Exam 9: Handling Financial Procedures

Using a perpetual inventory card is helpful to keep track of the inventory of supplies.

To replenish the petty cash fund, balance the fund, formally request a check for the amount needed to bring the fund amount back to its beginning balance, and prepare the petty cash report.

________ provides easy management of banking transactions online wherever you have access to the Internet.

Check endorsements include the following kind(s) of endorsement:

Direct payroll deposits enables an organization to pay its bills online.

A bank money order

Because of the high cost of dishonesty, you must be a person others see as having high values.

When you want to make a payment on an account by phone, you will find that all companies provide this service.

A budget report provides the basis for analyzing and revising spending activities of a company by comparing actual sales or costs with figures that were budgeted for those sales or costs.

A budget is the report in which future business operations are expressed in financial terms.

Before completing a bank reconciliation, the checkbook balance usually does not balance with the bank statement ending balance.

The person who draws a check on his or her account is the

To calculate gross earnings on a payroll register when there is overtime,

Two FICA taxes are required for all employees each payroll period--social security and Medicare.

Debit cards are used in the place of cashier's checks.

Often a company hires an outside certified public accountant (CPS) to handle the more complicated aspects of accounting for the company.

A bank draft is a check drawn by a bank on its own funds in another bank located either in the same city or another city.

What is web banking and what functions does it provide to the bank customer?

Cancelled checks are those checks that have not cleared the bank and are not listed on the monthly bank statement.