Jeopardy Accounting Chapter 5

1. Final JeopardyAccounting 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 T/F $100 $200 $300 $400 $500 T/F $100 $200 $300 $400 $500

2. A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder.

3. What is a debit card?

4. A bank account from which payment can be ordered by a depositor.

5. What is a checking account?

6. A check that a bank refuses to pay.

7. What is dishonored check?

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

9. What is electronic funds transfer?

10. An endorsement restricting further transfer of a check’s ownership.

11. What is a restrictive endorsement?

12. 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.

13. What isA. anyone who has the check. ?

14. If any kind of error is made in preparing a checkA. a new check should be writtenB. VOID should be written on the check stubC. VOID should be written on the check.D. all of these

15. What is D. all of these?

16. Each time cash or checks are placed in a blank account, the customer prepares a A. signature cardB. deposit slipC. checkD. none of these

17. What is B. a deposit slip?

18. An endorsement on the back of a check consisting only of a signature isA. a blank endorsementB. a special endorsementC. a restrictive endorsementD. an incorrect endorsement

19. What isA. blank endorsement?

20. The entry to establish a $200.00 petty cash fund is:A. debit Cash, $200; credit Petty cash, $200B. debit Misc. Expense, $200; credit Cash $200C. debit Petty Cash, $200; credit Cash, $200D. debit Petty Cash, $200; credit Misc. Expense $200

21. What isC. debit Petty Cash, $200; credit Cash, $200?

22. A check with a future date on it.

23. What is a postdated check?

24. An amount of cash kept on hand and used for making small purchases.

25. Who is petty cash?

26. A form showing proof of a petty cash payment.

27. What is a petty cash slip?

28. A signature or stamp on the back of a check transferring ownership.

29. What is endorsement?

30. A signature or stamp on the back of a check transferring ownership.

31. What is an endorsement?

32. An endorsement consisting only of the endorser’s signature.

33. What is a blank endorsement?

34. A petty cash fund is always replenishedA. dailyB. weeklyC. at the end of the monthD. none of these

35. What is C. at the end of the month?

36. 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 endorsementB. special endorsementC. restrictive endorsementD. signature endorsement

37. What is B. a special endorsement?

38. An endorsement on the back of a check indicating that the check is to be accepted for deposit only is A. blank endorsementB. special endorsementC. restrictive endorsementD. signature endorsement

39. What is C. restrictive endorsement?

40. 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 $15.00. The Cash account balance should beA. $5300B. $5700C. $5285D. None of these

41. What is A. $5300?

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

43. What is True?

44. Ownership of a check cannot be transferred.

45. What is False?

46. Voided checks should be recorded in the journal.

47. What is True?

48. The petty cash fund is a liability with a normal debit balance.

49. What is False?

50. When the petty cash is replenished, Petty Cash is debited and Cash is credited.