Accounting Chapter 5

Front

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

Back

True

Front

When petty cash is replenished, Petty Cash is debited and Cash is credited. True or False?

Back

False

Front

Voided checks should be recorded in the journal.

Back

True

Front

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

Back

True

Front

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

Back

False

Front

If any kind of error is made in preparing a check, what should be done? Options: 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.

Back

all of the above.

Front

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

Back

debit to Cash Short and Over.

Front

Cash Short and Over is classified as a(n)

Back

expense.

Front

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

Back

deposit slip.

Front

The entry to establish a $200.00 petty cash fund is:

Back

debit Petty Cash, $200.00; credit Cash, $200.00.