Chapter 5- Accounting

Ownership of a check cannot be transferred.

• True
• False

Voided checks should be recorded in the journal.

• True
• False

Using a memo as the source doc for a dishonored check is Objective Evidence concept

• True
• False

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

• True
• False

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

• True
• False

The source doc for a debit card purchase is a memorandum.

• True
• False

The source doc for an electronic funds transfer is a check.

• True
• False

A bank requires that the signature of the person who signs checks is on the signature card.

• True
• False

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

• True
• False

A check with a blank endorsement can be cashed by anyone who has the check.

• True
• False