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A01 Exam 8 (second set)

24/09/2020 Client: m166 Deadline: 24 Hours

Question 1 (5 points)


 


The drawee is the __________.


Question 1 options:




person who writes the check




bank that drawer has an account with




the person to whom the check is payable




the person who reconciles the account


Question 2 (5 points)


 


A nonsufficient funds check was returned to your company. How does the bank treat this on your bank statement?


Question 2 options:




It is added to the bank balance.




It is shown as a debit memo.




It is shown as a credit memo.




None of these answers are correct.


Question 3 (5 points)


 


Which of the following bank reconciliation items would be reflected in a journal entry?


Question 3 options:




error made by the bank




outstanding checks




bank service charges




deposit in transit


Question 4 (5 points)


 


A restrictive endorsement on a check __________.


Question 4 options:




can be further endorsed by someone else




is the safest endorsement for businesses




permits the bank to use its best judgment




None of these answers are correct.


Question 5 (5 points)


 


The bank statement shows __________.


Question 5 options:




the beginning bank balance of the cash at the start of the month




the checks the bank has paid and any deposits received




any other charges or additions to the bank balance




All of these answers are correct.


Question 6 (5 points)


 


From the bank reconciliation no entry was recorded for deposits in transit. This would cause __________.


Question 6 options:




assets to be overstated




assets to be understated




no impact since deposits in transit are already included in the balance per books




no impact since deposits are not recorded on the books


Question 7 (5 points)


 


Endorsing a check __________.


Question 7 options:




guarantees payment




transfers the right to deposit or transfer cash




cancels the transaction




All of these answers are correct.


Question 8 (5 points)


 


Which item(s. will require a journal entry to update the balance in the Cash account?


Question 8 options:




checks outstanding and deposits in transit




bank service charges, note collected by the bank, and deposits in transit




bank service charges, note collected by the bank, and error made by Accounting Services




None of these answers are correct.


Question 9 (5 points)


 


 Determine the adjusted cash balance per bank for Santa's Packaging on November 30, from the following information.


 


Cash balance on the bank statement $2,350


Customer's check returned—NSF 500


Customer's note collected by the bank 600


Deposits in transit, November 30 1,400


Outstanding checks, November 30 2,650


Question 9 options:




$1,250




$1,100




$1,550




$1,350


Question 10 (5 points)


 


How would outstanding checks be handled when reconciling the ending cash balance per the bank statement to the correct adjusted cash balance?


Question 10 options:




They would be added to the balance of the bank statement.




They would be subtracted from the balance of the bank statement.




They would be added to the balance per books.




They would be ignored.


Question 11 (5 points)


 


If the written amount on the check does not match the amount expressed in figures, the bank may __________.


Question 11 options:




pay the amount written in words




return the check unpaid




contact the drawer to see what was meant




All of these answers are correct.


Question 12 (5 points)


 


The check is written and signed by the __________.


Question 12 options:




drawer




drawee




payee




payer


Question 13 (5 points)


 


Advantages of on-line banking include __________.


Question 13 options:




convenience




transaction speed




effectiveness




All of the above answers are correct.


Question 14 (5 points)


 


Which item should be added to the company's book balance during the bank reconciliation?


Question 14 options:




deposit in transit




check outstanding




bank service charge




note collected by the bank


Question 15 (5 points)


 


 Calculate, from the following information the adjusted cash balance at the end of April.




Bank statement ending cash balance $2,000


General ledger cash balance ending 3,250


Bank monthly service charge 45


Deposits in transit 2,500


Outstanding checks 1,500


NSF check returned with bank statement 205


Question 15 options:




$3,000




$4,250




$4,000




$5,500


Question 16 (5 points)


 


Scotch Services received a credit memorandum from the bank. During the bank reconciliation they should __________.


Question 16 options:




increase their cash account on the company's books




decrease their cash account on the company's books




increase the ending cash balance on the bank statement




decrease the ending cash balance on the bank statement


Question 17 (5 points)


 


On a bank reconciliation, deposits added to the bank side are called __________.


Question 17 options:




deposits in transit




late deposits




deposits on hold




outstanding deposits


Question 18 (5 points)


 


Company policy for internal control should include all of the following EXCEPT for what?


Question 18 options:




Employees will be rotated.




Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks.




The owner (or responsible employee. signs all checks after receiving authorization to pay from the departments concerned.




At time of payment, all supporting invoices or documents will be stamped "paid."


Question 19 (5 points)


 


The bank statement included bank charges. On the bank reconciliation, the item is __________.


Question 19 options:




an addition to the balance per company books




an addition to the balance per bank statement




a deduction from the balance per bank statement




a deduction from the balance per company books


Question 20 (5 points)


 


A full endorsement on a check __________.


Question 20 options:




is the same as a blank endorsement




can be endorsed only by the person or company named in the original endorsement




is the safest endorsement for businesses




does none of the above





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