The account used to pay for very small business purchases is called a) Accounts Receivable b) Petty Cash c) Accounts Payable d) Retained Earnings Question #2 As an employee, a common way to get funds from Petty Cash is to: a) Pay for an authorized item with your own cash and bring a receipt for reimbursement b) Request cash from the accounting department c) Go in the supervisor's drawer and take it d) Make an unauthorized purchase Question #3 2. To establish the Petty Cash account, the account that will be debited is a) Cash b) Office Supplies c) Office Supplies Expense d) Petty Cash

The account used to pay for very small business purchases is called a) Accounts Receivable b) Petty Cash c) Accounts Payable d) Retained Earnings Question #2 As an employee, a common way to get funds from Petty Cash is to: a) Pay for an authorized item with your own cash and bring a receipt for reimbursement b) Request cash from the accounting department c) Go in the supervisor's drawer and take it d) Make an unauthorized purchase Question #3 2. To establish the Petty Cash account, the account that will be debited is a) Cash b) Office Supplies c) Office Supplies Expense d) Petty Cash

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 2A

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Under the imprest system, which amount the following situations when accounting entry is/are made? a. petty cashier accommodated and encashed the check of her friend from the purchasing department b. Christmas party contributions made the custodian's circle of friends where the custodians is in charge of its safekeeping c. it is a reporting period and the fund aren't replenished yet d. pending request of the petty cash custodian to increase the petty cash fund e. request and disbursement of fun by the company's messenger for the week
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What happens when an employee records a fictitious refund of goods at his cash register
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Money orders are considered cash. True False A customer’s check received in settlement of an account receivable is considered cash. True False Business who have several bank accounts, petty cash, and cash on hand, would maintain a separate ledger account for each type of cash. True False For strong internal control, system over cash, it is important to have the duties related to cash receipts and cash payments divided among different employees. True False When clerks enters sale and the customer can see the amount displayed and is given a cash receipt, this is an example of an example of a preventive control. True False If the balance in Cash Short and Over at the end of a period is a credit, it indicates that cash shortages have exceeded overages for the period. True False If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as an “other income” item on the income statement. True False An example of good internal controls…
Accounting is an information and measurement system that does all of the following except. f2 W Multiple Choice O O BH # Records business activities. Identifies business activities. 3 Communicates business activities. Eliminates the need for interpreting financial data. Helps people make better decisions. f3 E S f4 63 R 15 % 5 8 f6 T A 19 8 1- ( T
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