Cash Balancing

Questions

Settings

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

This quiz measure the test taker's ability to calculate basic cash balancing figures, identify credits and debits, and
demonstrate the opening and closing procedures of you bank.

Questions and Answers

1.

Balancing, settling, or proving is a process where at the end of each day, you will be required to verify that your actual cash supply matches what the paperwork you have processed says should be your cash amount.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
2.

What is the purpose of a chash-in ticket?
- A.
  
  It records the amount of cash you took in for a transaction when you add money into your cash supply.
- B.
  
  It records the amount of cash you gave out for a transaction when you take money out of your cash supply to complete a transaction.
- C.
  
  There is no particular purpose. You do not need to complete a transaction with a check-in ticket.
Correct Answer
B. It records the amount of cash you gave out for a transaction when you take money out of your cash supply to complete a transaction.
3.

If your cash drawer is out of balance and the difference is even number, you should begin your cash recount by counting your five-dollar bills.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
4.

If the amount of the error is evenly divisible by 9, then you may simply have reversed two figures somewhere. Thus, you should check for these reversed figures and recount.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
5.

Deposit slips and cash-out tickets are always debits.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
6.

Your customer presents you with three checks: $23.10, $12.00, and $15.90. She also gives you a deposit slip that shows a total of $51.00. What are the debits in this transaction?
- A.
  
  Deposit slip for $51.00.
- B.
  
  Checks for $23.10, $12.00, $15.90.
- C.
  
  Checks for $23.10, $12.00, $15.90 and deposit slip for $51.00.
Correct Answer
B. Checks for $23.10, $12.00, $15.90.
7.

Your customer gives you a check for $150.00. He also gives you a deposit slip listing the check and $20.00 cash back, leaving $130.00 as the deposit amount. What are the credits in this transaction?
- A.
  
  Deposit slip for $130 and cash-out ticket for $20 and check for $150.00
- B.
  
  Check for $150.00.
- C.
  
  Deposit slip for $130 and cash-out ticket for $20.
Correct Answer
C. Deposit slip for $130 and cash-out ticket for $20.
8.

During opening procedures you should always, among others, check your supplies not locked in the vault, such as coin wrappers, currency straps, blank deposit slips, etc.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
9.

During closing procedures you should always, among others, search your work area for valuables and check the trash to ensure it contains no sensitive information.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Feb 19, 2013

Quiz Edited by
ProProfs Editorial Team
Jun 09, 2012

Quiz Created by
Sarka

Cash Balancing

Balancing, settling, or proving is a process where at the end of each day, you will be required to verify that your actual cash supply matches what the paperwork you have processed says should be your cash amount.

What is the purpose of a chash-in ticket?

If your cash drawer is out of balance and the difference is even number, you should begin your cash recount by counting your five-dollar bills.

If the amount of the error is evenly divisible by 9, then you may simply have reversed two figures somewhere. Thus, you should check for these reversed figures and recount.

Deposit slips and cash-out tickets are always debits.

Your customer presents you with three checks: $23.10, $12.00, and $15.90. She also gives you a deposit slip that shows a total of $51.00. What are the debits in this transaction?

Your customer gives you a check for $150.00. He also gives you a deposit slip listing the check and $20.00 cash back, leaving $130.00 as the deposit amount. What are the credits in this transaction?

During opening procedures you should always, among others, check your supplies not locked in the vault, such as coin wrappers, currency straps, blank deposit slips, etc.

During closing procedures you should always, among others, search your work area for valuables and check the trash to ensure it contains no sensitive information.