Cash & Internal Controls

Due to modern technology, most people prefer to do their banking...

• In person

• Online

• On the weekends

• Only if there is an issue

Accountants still prepare and use physical bank account documents. The most common paper documents are...

• Receipts & Invoices

• Trial Balance & Ledgers

• Checks & Deposit slips

• Assets & Liabilities

There are two types of endorsements (signatures) you can use with checks. They are for ____ & _____.

• Savings & Investments

• Transfer & Deposit

• Donation & Charity

• Public & Private

A ____________ is a document that provides information on the amount of money a customer wants added to his/her account.

• Current Balance

• Stop Payment

• Bank Statement

• Deposit Slip

A stop payment is an legal request made by the payer that her/his financial institution should not honor a written check.

• True

• False

When someone compares the list of transactions in the bank statement to the list of transactions in the company’s books, they are said to be doing...

• Bank Reconciliation

• Error Accounting

• Making a list and checking it twice

• Closing the books

We regularly reconcile our bank statements each month so that we are make sure that we are...

• Managing our money wisely

• Making sure our records match

• Finding and correcting errors

• All of the above

What is one of the most commonly missed items on a balance sheet that shows up in bank statements when we reconcile?

• Sales Tax

• Deferred Earnings

• Deposits

• Bank Fees

Cash is commonly referred to in the banking industry as a "_____" asset.

• Fluid

• Hard

• Liquid

• Fun

The term "Cash" in accounting only refers to paper money and coins.

• True

• False