FREE ACCOUNTING AND STUDY GAMES ABOUT ACCT. CH

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FREE ACCOUNTING AND STUDY GAMES ABOUT ACCT. CH

5 REVIEW EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -21 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Electronic funds transfer

Answer:

A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.

Question 2: Bank statement

Answer:

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.Question 3: An endorsement on the back of a check consisting of the words "Pay to the order of" and a new check owner's name is a

Answer:

special endorsement

Question 4: Dishonored check

Answer:

A check that a bank refuses to pay.

Question 5: If any kind of error is made in preparing a check,

Answer:

a new check should be prepared, VOID should be written on the check stub, VOID should be written on the check Question 6: An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a

Answer:

restrictive endorsement

Question 7: Petty cash

Answer:

An amount of cash kept on hand and used for making small payments.Question 8: Each time cash or checks are placed in a bank account, the customer prepares a

Answer:

deposit slip

Question 9: A petty cash fund is always replenished

Answer:

at the end of the month

Question 10: Debit card

Answer:

A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder.

Question 11: The entry to establish a $200.00 petty cash fund is

Answer:

debit Petty Cash, $200.00; credit Cash, $200.00

Question 12: Postdated check

Answer:

A check with a future date on it.

Question 13: Code of conduct

Answer:

A statement that guides the ethical behavior of a company and its employees.

Question 14: Restrictive endorsement

Answer:

An endorsement restricting further transfer of a check's ownership.Question 15: An endorsement on the back of a check consisting only of a signature is

Answer:

a blank endorsement

Question 16: Blank endorsement

Answer:

An endorsement consisting only of the endorser's signature.

Question 17: Checking account

Answer:

A bank account from which payments can be ordered by a depositor.

Question 18: Endorsement

Answer:

A signature or stamp on the back of a check transferring ownership.

Question 19: Petty cash slip

Answer:

A form showing proof of a petty cash payment.

Question 20: Special endorsement

Answer:

An endorsement indicating a new owner of a check.

Question 21: A lost check with a blank endorsement on it can be cashed by

Answer:

anyone who has the check