Chapter 5 Quiz Warmup

What type of endorsement is this?

• Special

• Restrictive

• Blank

A ______________ is a report of deposits, withdrawals, and your bank balance given to you from the bank

• Bank Statement

• Checking Account

• Void Check

• Petty Cash Report

Which of these is a reason a bank may dishonor a check?

• The numbers and words on the check do not match

• The check is written for a date from last month

• The check is signed in blue ink

• The check is for more than $1,000

Bank Reconciliation is best described as...

• The process of comparing your records with the bank statement to check for any errors or differences

• The process of recording transactions in your general journal

• The process of tracking what you spend petty cash on

• The process of calculating your company's net worth

Often bank statements and your records do not match NOT because of errors but because of ___________

• Outstanding checks and outstanding deposits

• Void checks and void deposits

• Canceled Checks and Canceled Deposits

• Dishonored Checks and Dishonored Deposits

What is most likely to have errors?

• Cash Transactions

• Debit Card Transactions

• EFT Transactions

• Accounts Payable Transactions

You need to write the numbers on a check two ways: Numbers and Words ($20 and "twenty dollars")

• True

• False

• It Depends

Electronic Funds Transfers (EFTs) use ___________ as source docs

• receipts

• memorandums

• check numbers

• invocies

You just bought supplies with an EFT. How would you record this in the journal?

• DEBIT: Supplies CREDIT: Cash

• DEBIT: Supplies CREDIT: EFT

• DEBIT: Cash CREDIT: Supplies

• DEBIT: EFT CREDIT: Supplies

After each petty cash purchase you fill out a _________ to show proof of that purchase. At the end of the month you fill out a _________ showing all petty cash purchases made.

• Petty Cash Slip Petty Cash Report

• Petty Cash Report Petty Cash Slip

• Petty Cash Slip Bank Statement

• Petty Cash Report Bank Statement