WorksheetsAcct 5: Cash Control Systems
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
What occurs when accountants verify that the info listed matches the info in the checkbook?
a)
Reconciliation
b)
Balancing
c)
Journalizing
d)
Posting
2.
An an endorsement consisting only of the endorser’s signature is known as a ___________________.
a)
Blank endorsement
b)
Special endorsement
c)
Restrictive endorsement
3.
What is the term for a bank account from which payments can be ordered by a depositor?
a)
Savings account
b)
Checking account
4.
What source document is most likely to be used for an EFT transaction?
a)
Memo
b)
Receipt
c)
Sales invoice
d)
Calculator tape
5.
T/F: Debit & credit cards are the same thing.
a)
True
b)
False
6.
This type of endorsement prevents unauthorized persons from cashing the check if it is lost or stolen.
a)
Blank endorsement
b)
Special endorsement
c)
Restrictive endorsement
7.
T/F: Cash receipts are journalized at the time cash is received.
a)
True
b)
False
8.
A check that contains errors must be marked as _____________________.
a)
VOID
b)
NSF
c)
EFT
d)
REV$
9.
What is an endorsement indicating a new owner of a check?
a)
Blank endorsement
b)
Special endorsement
c)
Restrictive endorsement
10.
T/F: Dishonored checks positively influence one's credit score.
a)
True
b)
False
11.
T/F: Writing checks is not always time or cost effective.
a)
True
b)
False
12.
Cashed checks are usually kept on file at the bank and are referred to as _______________.
a)
Cancelled checks
b)
Voided checks
c)
NSF checks
d)
Bounced checks
13.
What type of normal balance does petty cash have?
a)
Normal debit balance
b)
Normal credit balance
14.
What must be completed each time cash or checks are placed in a bank account?
a)
Deposit slip
b)
Petty cash slip
c)
Checking account slip
d)
Money tracking slip
15.
Check stubs with NO checkmark indicate a(n) __________________?
a)
Outstanding check
b)
NSF check
c)
Void check
d)
Cancelled check
16.
Which of the following reasons explains why a check might be dishonored?
a)
The check appears to be altered
b)
The check is written properly
c)
The check's dollar amount is listed
d)
The check has the routing number listed
17.
How do most businesses make "cash" transactions?
a)
Through a check
b)
Through cash
c)
Through a debit card
d)
Through EFT
18.
What term is used to describe check that a bank refuses to pay?
a)
Dishonored check
b)
Outstanding check
c)
Cancelled check
d)
Bank check
19.
When is petty cash replenished?
a)
At the end of the month OR when it is low
b)
When it is low OR at the end of the year
c)
Every fiscal period OR at the end of the month
d)
At the end of the month OR when transactions are recorded
20.
An amount of cash kept on hand & used for making small payments is known as _______________?
a)
Petty cash
b)
Cash on hand
c)
Miscellaneous cash
d)
Posted cash
100 %
