
Accounting I - Chapter 5
Flashcard
•
10th - 12th Grade
•
Practice Problem
•
Hard
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14 questions
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1.
FLASHCARD QUESTION
Front
An outstanding check is one that has been issued but not yet reported on a bank statement.
Back
True
2.
FLASHCARD QUESTION
Front
The petty cash fund is a liability with a normal debit balance.
Back
False
3.
FLASHCARD QUESTION
Front
When petty cash is replenished, Petty Cash is debited and Cash is credited.
Back
False
4.
FLASHCARD QUESTION
Front
The source document for an electronic funds transfer is a memorandum.
Back
True
5.
FLASHCARD QUESTION
Front
Voided checks should be recorded in the journal.
Back
True
6.
FLASHCARD QUESTION
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.
7.
FLASHCARD QUESTION
Front
An endorsement on the back of a check consisting only of a signature is a(n)
Back
blank endorsement
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