WorksheetsChapter 5 Quiz
Total questions: 13
Worksheet time: 7mins
What is a checking account?
A bank account from which payments can be ordered by a depositor
A report of deposits, withdrawals, and bank balances sent to a depositor
An amount of cash kept on hand and used for making small payments
A check that a bank refuses to pay
What is an endorsement?
A signature or stamp on the back of a check transferring ownership
Signature only
An endorsement indicating a new owner of a check
An endorsement restricting further transfer of a check’s ownership
What is a blank endorsement?
A bank account from which payments can be ordered by a depositor
A signature or stamp on the back of a check transferring ownership
Signature only
An endorsement indicating a new owner of a check
What is a restrictive endorsement?
A bank account from which payments can be ordered by a depositor
An endorsement restricting further transfer of a check’s ownership
Signature only
An endorsement indicating a new owner of a check
What is a special endorsement?
A bank account from which payments can be ordered by a depositor
A signature or stamp on the back of a check transferring ownership
Signature only
An endorsement indicating a new owner of a check
What is a postdated check?
A check with a future date on it
A bank account from which payments can be ordered by a depositor
An amount of cash kept on hand and used for making small payments
A check that a bank refuses to pay
What is petty cash?
A bank account from which payments can be ordered by a depositor
An amount of cash kept on hand and used for making small payments
A check that a bank refuses to pay
A report of deposits, withdrawals, and bank balances sent to a depositor
A report of deposits, withdrawals, and bank balances sent to a depositor
checking account
bank statement
savings account
petty cash report
Reasons why a check would be dishonored?
Signature does not match
It is postdated
Something is altered on the check
There are sufficient funds in the account
What is the purpose of the bank reconciliation?
To notify the bank of any changes
To make sure your checking account and bank statement are the same.
To make sure your checking account and bank statement are not the same
When do businesses replenish petty cash?
When it gets too high
Always at the end of the month
When the accountant tells you to do so
When it gets too low
Why must businesses replenish petty cash at the end of the month?
Accounting Concept: Matching Expenses with Revenue
Accounting Concept: Realization of Revenue
Accounting Concept: Unit of Measurement
Accounting Concept: Objective Evidenct
Reasons why a check would be dishonored?
There are non-sufficient funds in the account
There is a stop payment on the check
The amounts in figures and words do not match
There is nothing written in the "For" line
