currency, and coins that an account holder is adding to the bank account is called

Back

deposit slip