Question 1

Online banking is always safe.

Accepted Answer

A) True 
 B)False  False

Question 2

NSF results in a bank crediting one's account.

Accepted Answer

A) True 
 B)False  False

Question 3

Jane Co.'s checkbook currently has a balance of $295.10. The bank statement shows a balance of $205.10. The statement revealed interest income of $10.03 along with check charges of $2.95. Jane recorded a $200 check as $150. Deposits in transit were $402.80. Check numbers 85, 88, and 92 for $90.80, $108.10, and $156.82 were not returned with the statement. The reconciled balance is:

Accepted Answer

A)  $302.18 
B)  $242.18 
C)  $242.51 
D)  $252.18 
E)  None of these 
A)  $302.18 
B)  $242.18 
C)  $242.51 
D)  $252.18 
E)  None of these D

Question 4

The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14. The bank statement showed interest earned of $77 and a service charge of $38.22, along with a deposit in transit of $9,555.88. Outstanding checks totaled $6,142.88. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $6,815.00. Lester Co. forgot to deduct a check for $482.19 during the month. The reconciled balance is:

Accepted Answer

A)  $7,924.14 
B)  $7,429.18 
C)  $7,294.14 
D)  $7,429.14 
E)  None of these 
A)  $7,924.14 
B)  $7,429.18 
C)  $7,294.14 
D)  $7,429.14 
E)  None of these

Question 5

Outstanding checks:

Accepted Answer

A)  Have been paid by the bank 
B)  Are checks returned to the payer 
C)  Are bank checks 
D)  Have not been received by the bank for processing 
E)  None of these 
A)  Have been paid by the bank 
B)  Are checks returned to the payer 
C)  Are bank checks 
D)  Have not been received by the bank for processing 
E)  None of these

Question 6

Overdraft protection could be a positive factor if a deposit in transit occurs.

Accepted Answer

A) True 
 B)False

Question 7

The use of smartphones in banking is decreasing.

Accepted Answer

A) True 
 B)False

Question 8

The beginning checkbook balance of Shelley Co. was $5,559.10. The bank statement showed a bank balance of $7,888.44. The bookkeeper of Shelley Co. noticed a $111.10 deposit in transit along with check numbers 90 and 97 for $499.88 and $1,256.45, respectively, as outstanding. The bank statement credited Shelley's account for $750.99 for a note collected. The bank statement revealed a check printing charge of $66.88. The reconciled balance is:

Accepted Answer

A)  $6,423.12 
B)  $6,243.21 
C)  $6,423.21 
D)  $4,623.21 
E)  None of these 
A)  $6,423.12 
B)  $6,243.21 
C)  $6,423.21 
D)  $4,623.21 
E)  None of these

Question 9

All checking accounts earn interest.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following results in crediting the checkbook balance?

Accepted Answer

A)  NSF 
B)  Service charge 
C)  Interest earned 
D)  Overdraft protection charge 
E)  None of these 
A)  NSF 
B)  Service charge 
C)  Interest earned 
D)  Overdraft protection charge 
E)  None of these

Question 11

A blank endorsement is the safest type of endorsement.

Accepted Answer

A) True 
 B)False

Question 12

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

Accepted Answer

The answer of Abe Frill received a bank statement from...

Question 13

An endorsement may be in writing or by the use of a company stamp.

Accepted Answer

A) True 
 B)False

Question 14

On December 31, the checkbook balance of Ray Co. was $5,420.95. The bank statement balance showed $5,102.88. Checks outstanding totaled $813.53. The statement did not show a deposit in transit of $1,102.95. Check charges were $15.88. The company earned interest income of $29.32 that was shown on the report. The bookkeeper forgot to record a check for $42.09. The reconciled balance is:

Accepted Answer

A)  $5,392.30 
B)  $5,923.03 
C)  $5,932.03 
D)  $5,392.03 
E)  None of these 
A)  $5,392.30 
B)  $5,923.03 
C)  $5,932.03 
D)  $5,392.03 
E)  None of these

Question 15

John Murray has a beginning checkbook balance of $110. The beginning bank balance is $135, and deposits in transit amounted to $50. Checks outstanding were $80. John also noticed a bank service charge of $5. What should the reconciled balance be?

Accepted Answer

The answer of John Murray has a beginning checkbook balance...

Question 16

Concord Pizza's checkbook balance is $1,799.59. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50. With checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

Accepted Answer

A)  $793 
B)  $1,027.59 
C)  $2,046.35 
D)  $2,071.35 
E)  None of these 
A)  $793 
B)  $1,027.59 
C)  $2,046.35 
D)  $2,071.35 
E)  None of these

Question 17

The checkbook balance of Roger Co. is $982.50. The bank statement reveals a balance of $1,051.82. The bank statement showed interest earned of $3.82 and a service charge of $15, along with a deposit in transit of $210. Outstanding checks totaled $270.50. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $200. Roger Co. forgot to deduct a check for $180 during the month. The reconciled balance is:

Accepted Answer

A)  $831.32 
B)  $991.32 
C)  $831.23 
D)  $991.23 
E)  None of these 
A)  $831.32 
B)  $991.32 
C)  $831.23 
D)  $991.23 
E)  None of these

Question 18

From the following the reconciled balance is:

Accepted Answer

A)  $74,959.10 
B)  $47,959.10 
C)  $74,459.10 
D)  $74,359.10 
E)  None of these 
A)  $74,959.10 
B)  $47,959.10 
C)  $74,459.10 
D)  $74,359.10 
E)  None of these

Question 19

Jim Lee received his bank statement from Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800. Jim noticed that checks outstanding were $1,330. The bank statement also revealed an NSF check for $120 and a service charge of $30. The reconciled balance is:

Accepted Answer

A)  $6,560 
B)  $6,530 
C)  $6,950 
D)  $6,650 
E)  None of these 
A)  $6,560 
B)  $6,530 
C)  $6,950 
D)  $6,650 
E)  None of these

Question 20

ATMs have completely replaced the need for tellers.

Accepted Answer

A) True 
 B)False

Online banking is always safe.

NSF results in a bank crediting one's account.

Outstanding checks:

Overdraft protection could be a positive factor if a deposit in transit occurs.

The use of smartphones in banking is decreasing.

All checking accounts earn interest.

Which of the following results in crediting the checkbook balance?

A blank endorsement is the safest type of endorsement.

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

An endorsement may be in writing or by the use of a company stamp.

John Murray has a beginning checkbook balance of $110. The beginning bank balance is $135, and deposits in transit amounted to $50. Checks outstanding were $80. John also noticed a bank service charge of $5. What should the reconciled balance be?

Concord Pizza's checkbook balance is $1,799.59. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50. With checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

From the following the reconciled balance is:

Jim Lee received his bank statement from Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800. Jim noticed that checks outstanding were $1,330. The bank statement also revealed an NSF check for $120 and a service charge of $30. The reconciled balance is:

ATMs have completely replaced the need for tellers.

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Filters

Exam 4: Banking

Online banking is always safe.

NSF results in a bank crediting one's account.

Outstanding checks:

Overdraft protection could be a positive factor if a deposit in transit occurs.

The use of smartphones in banking is decreasing.

All checking accounts earn interest.

Which of the following results in crediting the checkbook balance?

A blank endorsement is the safest type of endorsement.

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

An endorsement may be in writing or by the use of a company stamp.

John Murray has a beginning checkbook balance of $110. The beginning bank balance is $135, and deposits in transit amounted to $50. Checks outstanding were $80. John also noticed a bank service charge of $5. What should the reconciled balance be?

Concord Pizza's checkbook balance is $1,799.59. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50. With checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

From the following the reconciled balance is:

Jim Lee received his bank statement from Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800. Jim noticed that checks outstanding were $1,330. The bank statement also revealed an NSF check for $120 and a service charge of $30. The reconciled balance is:

ATMs have completely replaced the need for tellers.

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

How to Read, Analyze, and Interpret Financial Reports

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Filters