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Book/movie review
22/08/2022
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Question 1 of 20 |
5.0/ 5.0 Points |
How would outstanding checks be handled when reconciling the ending cash balance per the bank statement to the correct adjusted cash balance?
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[removed] A. They would be added to the balance of the bank statement. |
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[removed] B. They would be subtracted from the balance of the bank statement. |
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[removed] C. They would be added to the balance per books. |
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[removed] D. They would be ignored. |
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Question 2 of 20 |
0.0/ 5.0 Points |
A bank statement includes bank charges. On the bank reconciliation, the item is a/an
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[removed] A. addition to the balance per company books. |
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[removed] B. addition to the balance per bank statement. |
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[removed] C. deduction from the balance per bank statement. |
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[removed] D. deduction from the balance per company books. |
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Question 3 of 20 |
0.0/ 5.0 Points |
Using the following information, calculate the adjusted cash balance at the end of April.
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Bank statement ending cash balance |
$2,000 |
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General ledger cash balance ending |
3,250 |
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Bank monthly service charge |
45 |
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Deposits in transit |
2,500 |
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Outstanding checks |
1,500 |
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NSF check returned with bank statement |
205 |
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[removed] A. $3,000 |
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[removed] B. $4,250 |
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[removed] C. $4,000 |
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[removed] D. $5,500 |
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Question 4 of 20 |
5.0/ 5.0 Points |
Scotch Services received a credit memorandum from the bank. During the bank reconciliation, it should
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[removed] A. increase its cash account on the company’s books. |
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[removed] B. decrease its cash account on the company’s books. |
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[removed] C. increase the ending cash balance on the bank statement. |
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[removed] D. decrease the ending cash balance on the bank statement. |
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Question 5 of 20 |
5.0/ 5.0 Points |
Checks that have been processed by the bank and are no longer negotiable are
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[removed] A. outstanding checks. |
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[removed] B. canceled checks. |
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[removed] C. checks in process. |
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[removed] D. blank checks. |
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Question 6 of 20 |
0.0/ 5.0 Points |
The first two numbers of the ABA code listed on the check represent the
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[removed] A. Federal Reserve District. |
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[removed] B. check number. |
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[removed] C. routing number. |
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[removed] D. account number. |
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Question 7 of 20 |
0.0/ 5.0 Points |
Using the following information, determine the adjusted cash balance per bank for Santa’s Packaging on November 30.
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Cash balance on the bank statement |
$2,350 |
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Customer’s check returned—NSF |
500 |
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Customer’s note collected by the bank |
600 |
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Deposits in transit, November 30 |
1,400 |
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Outstanding checks, November 30 |
2,650 |
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[removed] A. $1,250 |
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[removed] B. $1,100 |
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[removed] C. $1,550 |
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[removed] D. $1,350 |
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Question 8 of 20 |
0.0/ 5.0 Points |
On a bank reconciliation, deposits added to the bank side are called
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[removed] A. deposits in transit. |
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[removed] B. late deposits. |
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[removed] C. deposits on hold. |
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[removed] D. outstanding deposits. |
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Question 9 of 20 |
5.0/ 5.0 Points |
Internal control over a company’s assets should include which of the following?
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[removed] A. Responsibilities and duties of employees will be divided. |
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[removed] B. All cash receipts will be deposited into the bank the same day they arrive. |
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[removed] C. All cash payments will be made by check (except petty cash). |
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[removed] D. All of the above |
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Question 10 of 20 |
0.0/ 5.0 Points |
If the bank charged another company’s check against Shoe Depot’s account, this would be included on the bank reconciliation as a/an
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[removed] A. addition to the balance per books. |
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[removed] B. subtraction from the balance per books. |
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[removed] C. addition to the balance per bank. |
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[removed] D. subtraction from the balance per bank. |
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Question 11 of 20 |
0.0/ 5.0 Points |
A blank endorsement on a check
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[removed] A. can be further endorsed by someone else. |
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[removed] B. cannot be further endorsed by someone else. |
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[removed] C. is the safest type of endorsement. |
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[removed] D. permits only the original endorser to get the money. |
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Question 12 of 20 |
5.0/ 5.0 Points |
Advantages of online banking include
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[removed] A. convenience. |
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[removed] B. transaction speed. |
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[removed] C. effectiveness. |
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[removed] D. All of the above |
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Question 13 of 20 |
5.0/ 5.0 Points |
If the written amount on the check doesn’t match the amount expressed in figures, the bank may
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[removed] A. pay the amount written in words. |
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[removed] B. return the check unpaid. |
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[removed] C. contact the drawer to see what was meant. |
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[removed] D. All of the above |
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Question 14 of 20 |
5.0/ 5.0 Points |
A restrictive endorsement on a check
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[removed] A. can be further endorsed by someone else. |
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[removed] B. is the safest endorsement for businesses. |
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[removed] C. permits the bank to use its best judgment. |
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[removed] D. None of the above |
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Question 15 of 20 |
0.0/ 5.0 Points |
From the bank reconciliation, no entry was recorded for deposits in transit. This would cause
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[removed] A. assets to be overstated. |
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[removed] B. assets to be understated. |
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[removed] C. no impact since deposits in transit are already included in the balance per books. |
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[removed] D. no impact since deposits aren’t recorded on the books. |
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Question 16 of 20 |
0.0/ 5.0 Points |
Company policy for internal control should include all of the following except for which one?
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[removed] A. Employees will be rotated. |
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[removed] B. Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks. |
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[removed] C. The owner (or responsible employee) signs all checks after receiving authorization to pay from the departments concerned. |
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[removed] D. At time of payment, all supporting invoices or documents will be stamped “paid.” |
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Question 17 of 20 |
5.0/ 5.0 Points |
The bank statement shows
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[removed] A. the beginning bank balance of the cash at the start of the month. |
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[removed] B. the checks the bank has paid and any deposits received. |
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[removed] C. any other charges or additions to the bank balance. |
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[removed] D. All of the above |
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Question 18 of 20 |
0.0/ 5.0 Points |
The journal entry to reverse the entry of a customer’s nonsufficient-funds check would include a
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[removed] A. debit to Cash. |
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[removed] B. credit to Cash. |
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[removed] C. debit to Accounts Payable. |
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[removed] D. credit to Accounts Receivable. |
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Question 19 of 20 |
0.0/ 5.0 Points |
A full endorsement on a check
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[removed] A. is the same as a blank endorsement. |
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[removed] B. can be endorsed only by the person or company named in the original endorsement. |
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[removed] C. is the safest endorsement for businesses. |
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[removed] D. None of the above |
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Question 20 of 20 |
0.0/ 5.0 Points |
Outstanding checks
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[removed] A. have been subtracted on the bank records but not the checkbook records. |
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[removed] B. haven’t been presented to the bank for payment and haven’t been subtracted from the checkbook. |
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[removed] C. haven’t been presented to the bank for payment but have been subtracted in the checkbook. |
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[removed] D. have been returned to the business for nonpayment. |
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