Accounting I - Chapter 5

Front

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

Back

True

Front

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

Back

False

Front

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

Back

False

Front

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

Back

True

Front

Voided checks should be recorded in the journal.

Back

True

Front

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

Back

VOID should be written on the check, VOID should be written on the check stub, a new check should be prepared.

Front

An endorsement on the back of a check consisting only of a signature is a(n)

Back

blank endorsement

Front

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

Back

special endorsement

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