Question 1

The internal document that is prepared by a department manager to inform the purchasing department of its needs is called the ________________________.

Accepted Answer

The answer of The internal document that is prepared by...

Question 2

The ________________ ratio reflects the liquidity of a company's accounts receivable.

Accepted Answer

The answer of The ________________ ratio reflects the liquidity of...

Question 3

A customer's check is deposited by a company.The check is uncollectible because the balance in the customer's account is not large enough to cover the check.This check is referred to as a __________ check.

Accepted Answer

The answer of A customer's check is deposited by a...

Question 4

The _________________ account is used to record the effects of cash overages and shortages from errors in making change.

Accepted Answer

The answer of The _________________ account is used to record...

Question 5

On a bank statement,deposits are shown as __________________,because the depositor's account is a liability on the bank's records.

Accepted Answer

The answer of On a bank statement,deposits are shown as...

Question 6

The document the purchasing department sends to the vendor that is used to place an order is the __________________________.

Accepted Answer

The answer of The document the purchasing department sends to...

Question 7

_________________________ is the electronic transfer of cash from one party to another.

Accepted Answer

The answer of _________________________ is the electronic transfer of cash...

Question 8

The internal document that is used to notify the appropriate person that ordered goods have been received and to describe the quantities and condition of the goods is the ____________________.

Accepted Answer

The answer of The internal document that is used to...

Question 9

After preparing a bank reconciliation,a company must prepare journal entries to adjust the book balance to the correct balance.Only the items reconciling the _____________ balance require adjustment.

Accepted Answer

The answer of After preparing a bank reconciliation,a company must...

Question 10

A ____________ is a report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement.

Accepted Answer

The answer of A ____________ is a report explaining any...

Question 11

A ________ is an internal document (or file)that is used to accumulate information to control cash disbursements.

Accepted Answer

The answer of A ________ is an internal document (or...

Question 12

_______________________ are deposits made and recorded by the depositor but not yet recorded on the bank statement.

Accepted Answer

The answer of _______________________ are deposits made and recorded by...

Question 13

A _____________________________ fund is used for the control of small amounts of cash disbursements.

Accepted Answer

The answer of A _____________________________ fund is used for the...

Question 14

The document that is an itemized statement of goods prepared by the vendor listing the customer's name,items sold,sales prices and terms of the sale is the __________________________.

Accepted Answer

The answer of The document that is an itemized statement...

Question 15

________________________ are checks written (or drawn)by the depositor,deducted on the depositor's records and sent to the payee,but not yet recorded by the bank for payment at the bank statement date.

Accepted Answer

The answer of ________________________ are checks written (or drawn)by the...

Question 16

The _________________________ is also called the check authorization.

Accepted Answer

The answer of The _________________________ is also called the check...

Question 17

Match between columns
                        Premises:    cash equivalent 
   cash equivalent 
   cash equivalent 
   cash 
   cash equivalent 
   cash 
   cash 
   cash 
   cash 
   cash

Accepted Answer

The Answer of  U.S. treasury bills  and  is...

Question 18

Match between columns
                        Premises:  A company uses a check protector.
 A company has separate departments for purchasing, receiving and accounts payable.
 A company buys an insurance policy to protect against employee theft.
 A company uses a computerized point of sale system.
 A company uses a voucher system.
 A company hires CPAs to perform an audit.
 No two clerks share the same cash drawer.
 A company has an internal auditor on staff.
 Cashier does not have access to the cash register recorded tape or file.
 The bookkeeper prepares and signs checks.

Accepted Answer

The Answer of Establish responsibility. and Divide responsibility for related is...

Question 19

Match between columns
                        Premises:  Bank service charges
 The bank printed checks for the depositor for a fee
 NSF check
 Bank debit memorandum
 The bank collected a $1,000 note for the depositor
 Bank credit memorandum
 Interest on a checking account
 The bank incorrectly recorded a check for $9.58. The company properly wrote the check for $95.80

Accepted Answer

The Answer of Book and Bank is...

Question 20

Match between columns
                        Premises:  An asset such as cash that can be readily used to settle short-term obligations
 Currency, coins and amounts on deposit in bank checking and many savings accounts
 An internal document listing the goods needed by a department and requesting that it be purchased
 Short-term, highly liquid investments that are readily convertible to known cash amount and are sufficiently close to their maturity date so that the market value is not sensitive to interest rate change
 An itemized statement of goods prepared by the vendor that lists the customer's name, the items sold, the sales price of each item and the terms of sale
 All the policies and procedures managers use to protect assets, ensure reliable accounting, promote efficient operations and urge adherence to company policies
 The buyer or purchaser of goods or services
 Checks written by the depositor, deducted on the depositor's records, sent to the payees but not yet received by the bank for payment
 A document signed by the depositor instructing the bank to pay a specified amount to a designated recipient
 The seller of goods or services

Accepted Answer

The Answer of Cash and Cash equivalent and Check and is...

Quiz 6: Reporting and Analyzing Cash and Internal Controls