Accounting Concepts Quiz

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.

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.

How is Cash Short and Over classified?

• Asset.

• Liability.

• Expense.

• Equity.

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

• Signature card.

• Check.

• Deposit slip.

• None of these.

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.

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.

When is a petty cash fund always replenished?

• Daily.

• Weekly.

• At the end of the month.

• None of these.

What is an endorsement on the back of a check consisting of the words 'Pay to the order of' and a new check owner's name?

• Blank endorsement.

• Special endorsement.

• Restrictive endorsement.

• Deposit endorsement.

What is an endorsement on the back of a check consisting only of a signature?

• Blank endorsement.

• Special endorsement.

• Restrictive endorsement.

• Incorrect endorsement.