Objective type question, Financial Accounting

1 The entry establishing a $175 petty cash fund would include a:
a) debit to cash for $175
b) credit to Petty cash for $175
c) debit to petty cash for $175
d) debit to miscellaneous expense for $175

2 Riley's Limousines' entry to establish a $75 petty cash fund for the office would include a:
a) debit to cash for $75
b) credit to petty cash for $75
c) credit to cash for $75
d) debit to office expense for $75

3. Samanth's tutoring service's $200 petty cash fund has a shortage of $4. The facts are: 80 in valid receipts for expenses; $116 in coins and currency. The journal entry to replenish the petty cash fund wouldi nclude a:
a) credit to cash for $80
b) credit to petty cash for $84
c) credit to cash short/over for $4
d) debit to cash short/over for $4.

4. a petty cash fun which was established at $50. contains an actual cash count of $20 and valid receipts for $40. The entry to replenish the fund would include a:
a) credit to cash for $30
b) credit to cahs for $40
c) credit to petty cash for $30
d) debit to petty cash for $40

5) the bank statement included bank charges. On the bank reconciliation, the item is:
a) an addition to the balance per company book
b) an addition to the balance per bank statement
c) a deduction from the balance per bank statement
d) a deduction from the balance per company books

 

Posted Date: 2/26/2014 2:29:10 AM | Location : United States







Related Discussions:- Objective type question, Assignment Help, Ask Question on Objective type question, Get Answer, Expert's Help, Objective type question Discussions

Write discussion on Objective type question
Your posts are moderated
Related Questions
The optimal distribution policy strikes that balance between current dividends and capital gains that maximizes the firm's stock price

Q. What do you mean by Auditors Report? Auditors' Report - Written communication issued by an independent CERTIFIED PUBLIC ACCOUNTANT (CPA) describing the character of her or h

It is a managerial accounting cost method of expensing all costs related with producing a particular product. Absorption costing utilizes the total direct costs and overhead costs

Hi, I want to join expert mind as an accounting and financial expert and earn some money herein, can you please let me know the procedure and other requirements. Rahul Jhunjhunwal

Calculating Present Value [LO2]  You have just received notification that you have won the $1 million first prize in the Centennial Lottery.  However, the prize will be awarded on

On its December 31, 2010 balance sheet, Emig Corp. reported bonds payable of $6,000,000 and related unamortized bond issue costs of $320,000. The bonds had been issued at par. On J

Q. Compute the present value? The offer for the manufacturing rights is for a ten-year period. Annual after-tax cash flow after Year 4 = $660000 Present value of this c

Investors need a 15% rate of return on Brooks Sisters' stock (rs = 15%). a.  What would the value of Brooks's stock be if the last dividend was D0 = $1.5 and if investors expect

The rules of intestacy Agricultural land, crops and livestock in certain areas of Kenya are not covered by these rules; they are distributed according to the law or custom of t

1a. Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods p