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WorksheetsAccounting - Cash Controls
Total questions: 10
Worksheet time: 5mins
The bank listed a $400 deposit as $4,000. Which of the following is how this error would be listed on a bank reconciliation?
Bank service charges
Adjusted bank balance
C. Bank error which overstated the balance
Bank error which understated the balance
Which of the following refers to money being exchanged between businesses and customers electronically?
Automatic fund deposit
Electronic cash withdrawal
Automatic cash withdrawal
Electronic funds transfer
A petty cash fund was initially established with $200.
A gas purchase of $25,
a paper purchase of $32
and a miscellaneous expense of $15 were made.
What would be the journal entry to replenish the fund?
Debit: Cash ($72); Credit: Petty Cash ($72)
Debit: Petty Cash ($200); Credit: Cash ($200)
Debit: Fuel Expense ($25), Supplies ($32), Misc. Expenses ($15); Credit: Cash ($72)
Debit: Cash ($72); Credit: Fuel Expense ($25), Supplies ($32), Misc. Expenses ($15)
Which of the following refers to the process of verifying the bank statement amounts match company cash amounts?
Bank adjustment
Bank reconciliation
Statement revision
Company cash reconciliation
Which of the following accounts would be credited to set up a petty cash fund?
Cash
Petty cash
Withdrawals
Miscellaneous expense
Which of the following is how interest income is handled on a bank reconciliation?
Added to the balance per bank
Added to the balance per book
Subtracted from the balance per bank
Subtracted from the balance per book
Which of the following is how deposits in transit are handled on a bank reconciliation?
Added to the balance per bank
Added to the balance per book
Subtracted from the balance per bank
Subtracted from the balance per book
Which of the following refers to transactions which require two people in order to be completed?
Dual control
Dual process
Dual comparison
Employee transactions
Which of the following refers to taking money out of a bank?
Controlling
Assisting
Depositing
Withdrawing
A deposit was made on November 29 and the bank statement was printed on November 28. How would the deposit be listed on the bank reconciliation?
Deposits in transit
Outstanding checks
Bank service charges
Bank error which understated the balance
