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Accounting Chp 5

Authored by Julie Hayes

Life Skills

10th - 12th Grade

Used 9+ times

Accounting Chp 5
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Voided checks should be recorded in the journal.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a. signature card.
b. check.
c. deposit slip.
d. none of these.

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