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WorksheetsAccounting Chapter 5
Total questions: 14
Worksheet time: 7mins
Name
Class
Date
1.
An outstanding check is one that has been issued but not yet reported on a bank statement.
a)
True
b)
False
2.
When petty cash is replenished, Petty Cash is debited and Cash is credited.
a)
True
b)
False
3.
Voided checks should be recorded in the journal.
a)
True
b)
False
4.
The source document for an electronic funds transfer is a memorandum.
a)
True
b)
False
5.
The petty cash fund is a liability with a normal debit balance.
a)
True
b)
False
6.
If any kind of error is made in preparing a check,
a)
a. VOID should be written on the check.
b)
b. VOID should be written on the check stub.
c)
c. a new check should be prepared.
d)
d. all of the above.
7.
When cash is short, the entry to replenish petty cash includes a
a)
a. debit to Cash Short and Over.
b)
b. credit to Cash Short and Over.
c)
c. debit to Petty Cash.
d)
d. credit to Miscellaneous Expense.
8.
Cash Short and Over is classified as a(n)
a)
a. asset.
b)
b. liability.
c)
c. expense.
d)
d. equity.
9.
Each time cash or checks are placed in a bank account, the customer prepares a
a)
a. signature card.
b)
b. check.
c)
c. deposit slip.
d)
d. none of these.
10.
The entry to establish a $200.00 petty cash fund is
a)
a. debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00.
b)
b. debit Cash, $200.00; credit Petty Cash, $200.00.
c)
c. debit Miscellaneous Expense, $200.00; credit Cash, $200.00.
d)
d. debit Petty Cash, $200.00; credit Cash, $200.00.
11.
A lost check with a blank endorsement on it can be cashed by
a)
a. anyone who has the check.
b)
b. only the person whose name follows the words “Pay to the order of.”
c)
c. only the person who endorsed the check.
d)
d. no one.
12.
A petty cash fund is always replenished
a)
a. daily.
b)
b. weekly.
c)
c. at the end of the month.
d)
d. none of these.
13.
An endorsement on the back of a check consisting of the words “Pay to the order of”and a new check owner’s name is a
a)
a. blank endorsement.
b)
b. special endorsement.
c)
c. restrictive endorsement.
d)
d. deposit endorsement.
14.
An endorsement on the back of a check consisting only of a signature is a(n)
a)
a. blank endorsement.
b)
b. special endorsement.
c)
c. restrictive endorsement.
d)
d. incorrect endorsement.
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