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WorksheetsAccounting PT Review
Total questions: 25
Worksheet time: 19mins
A business form ordering a bank to pay cash from a bank account is a ____.
deposit slip
check
signature card
none of the above
A signature or stamp on the back of a check transferring ownership is ____.
an endorsement
a deposit slip
a signature card
none of the above
A lost check with a blank endorsement on it can be cashed by ____.
only the person who endorsed the check
only the person whose name follows the words "Pay to the order of"
no one
anyone who has the check
An endorsement on the back of a check consisting only of a signature is ____.
a special endorsement
a blank endorsement
an incorrect endorsement
a restrictive endorsement
If a check is endorsed on the back with the words "For deposit only," the check can be cashed by ____.
the person whose name follows "Pay to the order of"
no one--it must be deposited
anyone who has the check
only the person who signed the check
If any kind of error is made in preparing a check, ____.
VOID should be written on the check
a new check should be prepared
VOID should be written on the check stub
all of the above
The source document for journalizing a bank service charge is a ____.
memorandum
receipt
check
none of the above
The source document for journalizing an electronic funds transfer is a ____.
memorandum
receipt
check
none of the above
The entry to establish a $200.00 petty cash fund is ____.
debit Cash, $200.00; credit Petty Cash, $200.00
debit Petty Cash, $200.00; credit Miscellaneous Expense, $200.00
debit Petty Cash, $200.00; credit Cash, $200.00
debit Miscellaneous Expense, $200.00; credit Cash, $200.00
A form showing proof of a petty cash payment is a ____.
journal
petty cash check stub
check
petty cash slip
A petty cash fund is always replenished ____.
daily
weekly
at the end of the month
none of the above
The bank statement shows a checking account balance of $5,500.00. There are outstanding checks totaling $600.00, an outstanding deposit of $400.00, and a bank service charge of $15.00. The checking account balance should be ____.
$5,285.00
$5,300.00
$5,700.00
none of the above
Assuring that financial statements contain all information necessary to understand a business's financial condition is an application of the accounting concept ____.
Adequate Disclosure
Going Concern
Objective Evidence
Accounting Period Cycle
Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept ____.
Adequate Disclosure
Going Concern
Objective Evidence
Accounting Period Cycle
An income statement reports a business's financial ____
condition over a specific period of time.
progress over a specific period of time.
condition on a specific date.
progress on a specific date.
A balance sheet reports a business's financial ____.
condition over a specific period of time.
progress over a specific period of time.
condition on a specific date
progress on a specific date.
The sections of an income statement are ____.
assets, liabilities, and owner's equity
heading, revenue, expenses, and net income or net loss
assets, liabilities, and net income or net loss
assets, revenue, and net income or net loss
The date on a monthly income statement prepared on July 31 is written as ____.
For Month Ended July 31, 2019
July 31, 2019
2019, July 31
none of the above
Information needed to prepare an income statement's revenue section is obtained from a work sheet's Account Title column and ____.
Income Statement Debit column
Income Statement Credit column
Balance Sheet Debit column
Balance Sheet Credit column
Information needed to prepare an income statement's expense section is obtained from a work sheet's Account Title column and ____.
Income Statement Debit column
Income Statement Credit column
Balance Sheet Debit column
Balance Sheet Credit column
The amount of net income calculated on an income statement is correct if ____.
it is the same as net income shown on the work sheet
debits equal credits
it is the same as the balance sheet
none of the above
The percentage relationship between one financial statement item and the total that includes that item is ____.
an adjustment
an endorsement
a component percentage
none of the above
The formula for calculating the total expenses component percentage is ____.
total expenses divided by total sales equals total expenses component percentage
total sales divided by total expenses equals total expenses component percentage
total sales minus total expenses divided by net income equals total expenses component percentage
none of the above
Information needed to prepare a balance sheet assets section is obtained from a work sheet's Account Title column and ____.
Income Statement Debit column
Income Statement Credit column
Balance Sheet Debit column
Balance Sheet Credit column
Information needed to prepare a balance sheet liabilities section is obtained from a work sheet's Account Title column and ____.
Income Statement Debit column
Income Statement Credit column
Balance Sheet Debit column
Balance Sheet Credit column
