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Accounting Concepts Quiz

Authored by Michelle Bruce

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12th Grade

Accounting Concepts Quiz
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If any kind of error is made in preparing a check, what should be done?

VOID should be written on the check.

VOID should be written on the check stub.

A new check should be prepared.

All of the above.

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What is included in the entry to replenish petty cash when cash is short?

Debit to Cash Short and Over.

Credit to Cash Short and Over.

Debit to Petty Cash.

Credit to Miscellaneous Expense.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is Cash Short and Over classified?

Asset.

Liability.

Expense.

Equity.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a customer prepare each time cash or checks are placed in a bank account?

Signature card.

Check.

Deposit slip.

None of these.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the entry to establish a $200.00 petty cash fund?

Debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00.

Debit Cash, $200.00; credit Petty Cash, $200.00.

Debit Miscellaneous Expense, $200.00; credit Cash, $200.00.

Debit Petty Cash, $200.00; credit Cash, $200.00.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who can cash a lost check with a blank endorsement on it?

Anyone who has the check.

Only the person whose name follows the words 'Pay to the order of.'

Only the person who endorsed the check.

No one.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is a petty cash fund always replenished?

Daily.

Weekly.

At the end of the month.

None of these.

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