Main New Question Answer Jeopardy Accounting Chapter 5 Jeopardy Accounting Chapter 5 Completion $100 $200 $300 $400 $500 Multiple Choice $100 $200 $300 $400 $500 Completion $100 $200 $300 $400 $500 Multiple Choice $100 $200 $300 $400 Final T/F $100 $200 $300 $400 $500 T/F $100 $200 $300 $400 $500

Main New Question Answer A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder.

Main New Question Answer What is a debit card?

Main New Question Answer A bank account from which payment can be ordered by a depositor.

Main New Question Answer What is a checking account?

Main New Question Answer A check that a bank refuses to pay.

Main New Question Answer What is dishonored check?

Main New Question Answer A computerized cash payment system that transfers funds without the use of check, currency, or other paper documents.

Main New Question Answer What is electronic funds transfer?

Main New Question Answer An endorsement restricting further transfer of a check’s ownership.

Main New Question Answer What is a restrictive endorsement?

Main New Question Answer A lost check with a blank endorsement on it can be cashed by: A. anyone who has the check. B. only the person whose name follows the words “Pay to the order of.” C. only the person who endorsed the check. D. no one.

Main New Question Answer What is A. anyone who has the check. ?

Main New Question Answer If any kind of error is made in preparing a check A. a new check should be written B. VOID should be written on the check stub C. VOID should be written on the check. D. all of these

Main New Question Answer What is D. all of these?

Main New Question Answer Each time cash or checks are placed in a blank account, the customer prepares a A. signature card B. deposit slip C. check D. none of these

Main New Question Answer What is B. a deposit slip?

Main New Question Answer An endorsement on the back of a check consisting only of a signature is A. a blank endorsement B. a special endorsement C. a restrictive endorsement D. an incorrect endorsement

Main New Question Answer What is A. blank endorsement?

Main New Question Answer The entry to establish a $ petty cash fund is: A. debit Cash, $200; credit Petty cash, $200 B. debit Misc. Expense, $200; credit Cash $200 C. debit Petty Cash, $200; credit Cash, $200 D. debit Petty Cash, $200; credit Misc. Expense $200

Main New Question Answer What is C. debit Petty Cash, $200; credit Cash, $200?

Main New Question Answer A check with a future date on it.

Main New Question Answer What is a postdated check?

Main New Question Answer An amount of cash kept on hand and used for making small purchases.

Main New Question Answer Who is petty cash?

Main New Question Answer A form showing proof of a petty cash payment.

Main New Question Answer What is a petty cash slip?

Main New Question Answer A signature or stamp on the back of a check transferring ownership.

Main New Question Answer What is endorsement?

Main New Question Answer A signature or stamp on the back of a check transferring ownership.

Main New Question Answer What is an endorsement?

Main New Question Answer An endorsement consisting only of the endorser’s signature.

Main New Question Answer What is a blank endorsement?

Main New Question Answer A petty cash fund is always replenished A. daily B. weekly C. at the end of the month D. none of these

Main New Question Answer What is C. at the end of the month?

Main New Question Answer An endorsement on the back of a check consisting of the words “Pay to the order of” and a new check owner’s name is a A. blank endorsement B. special endorsement C. restrictive endorsement D. signature endorsement

Main New Question Answer What is B. a special endorsement?

Main New Question Answer An endorsement on the back of a check indicating that the check is to be accepted for deposit only is A. blank endorsement B. special endorsement C. restrictive endorsement D. signature endorsement

Main New Question Answer What is C. restrictive endorsement?

Main New Question Answer The bank statement shows a checking account balance of $5,500. There are outstanding checks totaling $600.00, an outstanding deposit of $400.00, and a bank service charge of $ The Cash account balance should be A. $5300 B. $5700 C. $5285 D. None of these

Main New Question Answer What is A. $5300?

Main New Question Answer In order to control cash, one common method is to ensure that cash payments are paid by pre-numbered checks.

Main New Question Answer What is True?

Main New Question Answer Ownership of a check cannot be transferred.

Main New Question Answer What is False?

Main New Question Answer Voided checks should be recorded in the journal.

Main New Question Answer What is True?

Main New Question Answer The petty cash fund is a liability with a normal debit balance.

Main New Question Answer What is False?

Main New Question Answer When the petty cash is replenished, Petty Cash is debited and Cash is credited.

Main New Question Answer What is False?

Main New Question Answer When the petty cash fund is replenished, the balance of the petty cash account increases.

Main New Question Answer What is False?

Main New Question Answer As petty cash is paid out, the balance of the petty cash account decreases.

Main New Question Answer What is False?

Main New Question Answer A check with a blank endorsement can be cashed by anyone who has the check

Main New Question Answer What is True?

Main New Question Answer An outstanding check is one that has been issued but not yet reported on a bank statement by the bank.

Main New Question Answer What is True?

Main New Question Answer The source document for an electronic funds transfer is a memorandum.

Main New Question Answer What is True?