# Question 1 of 20 5.0/ 5.0 points how would outstanding checks be

 Question 1 of 20 5.0/ 5.0 Points

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

 [removed]A. They would be added to the balance of the bank statement. [removed]B. They would be subtracted from the balance of the bank statement. [removed]C. They would be added to the balance per books. [removed]D. They would be ignored.
 Question 2 of 20 0.0/ 5.0 Points

A bank statement includes bank charges. On the bank reconciliation, the item is a/an

 [removed]A. addition to the balance per company books. [removed]B. addition to the balance per bank statement. [removed]C. deduction from the balance per bank statement. [removed]D. deduction from the balance per company books.
 Question 3 of 20 0.0/ 5.0 Points

Using the following information, calculate 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

 [removed]A. \$3,000 [removed]B. \$4,250 [removed]C. \$4,000 [removed]D. \$5,500
 Question 4 of 20 5.0/ 5.0 Points

Scotch Services received a credit memorandum from the bank. During the bank reconciliation, it should

 [removed]A. increase its cash account on the company’s books. [removed]B. decrease its cash account on the company’s books. [removed]C. increase the ending cash balance on the bank statement. [removed]D. decrease the ending cash balance on the bank statement.
 Question 5 of 20 5.0/ 5.0 Points

Checks that have been processed by the bank and are no longer negotiable are

 [removed]A. outstanding checks. [removed]B. canceled checks. [removed]C. checks in process. [removed]D. blank checks.
 Question 6 of 20 0.0/ 5.0 Points

The first two numbers of the ABA code listed on the check represent the

 [removed]A. Federal Reserve District. [removed]B. check number. [removed]C. routing number. [removed]D. account number.
 Question 7 of 20 0.0/ 5.0 Points

Using the following information, determine the adjusted cash balance per bank for Santa’s Packaging on November 30.

 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

 [removed]A. \$1,250 [removed]B. \$1,100 [removed]C. \$1,550 [removed]D. \$1,350
 Question 8 of 20 0.0/ 5.0 Points

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

 [removed]A. deposits in transit. [removed]B. late deposits. [removed]C. deposits on hold. [removed]D. outstanding deposits.
 Question 9 of 20 5.0/ 5.0 Points

Internal control over a company’s assets should include which of the following?

 [removed]A. Responsibilities and duties of employees will be divided. [removed]B. All cash receipts will be deposited into the bank the same day they arrive. [removed]C. All cash payments will be made by check (except petty cash). [removed]D. All of the above
 Question 10 of 20 0.0/ 5.0 Points

If the bank charged another company’s check against Shoe Depot’s account, this would be included on the bank reconciliation as a/an

 [removed]A. addition to the balance per books. [removed]B. subtraction from the balance per books. [removed]C. addition to the balance per bank. [removed]D. subtraction from the balance per bank.
 Question 11 of 20 0.0/ 5.0 Points

A blank endorsement on a check

 [removed]A. can be further endorsed by someone else. [removed]B. cannot be further endorsed by someone else. [removed]C. is the safest type of endorsement. [removed]D. permits only the original endorser to get the money.
 Question 12 of 20 5.0/ 5.0 Points

 [removed]A. convenience. [removed]B. transaction speed. [removed]C. effectiveness. [removed]D. All of the above
 Question 13 of 20 5.0/ 5.0 Points

If the written amount on the check doesn’t match the amount expressed in figures, the bank may

 [removed]A. pay the amount written in words. [removed]B. return the check unpaid. [removed]C. contact the drawer to see what was meant. [removed]D. All of the above
 Question 14 of 20 5.0/ 5.0 Points

A restrictive endorsement on a check

 [removed]A. can be further endorsed by someone else. [removed]B. is the safest endorsement for businesses. [removed]C. permits the bank to use its best judgment. [removed]D. None of the above
 Question 15 of 20 0.0/ 5.0 Points

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

 [removed]A. assets to be overstated. [removed]B. assets to be understated. [removed]C. no impact since deposits in transit are already included in the balance per books. [removed]D. no impact since deposits aren’t recorded on the books.
 Question 16 of 20 0.0/ 5.0 Points

Company policy for internal control should include all of the following except for which one?

 [removed]A. Employees will be rotated. [removed]B. Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write checks. [removed]C. The owner (or responsible employee) signs all checks after receiving authorization to pay from the departments concerned. [removed]D. At time of payment, all supporting invoices or documents will be stamped “paid.”
 Question 17 of 20 5.0/ 5.0 Points

The bank statement shows

 [removed]A. the beginning bank balance of the cash at the start of the month. [removed]B. the checks the bank has paid and any deposits received. [removed]C. any other charges or additions to the bank balance. [removed]D. All of the above
 Question 18 of 20 0.0/ 5.0 Points

The journal entry to reverse the entry of a customer’s nonsufficient-funds check would include a

 [removed]A. debit to Cash. [removed]B. credit to Cash. [removed]C. debit to Accounts Payable. [removed]D. credit to Accounts Receivable.
 Question 19 of 20 0.0/ 5.0 Points

A full endorsement on a check

 [removed]A. is the same as a blank endorsement. [removed]B. can be endorsed only by the person or company named in the original endorsement. [removed]C. is the safest endorsement for businesses. [removed]D. None of the above
 Question 20 of 20 0.0/ 5.0 Points

Outstanding checks

 [removed]A. have been subtracted on the bank records but not the checkbook records. [removed]B. haven’t been presented to the bank for payment and haven’t been subtracted from the checkbook. [removed]C. haven’t been presented to the bank for payment but have been subtracted in the checkbook. [removed]D. have been returned to the business for nonpayment.
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