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Multiple choice questions on bank reconciliation and balance sheet
1. Cash may not include: a.foreign currency. b.money orders. c.restricted use cash. d.undeposited customer checks.
2. Cash that is restricted and not available for current operations is reported in the balance sheet as: a.equity. b.investments and funds. c.liabilities. d.a cash equivalent.
3. When a bank reconciliation has been satisfactorily completed, the only related entries to be made in the depositor's records are: a.to correct errors made by the bank in recording the dollar amounts of cash transactions during the period. b.to reconcile items that explain the difference between the balance per the books and the balance per the bank statement. c.to record outstanding checks and bank service charges. d.to record items that explain the difference between the balance per the accounting records and the adjusted cash balance.
4. If a check correctly written and paid by the bank for $438 is incorrectly recorded on the company's books for $483, the appropriate treatment on the bank reconciliation would be to a.add $45 to the bank's balance. b.add $45 to the book's balance. c.deduct $45 from the bank's balance. d.deduct $438 from the book's balance.
5. Which one of the following is not an example of internal control over cash? a.Preparation of a cash budget. b.Daily deposits of cash receipts at the bank. c.Combining the functions of signing checks with the approval of expenditures. d.Preparation of a bank reconciliation.
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