Question :
11) If the petty cash fund not replenished the balance : 1212716
11) If the petty cash fund is not replenished on the balance sheet date:
A) cash and income will be overstated.
B) income will be understated.
C) cash will be understated.
D) liabilities will be understated.
12) A petty cash fund, established with a $300 balance, had petty cash tickets totalling $269 and cash in the amount of $29. The entry to replenish the fund would include a:
A) credit to Cash in Bank for $269.
B) debit to Petty Cash for $271.
C) debit to Cash Short and Over for $2.
D) credit to Petty Cash for $271.
13) A petty cash fund, established with a $250 balance, had petty cash tickets totalling $219 and cash in the amount of $34. The entry to replenish the fund would include a:
A) credit to Cash in Bank for $250.
B) debit to Petty Cash for $219.
C) debit to Cash Short and Over for $3.
D) credit to Cash in Bank for $216.
14) A petty cash fund, established with a $225 balance, had the following petty cash tickets and $14 in cash:
Office supplies
$51
Delivery expense
62
Postage expense
94
The entry to replenish the fund would be:
A)
Petty Cash
207
Cash in Bank
207
B)
Office Supplies
51
Delivery Expense
62
Postage Expense
94
Cash Short and Over
4
Cash in Bank
211
C)
Office Supplies
51
Delivery Expense
62
Postage Expense
94
Cash in Bank
207
D)
Cash in Bank
211
Petty Cash
211
15) A petty cash fund, established with a $250 balance, had petty cash tickets totalling $219 and cash in the amount of $34. The entry to replenish the fund would include a:
A) credit to Cash Short and Over for $3.
B) credit to Cash in Bank for $250.
C) debit to Petty Cash for $219.
D) debit to Cash in Bank for $216.
16) A petty cash fund, established with a $200 balance, had the following petty cash tickets as well as $34 in cash:
Office supplies
$42
Delivery expense
39
Miscellaneous expense
12
Postage expense
75
The entry to replenish the fund would be:
A)
Petty Cash
168
Cash in Bank
168
B)
Office Supplies
42
Delivery Expense
39
Miscellaneous Expense
12
Postage Expense
75
Cash in Bank
168
C)
Office Supplies
42
Delivery Expense
39
Miscellaneous Expense
12
Postage Expense
75
Cash in Bank
166
Cash Short and Over
2
D)
Cash in Bank
168
Petty Cash
168
17) Cash is the first asset listed on the balance sheet because it is:
A) the most liquid asset.
B) valuable.
C) subject to theft.
D) subject to errors.
18) Assuming Charlton Company has the following December 31 year end account balances:
Chequing
$2,450
Savings
5,650
Petty cash
250
Cash and Cash equivalents would be reported on the Balance Sheet as:
A) $2,450.
B) $5,650.
C) $250.
D) $8,350.
19) In a system of good internal control, a payment to a supplier requires which documents for proper approval?
A) a journal entry, a supplier invoice, and a description of the goods being purchased
B) a receiving report, an invoice, and a purchase order
C) a purchase order, a journal entry, and a price catalog
D) a supplier invoice, a bill of lading, and the supplier’s financial statements
20) A petty cash fund was established with a $400 balance. It currently has cash of $10 and petty cash tickets as shown below.
Travel expense
$120
Office supplies
$200
Equipment rental expense
$70
The journal entry to replenish the account would be which of the following:
A) Debit various expenses $390, credit Cash $390
B) Debit various expenses $390, credit Petty Cash $390
C) Debit Cash $10, credit various expenses $10
D) Credit Petty Cash $390, debit Cash $390
21) A petty cash fund was established with a $400 balance. It currently has cash of $9 and petty cash tickets as shown below.
Travel expense
$120
Office supplies
$200
Equipment rental expense
$70
The journal entry to replenish the account would be which of the following:
A) Debit to Cash Short & Over for $1
B) Credit Cash Short & Over for $1
C) Debit Petty Cash for $1
D) Credit Petty Cash for $1
22) A petty cash fund was established with a $400 balance. It currently has cash of $15 and petty cash tickets as shown below.
Travel expense
$120
Office supplies
$200
Equipment rental expense
$70
The journal entry to replenish the account would be which of the following:
A) Debit to Cash Short & Over for $5
B) Credit Cash Short & Over for $5
C) Debit Petty Cash for $5
D) Credit Petty Cash for $5
