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WorksheetsAcctg Ch 5: Cash Controls
Total questions: 14
Worksheet time: 11mins
Name
Class
Date
1.
Ownership of a check cannot be transferred.
a)
True
b)
False
2.
When petty cash is replenished, Petty Cash is debited and Cash is credited.
a)
True
b)
False
3.
Using a memorandum as the source document for a dishonored check is an application of the accounting concept Objective Evidence.
a)
True
b)
False
4.
A bank requires that the signature of the person authorized to sign checks is included on the signature card.
a)
True
b)
False
5.
The source document for a debit card purchase is a purchase invoice.
a)
True
b)
False
6.
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
7.
The entry to establish a $200 petty cash fund is
a)
debit Petty Cash, $200; credit Misc Exp, $200
b)
debit Cash, $200; credit Petty Cash, $200
c)
debit Misc Exp, $200; credit Cash, $200
d)
debit Petty Cash, $200; credit Cash, $200
8.
An endorsement on the back of a check with "Pay to the order of" and a new check owner's name is a
a)
blank endorsement
b)
special endorsement
c)
restrictive endorsement
d)
deposit endorsement
9.
Each time cash or checks are placed in a bank account, the customer prepares a
a)
signature card
b)
check
c)
deposit slip
d)
none of these
10.
A petty cash fund is always replenished
a)
daily
b)
weekly
c)
at the end of the month
d)
none of these
11.
A lost check with a blank endorsement on it can be cashed by
a)
anyone who has the check
b)
only the person whose name follows "Pay to the order of"
c)
only the person who endorsed the check
d)
no one
12.
Cash short or over is classified as a(n)
a)
asset
b)
liability
c)
expense
d)
equity
13.
When cash is short, the entry to replenish petty cash includes a
a)
debit to Cash Short and Over
b)
credit to Cash Short and Over
c)
debit to Petty Cash
d)
credit to Misc Exp
14.
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
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