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WorksheetsChapter 5 Cash Control Systems
Total questions: 20
Worksheet time: 12mins
Name
Class
Date
1.
In accounting, money is referred to as
a)
cash
b)
checks
c)
accounts receivable
d)
anything of value
2.
A business form ordering a bank to pay cash from a bank account is known as a(n)
a)
format
b)
cash transfer
c)
check
d)
promissory note
3.
A bank account from which payments can be ordered by a depositor is called a
a)
statement
b)
checking account
c)
saving's account
d)
despoistor's account
4.
Cash receipts are journalized
a)
at the end of the month
b)
at the end of the week
c)
when the bank deposit is made
d)
at the time cash is received
5.
No journalized entry is needed for deposits.
a)
true
b)
false
6.
When you sign only your name to the back of a check it is known as a(n)
a)
blank endorsement
b)
special endorsement
c)
restrictive endorsement
d)
none of these.
7.
Ownership of a check can be transfered only once.
a)
true
b)
false
8.
A check with a future date on it is called a
a)
futures check
b)
postdated check
c)
cancelled check
d)
voided check
9.
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
a)
deposit slip
b)
income statement
c)
balance sheet
d)
bank statement
10.
An outstanding check is one that has been issued but not yet reported on a bank statement.
a)
True
b)
False
11.
A check dishonored by the bank because of insufficient funds in the account of the maker of the check.
a)
dishonored check
b)
non-sufficient funds check
c)
voided check
d)
postdated check
12.
Using a memorandum as the source document for a dishonored check is an application of the accounting concept Objective Evidence.
a)
True
b)
False
13.
The source document for a debit card purchase is a purchase invoice.
a)
True
b)
False
14.
Voided checks should be recorded in the journal.
a)
True
b)
False
15.
An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a
a)
blank endorsement
b)
special endorsement
c)
restrictive endorsement
d)
deposit endorsement
16.
The entry to establish a $200.00 petty cash fund is
a)
debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00
b)
debit Cash, $200.00; credit Petty Cash, $200.00
c)
debit Miscellaneous Expense, $200.00; credit Cash, $200.00
d)
debit Petty Cash, $200.00; credit Cash, $200.00
17.
A petty cash fund is always replenished
a)
daily
b)
weekly
c)
at the end of the month
d)
none of these
18.
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
19.
An amount of cash kept on hand and used for making small payments.
a)
checking account
b)
quick cash
c)
petty cash
d)
pitty cash
20.
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
a)
endorsement
b)
EFT
c)
checking account
d)
debit card transaction
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