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WorksheetsA1: Chapter 5 Review
Total questions: 16
Worksheet time: 24mins
A bank form which lists the checks, currency, and coins an account holder is adding to the bank account
check
deposit slip
checking account
petty cash slip
an endorsement limiting further transfer of a check's ownership
(a)
a check that has been paid by the bank
deposit
NSF check
canceled check
petty cash
an amount of cash kept on hand and used for making small payments
petty cash
deposit
NSF check
EFT
Which account is debited to establish the petty cash account?
(a)
A petty cash on hand amount that is less than a recorded amount
(a)
paid cash to replenish a petty cash fund that was used for miscellaneous expense debits what account?
miscellaneous expense
cash
petty cash
supplies
Why does a business use a petty cash fund? Select all that apply.
to make small payments without writing checks
to pay cash for large vendor purchases
to pay cash for employees' salaries
when writing a check is neither time nor cost effective
When the petty cash fund is replenished, the balance of the petty cash account increases.
TRUE
FALSE
An outstanding check is one that has
been cashed
not yet been cashed
Which of the following would be an appropriate use of Petty Cash?
withdrawal by the owner
purchase of stamps
pay off a loan
cash for an employee's birthday card
Reconciliation of overage or shortage of petty cash is done through:
the capital account
the cash over and short account
the accounts payable account
the cash account
What is the primary purpose of a bank reconciliation?
To prepare financial statements
To verify the accuracy of the bank statement and the company's records
To calculate interest earned
To determine the amount of outstanding checks
Which of the following is NOT typically a reason for a discrepancy in a bank reconciliation?
Deposits in transit
Employee salary adjustments
Bank errors
Outstanding checks
What is the term for a check that cannot be processed because the account holder has insufficient funds?
Outstanding check
NSF check
Canceled check
Petty cash check
What section are you in?
1
2
3
