Accounting 201 - Chapter 4

31 Questions  I  By Jc173
Basic accounting concepts

  
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Question Excerpt

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1.  When preparing a bank reconciliation, which of the following items should be subtracted from the bank balance?
A.
B.
C.
D.
2.  When preparing a bank reconciliation, which of the following items should be added to the book balance?
A.
B.
C.
D.
3.  The checks that have been paid by the bank on behalf of the depositor, which are included with the bank statement, are called:
A.
B.
C.
D.
4.  Differences between the amount of cash reported on a company’s bank statement and the balance in the company’s Cash account before the bank reconciliation are primarily due to:
A.
B.
C.
D.
5.  Which of the following items will cause a difference between the book balance and the bank balance
A.
B.
C.
D.
6.  A bank charge of $40 for imprinting checks would appear on the bank reconciliation as a(n) __________ to (or from) the _____ balance.
A.
B.
C.
D.
7.  Herbert Company deposited $25,000 in its bank on the same day as—but after—the bank prepared Herbert Company’s bank statement.  The deposit should appear on the bank reconciliation as a(n) __________ and is called a(n) __________.
A.
B.
C.
D.
8.  Checks written by a company, but not yet paid by the bank, appear on the bank reconciliation as __________       and are called __________.
A.
B.
C.
D.
9.  In a bank reconciliation, a NSF check is
A.
B.
C.
D.
10.  In a bank reconciliation, an EFT cash receipt is
A.
B.
C.
D.
11.  In a bank reconciliation, an EFT cash payment is
A.
B.
C.
D.
12.  Interest paid by the bank to a company’s account should appear on the bank reconciliation as
A.
B.
C.
D.
13.  A bank collected $200 on behalf of its customer.  The $200 should appear on the bank reconciliation as
A.
B.
C.
D.
14.  In a bank reconciliation, items recorded by the company, but not yet been recorded by the bank, include
A.
B.
C.
D.
15.  In a bank reconciliation, items recorded by the bank, but not yet recorded by the company, include
A.
B.
C.
D.
16.  The person who prepares the bank reconciliation
A.
B.
C.
D.
17.  If a bookkeeper mistakenly records a disbursement as $810 instead of the correct amount of $180, the error should be shown on the bank reconciliation as a(n):
A.
B.
C.
D.
18.  If the bank records a deposit of $1,500 as $150, the error should be shown on a bank reconciliation as a(n):
A.
B.
C.
D.
19.  There are two records of a business’s cash—the
A.
B.
C.
D.
20.  The bank statement showed a NSF check of $300.  In a bank reconciliation, this would be shown as a
A.
B.
C.
D.
21.  A bank reconciliation included an outstanding check of $1,300 for the purchase of supplies. The journal entry to record this reconciling item
A.
B.
C.
D.
22.  A bank statement included a NSF check from customer Kim Fields for $2,100.  The journal entry to record this reconciling item should
A.
B.
C.
D.
23.  If a bank statement included a bank collection and related interest revenue, the journal entry to record this reconciling item should include a:
A.
B.
C.
D.
24.  If a bank reconciliation included deposits in transit amounting to $3,700, the journal entry to record this reconciling item:
A.
B.
C.
D.
25.  If a bank statement includes an EFT payment of $945 for insurance, the journal entry to record this reconciling item should include a:
A.
B.
C.
D.
26.  The book side of a bank reconciliation includes
A.
B.
C.
D.
27.  Which of the following would need to be journalized from the bank reconciliation
A.
B.
C.
D.
28.  Cash Sales from the cash register tapes totaled $882. There is a change fund of $100. The cash count indicates that $984 is in the cash drawer. What journal entry would be required?
A.
B.
C.
D.
29.  The entry to establish the change fund is: DEBIT                                     CREDIT
A.
B.
C.
D.
30.  A fund with a small amount of cash on hand for minor disbursements is called a
A.
B.
C.
D.
31.  The entry to establish the petty cash fund is: DEBIT                             CREDIT
A.
B.
C.
D.
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