Components/ Procedures
Keeping office supplies under lock and key is representative of:
Safeguarding assets
What is the capital of Maine?
Augusta
What account would be debited & credited in order to open the petty cash fund?
Debit: Petty Cash
Credit: Cash
Fingertips, Inc. had the following financial data:
Cash $44,000
Cash equivalents $77,000
Long term investments $58,000
Total current liabilities $149,000
What is the cash ratio? (Round your answer to two decimals).
.81
What was passed in response to he accounting scandals of Enron and WorldCom?
Sarbanes-Oxley Act (SOX)
A company check for payment must be signed by:
a person specifically authorized by the company
What country is biggest by area?
Russia
A check of $75 deposited by a company was returned to the bank for nonsufficient funds. How would this information be included on the bank reconciliation?
A deduction on the book
_______ is retained by the customer as proof of a deposit transaction?
A deposit receipt
A system where customers send their checks directly to the company's bank account is described as which of the following?
Lock-Box System
What would be credited on the entry to record the replenishment of a petty cash fund?
Credit to Cash
Who is the oldest US president to ever hold office?
Joe Biden
Who was the shortest NBA player of all time?
Muggsy Bogues
In the final step who compares the day's cash receipts (books) and the bank deposits?
Controller
Petty cash is accounted for by maintaining a constant balance in the petty cash account, supported by the fund (cash plus payment tickets) totaling the same amount. What is this system called?
Imprest System
Check Number 367 for $33.52 was incorrectly entered as $33.25 (in the checkbook). Which adjustment needs to be made? (Decrease/ Increase & Book/ Bank)
Decrease book balance
What is a security procedure designed for e-commerce which rearranges text messages b a mathematical process?
Encryption
What is the chemical formula for table salt?
NaCl
A petty cash fund was established with a $400 balance. It currently has cash of $10 and petty cash tickets as shown:
Travel Expense $120
Office supplies $200
Equipment Rental Expense $70
For the journal entry to replenish, what amount of cash short/over would there be?
0... Everything adds up
What is the adjusted book balance on the bank reconciliation?
Book balance end of the month $5,575
Outstanding Checks $584
Deposits in transit $2,500
Service charges $75
Interest revenue $25
$5525