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Question 1 of 20 5.0 Points On a bank reconciliation, deposits added to the bank side are called __________. A. deposits in transit B. late deposits C. deposits on hold D. outstanding deposits Question 2 of 20 5.0 Points Which of the following bank reconciliation items would be reflected in a journal entry? A. error made by the bank B. outstanding checks C. bank service charges D. deposit in transit Question 3 of 20 5.0 Points A bank service charge would be included on the bank reconciliation as a(n. __________. A. addition to the balance per books B. subtraction from the balance per books C. addition to the balance per bank D. subtraction from the balance per bank Question 4 of 20 5.0 Points Calculate, from the following information the adjusted cash balance at the end of April. 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 A. $3,000 B. $4,250 C. $4,000 D. $5,500 Question 5 of 20 5.0 Points From the bank reconciliation no entry was recorded for deposits in transit. This would cause __________. A. assets to be overstated B. assets to be understated C. no impact since deposits in transit are already included in the balance per books D. no impact since deposits are not recorded on the books Question 6 of 20 5.0 Points Scotch Services received a credit memorandum from the bank. During the bank reconciliation they should __________. A. increase their cash account on the company’s books B. decrease their cash account on the company’s books C. increase the ending cash balance on the bank statement D. decrease the ending cash balance on the bank statement Question 7 of 20 5.0 Points Endorsing a check __________. A. guarantees payment B. transfers the right to deposit or transfer cash C. cancels the transaction D. All of these answers are correct. Question 8 of 20 5.0 Points Which item(s. will require a journal entry to update the balance in the Cash account? A. checks outstanding and deposits in transit B. bank service charges, note collected by the bank, and deposits in transit C. bank service charges, note collected by the bank, and error made by Accounting Services D. None of these answers are correct. Question 9 of 20 5.0 Points Calculate, from the following information the adjusted cash balance at the end of April. 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 A. $3,000 B. $4,250 C. $4,000 D. $5,500 Question 10 of 20 5.0 Points If the written amount on the check does not match the amount expressed in figures, the bank may __________. A. pay the amount written in words B. return the check unpaid C. contact the drawer to see what was meant D. All of these answers are correct. Question 11 of 20 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? A. They would be added to the balance of the bank statement. B. They would be subtracted from the balance of the bank statement. C. They would be added to the balance per books. D. They would be ignored. Question 12 of 20 5.0 Points Outstanding checks __________. A. have been subtracted on the bank records but not the checkbook records B. have not been presented to the bank for payment and have not been subtracted from the checkbook C. have not been presented to the bank for payment but have been subtracted in the checkbook D. have been returned to the business for nonpayment Question 13 of 20 5.0 Points Internal control over a company’s assets should include which of the following? A. Responsibilities and duties of employees will be divided. B. All cash receipts will be deposited into the bank the same day they arrive. C. All cash payments will be made by check (except petty cash.. D. All of these answers are correct. Question 14 of 20 5.0 Points A blank endorsement on a check __________. A. can be further endorsed by someone else B. cannot be further endorsed by someone else C. is the safest type of endorsement D. permits only the original endorser to get the money Question 15 of 20 5.0 Points A nonsufficient funds check was returned to your company. How does the bank treat this on your bank statement? A. It is added to the bank balance. B. It is shown as a debit memo. C. It is shown as a credit memo. D. None of these answers are correct. Question 16 of 20 5.0 Points Which item should be added to the company’s book balance during the bank reconciliation? A. deposit in transit B. check outstanding C. bank service charge D. note collected by the bank Question 17 of 20 5.0 Points The first two numbers of the ABA code listed on the check represent __________. A. the Federal Reserve District B. the check number C. the routing number D. the account number Question 18 of 20 5.0 Points Checks that have been processed by the bank and are no longer negotiable are __________. A. outstanding checks B. canceled checks C. checks in process D. blank checks Reset Selection Question 19 of 20 5.0 Points The journal entry to reverse the entry of a customer’s nonsufficient funds check would include a __________. A. debit to Cash B. credit to Cash C. debit to Accounts Payable D. credit to Accounts Receivable Question 20 of 20 5.0 Points Company policy for internal control should include all of the following EXCEPT for what? A. Employees will be rotated. B. Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks. C. The owner (or responsible employee. signs all checks after receiving authorization to pay from the departments concerned. D. At time of payment, all supporting invoices or documents will be stamped “paid.”

Question 1 of 20

5.0 Points

On a bank reconciliation, deposits added to the bank side are called __________.

A. deposits in transit

B. late deposits

C. deposits on hold

D. outstanding deposits

Question 2 of 20

5.0 Points

Which of the following bank reconciliation items would be reflected in a journal entry?

A. error made by the bank

B. outstanding checks

C. bank service charges

D. deposit in transit

Question 3 of 20

5.0 Points

A bank service charge would be included on the bank reconciliation as a(n. __________.

A. addition to the balance per books

B. subtraction from the balance per books

C. addition to the balance per bank

D. subtraction from the balance per bank

Question 4 of 20

5.0 Points

Calculate, from the following information the adjusted cash balance at the end of April.

 

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

A. $3,000

B. $4,250

C. $4,000

D. $5,500

Question 5 of 20

5.0 Points

From the bank reconciliation no entry was recorded for deposits in transit. This would cause __________.

A. assets to be overstated

B. assets to be understated

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

D. no impact since deposits are not recorded on the books

Question 6 of 20

5.0 Points

Scotch Services received a credit memorandum from the bank. During the bank reconciliation they should __________.

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

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

C. increase the ending cash balance on the bank statement

D. decrease the ending cash balance on the bank statement

Question 7 of 20

5.0 Points

Endorsing a check __________.

A. guarantees payment

B. transfers the right to deposit or transfer cash

C. cancels the transaction

D. All of these answers are correct.

Question 8 of 20

5.0 Points

Which item(s. will require a journal entry to update the balance in the Cash account?

A. checks outstanding and deposits in transit

B. bank service charges, note collected by the bank, and deposits in transit

C. bank service charges, note collected by the bank, and error made by Accounting Services

D. None of these answers are correct.

Question 9 of 20

5.0 Points

Calculate, from the following information the adjusted cash balance at the end of April.

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

A. $3,000

B. $4,250

C. $4,000

D. $5,500

Question 10 of 20

5.0 Points

If the written amount on the check does not match the amount expressed in figures, the bank may __________.

A. pay the amount written in words

B. return the check unpaid

C. contact the drawer to see what was meant

D. All of these answers are correct.

Question 11 of 20

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?

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

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

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

D. They would be ignored.

Question 12 of 20

5.0 Points

Outstanding checks __________.

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

B. have not been presented to the bank for payment and have not been subtracted from the checkbook

C. have not been presented to the bank for payment but have been subtracted in the checkbook

D. have been returned to the business for nonpayment

Question 13 of 20

5.0 Points

Internal control over a company’s assets should include which of the following?

A. Responsibilities and duties of employees will be divided.

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

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

D. All of these answers are correct.

Question 14 of 20

5.0 Points

A blank endorsement on a check __________.

A. can be further endorsed by someone else

B. cannot be further endorsed by someone else

C. is the safest type of endorsement

D. permits only the original endorser to get the money

Question 15 of 20

5.0 Points

A nonsufficient funds check was returned to your company. How does the bank treat this on your bank statement?

A. It is added to the bank balance.

B. It is shown as a debit memo.

C. It is shown as a credit memo.

D. None of these answers are correct.

Question 16 of 20

5.0 Points

Which item should be added to the company’s book balance during the bank reconciliation?

A. deposit in transit

B. check outstanding

C. bank service charge

D. note collected by the bank

Question 17 of 20

5.0 Points

The first two numbers of the ABA code listed on the check represent __________.

A. the Federal Reserve District

B. the check number

C. the routing number

D. the account number

Question 18 of 20

5.0 Points

Checks that have been processed by the bank and are no longer negotiable are __________.

A. outstanding checks

B. canceled checks

C. checks in process

D. blank checks Reset Selection

Question 19 of 20

5.0 Points

The journal entry to reverse the entry of a customer’s nonsufficient funds check would include a __________.

A. debit to Cash

B. credit to Cash

C. debit to Accounts Payable

D. credit to Accounts Receivable

Question 20 of 20

5.0 Points

Company policy for internal control should include all of the following EXCEPT for what?

A. Employees will be rotated.

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

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

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

Interested in a PLAGIARISM-FREE paper based on these particular instructions?...with 100% confidentiality?

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