Question 1 of 20

5.0/ 5.0 Points

[removed]

A. They would be added to the balance of the bank statement.

[removed]

B. They would be subtracted from the balance of the bank statement.

[removed]

C. They would be added to the balance per books.

[removed]

D. They would be ignored.

Question 2 of 20

0.0/ 5.0 Points

[removed]

A. addition to the balance per company books.

[removed]

B. addition to the balance per bank statement.

[removed]

C. deduction from the balance per bank statement.

[removed]

D. deduction from the balance per company books.

Question 3 of 20

0.0/ 5.0 Points

Bank statement ending cash balance

$2,000

General ledger cash balance ending

3,250

Bank monthly service charge

45

Deposits in transit

2,500

Outstanding checks

1,500

NSF check returned with bank statement

205

[removed]

A. $3,000

[removed]

B. $4,250

[removed]

C. $4,000

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D. $5,500

Question 4 of 20

5.0/ 5.0 Points

[removed]

A. increase its cash account on the company’s books.

[removed]

B. decrease its cash account on the company’s books.

[removed]

C. increase the ending cash balance on the bank statement.

[removed]

D. decrease the ending cash balance on the bank statement.

Question 5 of 20

5.0/ 5.0 Points

[removed]

A. outstanding checks.

[removed]

B. canceled checks.

[removed]

C. checks in process.

[removed]

D. blank checks.

Question 6 of 20

0.0/ 5.0 Points

[removed]

A. Federal Reserve District.

[removed]

B. check number.

[removed]

C. routing number.

[removed]

D. account number.

Question 7 of 20

0.0/ 5.0 Points

Cash balance on the bank statement

$2,350

Customer’s check returned—NSF

500

Customer’s note collected by the bank

600

Deposits in transit, November 30

1,400

Outstanding checks, November 30

2,650

[removed]

A. $1,250

[removed]

B. $1,100

[removed]

C. $1,550

[removed]

D. $1,350

Question 8 of 20

0.0/ 5.0 Points

[removed]

A. deposits in transit.

[removed]

B. late deposits.

[removed]

C. deposits on hold.

[removed]

D. outstanding deposits.

Question 9 of 20

5.0/ 5.0 Points

[removed]

A. Responsibilities and duties of employees will be divided.

[removed]

B. All cash receipts will be deposited into the bank the same day they arrive.

[removed]

C. All cash payments will be made by check (except petty cash).

[removed]

D. All of the above

Question 10 of 20

0.0/ 5.0 Points

[removed]

A. addition to the balance per books.

[removed]

B. subtraction from the balance per books.

[removed]

C. addition to the balance per bank.

[removed]

D. subtraction from the balance per bank.

Question 11 of 20

0.0/ 5.0 Points

[removed]

A. can be further endorsed by someone else.

[removed]

B. cannot be further endorsed by someone else.

[removed]

C. is the safest type of endorsement.

[removed]

D. permits only the original endorser to get the money.

Question 12 of 20

5.0/ 5.0 Points

[removed]

A. convenience.

[removed]

B. transaction speed.

[removed]

C. effectiveness.

[removed]

D. All of the above

Question 13 of 20

5.0/ 5.0 Points

[removed]

A. pay the amount written in words.

[removed]

B. return the check unpaid.

[removed]

C. contact the drawer to see what was meant.

[removed]

D. All of the above

Question 14 of 20

5.0/ 5.0 Points

[removed]

A. can be further endorsed by someone else.

[removed]

B. is the safest endorsement for businesses.

[removed]

C. permits the bank to use its best judgment.

[removed]

D. None of the above

Question 15 of 20

0.0/ 5.0 Points

[removed]

A. assets to be overstated.

[removed]

B. assets to be understated.

[removed]

C. no impact since deposits in transit are already included in the balance per books.

[removed]

D. no impact since deposits aren’t recorded on the books.

Question 16 of 20

0.0/ 5.0 Points

[removed]

A. Employees will be rotated.

[removed]

B. Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks.

[removed]

C. The owner (or responsible employee) signs all checks after receiving authorization to pay from the departments concerned.

[removed]

D. At time of payment, all supporting invoices or documents will be stamped “paid.”

Question 17 of 20

5.0/ 5.0 Points

[removed]

A. the beginning bank balance of the cash at the start of the month.

[removed]

B. the checks the bank has paid and any deposits received.

[removed]

C. any other charges or additions to the bank balance.

[removed]

D. All of the above

Question 18 of 20

0.0/ 5.0 Points

[removed]

A. debit to Cash.

[removed]

B. credit to Cash.

[removed]

C. debit to Accounts Payable.

[removed]

D. credit to Accounts Receivable.

Question 19 of 20

0.0/ 5.0 Points

[removed]

A. is the same as a blank endorsement.

[removed]

B. can be endorsed only by the person or company named in the original endorsement.

[removed]

C. is the safest endorsement for businesses.

[removed]

D. None of the above

Question 20 of 20

0.0/ 5.0 Points

[removed]

A. have been subtracted on the bank records but not the checkbook records.

[removed]

B. haven’t been presented to the bank for payment and haven’t been subtracted from the checkbook.

[removed]

C. haven’t been presented to the bank for payment but have been subtracted in the checkbook.

[removed]

D. have been returned to the business for nonpayment.