Question 1

Deposits in transit result because of a timing difference between the bank records and checkbook records.

Accepted Answer

A) True 
 B)False

Question 2

Indicate which effect(s)each situation will have:
1. New check written
2. Recorded in the general journal
3. Recorded in auxiliary petty cash record
4. Petty cash voucher prepared
-________ Establishment of petty cash

Accepted Answer

The answer of Indicate which effect(s)each situation will have:
1. New...

Question 3

A payment for $25 is incorrectly recorded on the checkbook stub as $52. The $27 error should be shown on the bank reconciliation as:

Accepted Answer

A) added to the balance per bank statement. 
B) deducted from the balance per bank statement. 
C) added to the balance per books. 
D) deducted from the balance per books. 
A) added to the balance per bank statement. 
B) deducted from the balance per bank statement. 
C) added to the balance per books. 
D) deducted from the balance per books.

Question 4

Calculate, from the following information accumulated by Sandra Johnson, the adjusted cash balance at the end of April.

Accepted Answer

A) $3,000 
B) $4,250 
C) $4,000 
D) $5,500 
A) $3,000 
B) $4,250 
C) $4,000 
D) $5,500

Question 5

The Petty Cash account should always be debited when the fund is replenished.

Accepted Answer

A) True 
 B)False

Deposits in transit result because of a timing difference between the bank records and checkbook records.

Indicate which effect(s)each situation will have: 1. New check written 2. Recorded in the general journal 3. Recorded in auxiliary petty cash record 4. Petty cash voucher prepared -________ Establishment of petty cash

A payment for $25 is incorrectly recorded on the checkbook stub as $52. The $27 error should be shown on the bank reconciliation as:

Calculate, from the following information accumulated by Sandra Johnson, the adjusted cash balance at the end of April.

The Petty Cash account should always be debited when the fund is replenished.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 6: Banking Procedure and Control of Cash

Deposits in transit result because of a timing difference between the bank records and checkbook records.

Indicate which effect(s)each situation will have: 1. New check written 2. Recorded in the general journal 3. Recorded in auxiliary petty cash record 4. Petty cash voucher prepared -________ Establishment of petty cash

A payment for $25 is incorrectly recorded on the checkbook stub as $52. The $27 error should be shown on the bank reconciliation as:

Calculate, from the following information accumulated by Sandra Johnson, the adjusted cash balance at the end of April.

The Petty Cash account should always be debited when the fund is replenished.

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters