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Chapter 6
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Purpose
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/9/2017 1:44 AM
2. Which data are generally not included on a check?
a. Date of the check
b. Signature of the party writing the check
c. Address of the payee
d. Amount the bank is to pay the payee
e. Name of the bank on which the check was drawn
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Business Forms
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
ANSWER: e
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Financial Statements
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/6/2017 6:31 AM
4. Which of the following gives a bank a copy of the official signatures of any persons authorized to sign checks?
a. A loan statement
b. A signature card
c. A visiting card
d. A memo statement
e. A payee card
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Financial Statements
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/10/2017 12:52 AM
5. A check issued to a creditor in the amount of $35 was recorded in the journal as $350. In the bank reconciliation, the
correction would be recorded as a(n)
a. deduction from the bank statement balance.
b. addition to the bank statement balance.
c. deduction from the ledger balance of cash.
d. addition to the ledger balance of cash.
e. addition to a revenue account.
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
6. Which of the following is deducted from the ledger balance of cash in a bank reconciliation statement?
a. A bank service charge
b. A deposit in transit
c. A bank note redeemed
d. A check collected
e. A bank credit memo
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/10/2017 2:49 AM
7. All of the following are items that cause a difference between the bank balance and the book balance except
a. NSF checks.
b. deposits in transit.
c. outstanding checks.
d. canceled checks.
e. bank service charges.
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
8. In a bank reconciliation, a $400 NSF check is
a. deducted from the ledger balance.
b. added to the ledger balance.
c. deducted from the bank balance.
d. added to the bank balance.
e. ignored.
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
9. The ledger balance of cash may differ from the bank statement balance because of
a. NSF checks.
b. outstanding checks.
c. service charges.
d. deposits in transit.
e. all of these.
ANSWER: e
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
10. B. Hallonon shows a balance in her Cash account of $360, but the bank statement just received shows a balance of
$460. The difference of $100 may be caused by
a. an NSF check for $100.
b. an outstanding check for $100.
c. a debit memo for $100.
d. a deposit in transit of $100.
e. interest income of $50.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
11. Which of the following would be added to the bank statement balance of cash?
a. Note collected by bank
b. Service charges
c. Deposits in transit
d. Outstanding checks
e. NSF checks
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
12. A check written for $68.30 in payment of an account was recorded on the books as $86.30. On a bank
reconciliation, this will appear as a(n)
a. addition to the bank balance for $18.
b. deduction from the bank balance for $18.
c. addition to the ledger balance for $18.
d. deduction from the ledger balance for $18.
e. addition to the bank balance of $36.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
ANSWER: e
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
14. On a bank statement, a deposit of $402 was recorded as $204. The difference of $198 should be treated as a(n)
a. deduction from the ledger balance of cash.
b. addition to the bank statement balance.
c. deduction from the bank statement balance.
d. addition to the ledger balance of cash.
e. addition to the Sales account.
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
15. Accompanying the bank statement is a debit memorandum for an NSF check for $120. This item would be included
on the bank reconciliation as a(n)
a. addition to the bank statement balance.
b. deduction from the bank statement balance.
c. addition to the ledger balance of cash.
d. deduction from the ledger balance of cash.
e. addition to a revenue account.
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
16. The amount of cash appearing on the November 30 balance sheet is the amount
a. reported on the November 30 bank statement.
b. shown as the adjusted balance on the bank reconciliation statement.
c. of cash added to the book balance on the bank reconciliation.
d. of cash deducted from the book balance on the book reconciliation.
e. reported on the October 31 bank statement.
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
17. After preparing the bank reconciliation, journal entries must be prepared for
a. any errors made on the books revealed by the bank reconciliation.
b. any errors made by the bank revealed by the bank reconciliation.
c. all items on the bank's side.
d. only outstanding checks.
e. only deposits in transit.
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
18. Which of the following is the journal entry to record a NSF (non-sufficient funds) check received from a customer?
a. Debit to Accounts Receivable and a credit to Cash
b. Debit to Sales Expense and a credit to Accounts Payable
c. Debit to Bad Debts and a credit to Other Income
d. Debit to Payments and a credit to Cash
e. Debit to Cash and a credit to Accounts Payable
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Financial Statements
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/10/2017 8:57 AM
19. Manx Company's bank statement shows that a note receivable of $15,000 and interest of $1,050 were collected by
the bank on behalf of the depositor. The entry required on the company's books is
a. debit Cash; credit Notes Receivable.
b. debit Cash; debit Interest Expense; credit Notes Receivable.
c. debit Cash; debit Interest Income; credit Notes Receivable.
d. debit Cash; credit Interest Income; credit Notes Receivable.
e. debit Notes Receivable; credit Cash; credit Interest Income.
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
20. An NSF check held by the payee should be carried on the payee's records as
a. Cash Short and Over.
b. an account receivable.
c. an account payable.
d. part of cash on hand.
e. a note receivable.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
21. Two bank statement amounts that require journal entries are
a. collection of a note receivable and deposits in transit.
b. bank service charges and an NSF check.
c. outstanding checks and an error in recording a check.
d. deposits in transit and bank service charges.
e. deposits in transit and outstanding checks.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
22. When a Petty Cash Fund has been established, which of the following relationships should be true at all times?
a. Petty Cash Fund = Cash in the petty cash box − Petty cash vouchers
b. Petty Cash Fund = Petty cash vouchers
c. Petty Cash Fund = Cash in the petty cash box + Petty cash vouchers
d. Petty Cash Fund = Cash in the petty cash box
e. Petty Cash Fund = Cash in the petty cash box − $100
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
24. If the Petty Cash Fund is not replenished on the balance sheet date,
a. income will be understated.
b. both assets and liabilities will be understated.
c. assets will be understated.
d. liabilities will be overstated.
e. both assets and income will be overstated.
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
25. A Petty Cash Fund established with a $300 balance had petty cash receipts totaling $269 and cash in the amount of
$31. The entry to replenish the fund would include a
a. credit to Cash for $269.
b. debit to Petty Cash Fund for $269.
c. debit to various expenses for $31.
d. credit to Petty Cash Fund for $269.
e. credit to various expenses for $269.
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
26. A Petty Cash Fund established for a $250 balance had petty cash receipts totaling $219 and cash in the amount of
$31. The entry to replenish the fund would include a
a. credit to Petty Cash Fund for $219.
b. credit to Cash for $250.
c. debit to Petty Cash Fund for $219.
d. debit to the various accounts money was spent on for $219.
e. debit to Petty Cash Fund for $250.
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
27. The amount of the Petty Cash Fund should be included on the bank reconciliation as
a. an addition to the book balance of cash.
b. an addition to the bank statement balance.
c. a deduction from the bank statement balance.
d. a part of a late deposit.
e. The Petty Cash Fund is not included on the bank reconciliation.
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
28. Which of the following statements is true about a debit balance in a Change Fund?
a. It is classified as a revenue account and is recorded on the income statement.
b. It is classified as an asset and is recorded on the balance sheet.
c. It is classified as a miscellaneous expense and is recorded on the income statement.
d. It is classified as a liability and is recorded on the balance sheet.
e. It is classified as owner's equity and is recorded on the balance sheet.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Financial Statements
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/6/2017 6:45 AM
29. At the end of the day, $443 in cash is in the register, and the amount of the Change Fund is $100. If the cash register
tape indicates $345, which of the following journal entries should be made?
a. Debit Cash, $345; credit Sales, $345
b. Debit Cash, $443; credit Sales, $443
c. Debit Cash, $443; credit Cash Short and Over, $98; credit Sales, $345
d. Debit Cash, $343; debit Change Fund, $100; credit Sales, $443
e. Debit Cash, $343; debit Cash Short and Over $2; credit Sales $345
ANSWER: e
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
30. At the end of fiscal year, if the cash short and over account has a credit balance, the amount is reported on the:
a. income statement under Bad Debts.
b. balance sheet under Owner's Equity.
c. income statement under Miscellaneous Income.
d. balance sheet under Current Liabilities.
e. income statement under Non-Operating Expenses.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Financial Statements
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/10/2017 1:38 AM
31. The system of policies and procedures that a company sets to protect its assets are known as:
a. a lockbox system.
b. critical control system.
c. a reconciliation system.
d. a standard system.
e. internal control system.
ANSWER: e
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-1 - LO: 6-1
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Internal Control
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/10/2017 1:40 AM
32. Which of the following represent good internal control procedures concerning cash receipts?
a. Cash should be deposited only at the end of the month.
b. Cash receipts should be posted to the Accounts Receivable account at the end of the month.
c. Designate a specific employee to open mail, handle cash, and record the cash.
d. Endorse checks immediately upon receipt with the stamp, “For Deposit Only”.
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-1 - LO: 6-1
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Internal Control
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
33. Which of the following represents good internal control procedures concerning cash payments?
a. Allow anyone to access petty cash.
b. Make sure that all cash payments are made by check (with the exception of petty cash).
c. Assign an employee responsibility of preparing the checks, signing the checks, and preparing the bank
reconciliation.
d. Keep check supplies available to all employees.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-1 - LO: 6-1
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Internal Control
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
34. Which of the following is required by a bank to authorize the payment of a check made out to a business?
a. The transfer of the check
b. The issue of the check
c. The acceptance of the check
d. The endorsement of the check
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Internal Control
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/6/2017 7:31 AM
35. Which of the following would be added to the bank statement balance when preparing a bank reconciliation?
a. deposit in transits.
b. outstanding checks.
c. notes collected by the bank.
d. bank service charges.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
36. Which of the following would be subtracted from the bank statement balance when preparing a bank reconciliation?
a. deposit in transits.
b. outstanding checks.
c. notes collected by the bank.
d. bank service charges.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
37. Which of the following would be added to the ledger balance of cash when preparing a bank reconciliation?
a. deposit in transits.
b. outstanding checks.
c. notes collected by the bank.
d. bank service charges.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
38. Which of the following would be subtracted from the ledger balance of cash when preparing a bank reconciliation?
a. deposit in transits.
b. outstanding checks.
c. notes collected by the bank.
d. bank service charges.
ANSWER: d
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
39. Which of the following would require a journal entry after the bank reconciliation has been prepared?
a. deposit in transits.
b. outstanding checks.
c. notes collected by the bank.
d. none of the answers listed.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
40. The bank reconciliation for Stuart Co. shows a $1,000 note collected by the bank from customer, A. Randall. The
journal entry to record this item would involve a
a. debit to cash.
b. credit to Accounts Receivable.
c. debit to Notes Receivable.
d. none of the answers listed.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
41. The bank reconciliation for Lahiri Co. shows a $30 debit memo for service charges. The journal entry to record this
item would involve a
a. debit to Cash.
b. debit to Debit Memo.
c. debit to Miscellaneous Expense.
d. none of the answers listed.
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
42. The bank reconciliation for Jhumpa Co. shows a $100 personal withdrawal by L. Jhumpa, the owner, using an ATM,
that was not recorded. The journal entry to record this item would involve a
a. debit to Wages Expense.
b. debit to L. Jhumpa, Drawing.
c. debit to Cash.
d. none of the answers listed.
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
43. Arthur Co. establishes a Petty Cash Fund of $500. The journal entry recorded includes a:
a. debit to Accounts Receivables.
b. credit to Administrative Expense.
c. debit to Petty Cash Fund.
d. credit to Capital.
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/9/2017 12:38 AM
44. Henry Co. establishes a Petty Cash Fund of $150. The journal entry to establish the fund would be:
a. Petty Cash Fund $150
Cash $150
b. Cash $150
Petty Cash Fund $150
c. Supplies Expense $150
Cash $150
d. none of the answers listed.
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 4/1/2014 10:09 AM
45. Which of the following statements is correct concerning a Petty Cash Fund?
a. When reimbursing the Petty Cash Fund, the Petty Cash Fund account would be debited.
b. If no change is made in the size of the fund, the Petty Cash Fund account is debited only when the fund is first
established.
c. If the Petty Cash Fund amount is decreased, the Petty Cash Fund account would be debited.
d. The Petty Cash Fund is not listed on the financial statements.
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
46. When reimbursing the Petty Cash Fund, the journal entry would involve a
a. debit to Petty Cash Fund.
b. credit to Petty Cash Fund.
c. debit to Cash.
d. credit to Cash.
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
47. Kohen Co. establishes a Petty Cash Fund of $100. During the month, Kohen Co. made the following payments from
its Petty Cash Fund:
Bought pencils and pens, $15.00
Paid postage on packages, $12.00
S. Kohen, the owner, withdrew $45.00 for personal use.
The journal entry to reimburse the fund would be:
a. Petty Cash Fund $72
Cash $72
b. Cash $28
Petty Cash Fund $28
c. Supplies $15
Miscellaneous Expense $12
S. Kohen, Drawing $45
Cash $72
d. Supplies $15
Miscellaneous Expense $12
S. Kohen, Drawing $45
Petty Cash Fund $72
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 4/1/2014 10:11 AM
48. A __________________ is a record indicating the amount of each petty cash voucher, the accounts to which it
should be charged, and the purpose of the expenditure.
a. petty cash fund
b. signature card
c. petty cash payments record
d. none of the answers listed
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Business Forms
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
49. A __________________ should be used to account for every payment from the fund.
a. petty cash fund
b. petty cash voucher
c. petty cash signature card
d. none of the answers listed
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Business Forms
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
50. The __________________ is used by a business to make change for customers who pay cash for goods or
services.
a. petty cash fund
b. cash fund
c. change fund
d. none of the answers listed
ANSWER: c
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
51. Pueblo Co. establishes a Change Fund of $100. The journal entry recorded would include a
a. debit to Change Fund.
b. credit to Income from Services.
c. debit to Cash.
d. none of the answers listed.
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 7/23/2013 2:38 PM
52. Aquamarine Co. establishes a Change Fund of $450. Which of the following journal entries records this transaction?
a. Accounts Payable $450
Other Income $450
b. Change Fund $450
Cash $450
c. Petty Cash Fund $450
Cash $450
d. Change Fund $450
Petty Cash Fund $450
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:38 PM
DATE MODIFIED: 1/10/2017 1:17 AM
53. San Jose Co. establishes a Change Fund of $200. At the end of the day, San Jose Co. has $2,350 on hand. The
journal entry to record the day’s receipts would be
a. Cash $2,350
Income from Services $2,350
b. Change Fund $2,150
Cash $2,150
c. Cash $2,150
Income from Services $2,150
d. Change Fund $2,350
Income from Services $2,350
ANSWER: c
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 4/1/2014 10:12 AM
54. Frank Delivery Services establishes a Change Fund of $100. At the end of the day, Frank Delivery Services had
$1,230 on hand. The journal entry to record the day’s receipts would include a
a. debit to Change Fund.
b. credit to Income from Services.
c. debit to Petty Cash Fund.
d. none of the answers listed.
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 1/9/2017 12:56 AM
56. Broomfield Services cash count at the end of the day totals $1,230 and the cash register tape shows $1,120. The
amount of the change fund is $100. What is the amount of the cash shortage or overage?
a. $110 cash overage
b. $10 cash shortage
c. $210 cash shortage
d. none of the answers listed.
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
57. Raton Services cash count at the end of the day totals $3,120 and the cash register tape shows $3,025. The amount
of the change fund is $100. Raton Services would record the revenue for the day as follows
a. Cash $3,120
Income from Services $3,120
b. Cash $3,120
Cash Short and Over $5
Income from Services $3,125
c. Cash $3,025
Income from Services $3,025
d. Cash $3,020
Cash Short and Over $5
Income from Services $3,025
ANSWER: d
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 4/1/2014 10:13 AM
58. Grand Co. cash count at the end of the day totals $1,580 and the cash register tape shows $1,415. The amount of the
change fund is $150. Grand Co. would record the revenue for the day as follows
a. Cash $1,580
Income from Services $1,580
b. Cash $1,430
Cash Short and Over $15
Income from Services $1,415
c. Cash $1,415
Income from Services $1,415
d. Cash $1,600
Cash Short and Over $15
Income from Services $1,585
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 4/1/2014 10:14 AM
59. At the end of the fiscal period, the Cash Short and Over account has a credit balance. This amount would be
a. included as part of Miscellaneous Income on the Income Statement.
b. included as part of Miscellaneous Expense on the Income Statement.
c. shown as a separate account on the Balance Sheet.
d. none of the answers listed.
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Financial Statements
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Business Forms
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
61. A check recorded on a deposit slip should be listed by its ABA number and its dollar amount.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Business Forms
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
62. In preparing a bank reconciliation, a deposit in transit is added to the ledger balance of cash.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
63. On a bank reconciliation, a debit memorandum indicating the bank service charge is subtracted from the ledger
balance of cash.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
65. A deposit in transit has been recorded by the company but not by the bank.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
66. A check that is outstanding for two consecutive months should be included on the bank reconciliation for the first
month only.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
67. A bank statement balance of cash should always match the ledger balance of cash.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
68. An NSF check is a check issued by the writer for which there are not sufficient funds in the bank.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
69. After a bank reconciliation has been completed, the accountant must make journal entries to record the outstanding
checks.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
70. The information needed to record journal entries based on the bank reconciliation is found in the section of the bank
reconciliation that begins with the ledger balance of cash.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
71. A journal entry debiting Cash and crediting Accounts Receivable is required for an NSF check.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
72. A business should make all payments by check, including payment from the Petty Cash Fund.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
73. Entries are made to the Petty Cash Fund account only when the fund is first established, when it is changed in size,
or when it is abolished.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
74. A special fund maintained to pay relatively small amounts for expenses, assets, or withdrawals is called a Petty Cash
Fund.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
75. When a Petty Cash Fund is reimbursed, the Petty Cash Fund account is credited for the amount paid out of the fund.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
76. When a Petty Cash Fund is established, Cash is debited and Petty Cash Fund is credited.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
77. Petty cash payments do not need to be recorded separately in the general journal.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
78. The Petty Cash Fund balance of cash is the same as the balance in the general ledger Cash account.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
79. The amount on the cash register tape indicates the revenue earned, and the cash count will always agree with it.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
80. An entry is made to the Change Fund account each time a deposit is made.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
81. If the cash register tape reads $220, the Change Fund is $100, and the cash count is $318, there is a $2 overage to
Cash.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
82. If the Cash Short and Over account has a debit balance at the end of a month, it indicates a net shortage.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: GAAP
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
83. If cash amounts to $1,419, excluding the Change Fund, and the cash register tape shows cash sales of $1,425, then
Cash Short and Over is credited for $6.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
84. If cash amounts to $1,585, excluding the Change Fund, and the cash register tape shows cash sales of $1,570, then
Cash Short and Over is credited for $15.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
85. A bank will accept a check made out to a business without an endorsement.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
Classification
86. Place an X in the column that indicates the location of each item that would be found on a bank reconciliation.
Assume that the checks written by the company are written correctly.
Subtract Subtract
Add to from Add to from
Bank Bank Ledger Ledger
Statement Statement Balance Balance
Item Balance Balance of Cash of Cash
a. A deposit in transit
ANSWER:
Subtract Subtract
Add to from Add to from
Bank Bank Ledger Ledger
Statement Statement Balance Balance
Item Balance Balance of Cash of Cash
a. A deposit in transit X
b. An NSF check X
received from a
customer
c. A check-printing X
charge
d. A deposit for $175 X
listed incorrectly on
the bank statement as
$157
e. A check written for X
$36.30 and recorded
incorrectly in the
checkbook as $360.30
f. An outstanding check X
g. A check written for X
$63.54 and recorded
incorrectly in the
checkbook as $63.45
h. A collection charge X
the bank made for a
note it collected for its
depositor
POINTS: 1
DIFFICULTY: Moderate
Copyright Cengage Learning. Powered by Cognero. Page 45
Chapter 6
87. Explain why internal control is an important aspect of an accounting system, providing at least two specific examples
that would be in the policies and procedures of internal control.
ANSWER: A very important aspect of any financial accounting system, either for an individual
or for a business enterprise, is the accurate and efficient management of assets. The
handling of assets in a manner that will prevent employees from stealing cash funds
is known as internal control. Internal control is the system of policies and procedures
that is designed to protect assets against fraud and waste, provide for accurate
accounting data, promote efficient operation, and encourage adherence to
management polices.
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-1 - LO: 6-1
NATIONAL STANDARDS: United States - AACSB: Communication
STATE STANDARDS: United States - AK - ACBSP: Internal Control
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
88. Explain the difference between debit and credit memos on a bank statement and how they affect the company
books. Give examples of each.
ANSWER: Debit memos are deductions by the bank to the company's account and thus to the
ledger balance of cash when the journal entry is made. Service charges, check
printing charges, and collection charges are examples of debit memos. Credit memos
are additions by the bank to the ledger balance of cash when the journal entry is
made. Bank collection of a note is an example of a credit memo.
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-2 - LO: 6-2
NATIONAL STANDARDS: United States - AACSB: Communication
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
89. How does a petty cash payments record differ from a general journal?
ANSWER: A petty cash payments record is not a book of original entry. It is an optional record
used to record petty cash vouchers and the accounts to which they should be
charged. Nothing is posted directly from the petty cash payments record. The
general journal is a book of original entry from which amounts are posted to the
general ledger. The amounts required to reimburse the Petty Cash Fund come from
the columns of a petty cash payments record if the company decides to maintain this
additional detail of petty cash vouchers.
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-5 - LO: 6-5
NATIONAL STANDARDS: United States - AACSB: Communication
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Understanding
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
90. The following bank reconciliation contains several errors.
Bank Reconciliation
July 31, 20—
Instructions:
Prepare a corrected bank reconciliation.
ANSWER:
Bank Reconciliation
July 31, 20—
POINTS: 1
DIFFICULTY: Challenging
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-3 - LO: 6-3
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Reporting
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 1/10/2017 2:39 AM
Copyright Cengage Learning. Powered by Cognero. Page 48
Chapter 6
91. Capable Cleaners deposits all receipts in the bank each evening and makes all payments by check. On March 31 its
ledger balance of cash is $983.40. The bank statement balance of cash as of March 31 is $1,176.53. You are given
the following information with which to reconcile the bank statement:
1. Prepare a bank reconciliation as of March 31, assuming that the debit and credit memos
have not been recorded.
2. Record the necessary entries in general journal form.
ANSWER: 1.)
Capable Cleaners
Bank Reconciliation
March 31, 20—
2.)
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES:CACC.NSMB.13.6-3 - LO: 6-3
CACC.NSMB.13.6-4 - LO: 6-4
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Applying
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 1/10/2017 1:27 AM
92. Argee Co. maintains a Cash Short and Over account. During May, Argee Co. had the following selected
transactions:
$2,012.65.
31 Issued a check to reimburse the Petty Cash Fund, $61.17. The remaining cash in the
fund is $38.83. From the petty cash vouchers, payments were as follows: S. Argee,
Drawing, $35.50; Supplies Expense, $19.40; Miscellaneous Expense, $6.27.
Instructions:
Record the transactions in general journal form.
ANSWER:
GENERAL JOURNAL PAGE
Post.
Description
Date Ref. Debit Credit
20—
May 1 Change Fund 100.00
Cash 100.00
established Change Fund
31 Cash 1,912.65
Income from Services 1,912.07
Cash Short and Over 0.58
to record revenue earned
involving a cash overage of $0.58.
Copyright Cengage Learning. Powered by Cognero. Page 51
Chapter 6
ANSWER: 1-3.)
GENERAL
P
AGE
JOURNAL
Post.
Description
Date Ref. Debit Credit
20— Adjusting Entries
Copyright Cengage Learning. Powered by Cognero. Page 52
Chapter 6
POINTS: 1
DIFFICULTY: Moderate
QUESTION TYPE: Subjective Short Answer
HAS VARIABLES: False
LEARNING OBJECTIVES:CACC.NSMB.13.6-5 - LO: 6-5
CACC.NSMB.13.6-7 - LO: 6-7
NATIONAL STANDARDS: United States - AACSB: Analytic
STATE STANDARDS: United States - AK - ACBSP: Recording Transactions
United States - AK - AICPA-FN: Measurement
Copyright Cengage Learning. Powered by Cognero. Page 53
Chapter 6
DIFFICULTY: Easy
QUESTION TYPE: Matching
HAS VARIABLES: False
LEARNING OBJECTIVES: CACC.NSMB.13.6-1 - LO: 6-1
CACC.NSMB.13.6-2 - LO: 6-2
CACC.NSMB.13.6-5 - LO: 6-5
CACC.NSMB.13.6-6 - LO: 6-6
NATIONAL STANDARDS: United States - AACSB: Reflective Thinking
STATE STANDARDS: United States - AK - ACBSP: Bank Reconciliation
United States - AK - ACBSP: Business Forms
United States - AK - ACBSP: GAAP
United States - AK - ACBSP: Internal Control
United States - AK - AICPA-FN: Measurement
KEYWORDS: Bloom's: Remembering
DATE CREATED: 7/23/2013 2:39 PM
DATE MODIFIED: 7/23/2013 2:39 PM
94. Bank form listing all items being deposited
ANSWER: g
POINTS: 1
95. Cash fund used for making change for customers
ANSWER: i
POINTS: 1
96. Checks issued by the writer that have been paid by the bank
ANSWER: c
POINTS: 1
ANSWER: f
POINTS: 1
98. Person to whom a check is payable
ANSWER: e
POINTS: 1
99. Cash fund used for making small, immediate cash payments
ANSWER: a
POINTS: 1
100. Number used by the Federal Reserve Bank to identify the financial institution
ANSWER: b
POINTS: 1
101. A fraud prevention cash management program offered by banks in an attempt to protect customers and the bank
ANSWER: d
POINTS: 1
102. This transfers title to the money and authorizes payment of the check
ANSWER: h
POINTS: 1
103. A form stating who took money from the Petty Cash Fund and for what use
ANSWER: j
POINTS: 1