Accounting Chapter 5

Accounting Chapter 5

Assessment

Flashcard

Specialty, Professional Development

9th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

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14 questions

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1.

FLASHCARD QUESTION

Front

An outstanding check is one that has been issued but not yet reported on a bank statement.

Back

True

2.

FLASHCARD QUESTION

Front

When petty cash is replenished, Petty Cash is debited and Cash is credited. True or False?

Back

False

3.

FLASHCARD QUESTION

Front

Voided checks should be recorded in the journal.

Back

True

4.

FLASHCARD QUESTION

Front

The source document for an electronic funds transfer is a memorandum.

Back

True

5.

FLASHCARD QUESTION

Front

The petty cash fund is a liability with a normal debit balance.

Back

False

6.

FLASHCARD QUESTION

Front

If any kind of error is made in preparing a check, what should be done? Options: a. VOID should be written on the check., b. VOID should be written on the check stub., c. a new check should be prepared., d. all of the above.

Back

all of the above.

7.

FLASHCARD QUESTION

Front

When cash is short, the entry to replenish petty cash includes a:

Back

debit to Cash Short and Over.

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