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WorksheetsAccounting Chp 5
Total questions: 22
Worksheet time: 11mins
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.
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.
8.
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.
9.
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.
10.
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.
11.
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.
12.
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.
13.
The bank statement shows a checking account balance of $5500. There are outstanding checks totaling $600, an outstanding deposit of $400, and a bank service charge of $15. The Cash account balance should be
a)
$5300
b)
$5700
c)
$5285
d)
none of these
14.
An endorsement on the back of a check indicating that the check is to be accepted for deposit only
a)
blank endorsement
b)
special endorsement
c)
restrictive endorsement
d)
signature endorsement
15.
Ownership of a check cannot be transferred.
a)
True
b)
False
16.
In order to control cash, one common method is to ensure that cash payments are paid by pre-numbered checks.
a)
True
b)
False
17.
When the petty cash fund is replenished, the balance of the petty cash account increases.
a)
True
b)
False
18.
As petty cash is paid out, the balance of the petty cash account decreases.
a)
True
b)
False
19.
A check with a blank endorsement can be cashed by anyone who has the check.
a)
True
b)
False
20.
Using a memorandum as the source document for a dishonored check is an application of the accounting concept Objective Evidence.
a)
True
b)
False
21.
A bank requires that the signature of the person authorized to sign checks be on the signature card.
a)
True
b)
False
22.
The source document for a debit card purchase is a memorandum.
a)
True
b)
False
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