Petty Cash Fund
Bank Reconciliation
Definitions
Misc.
chapter 7 fun
All about Mike
100

What Is a small amount of cash used for small random expenses 

Petty cash fund

100

What is added to the bank cash balance on a reconciliation 

Deposits in transit

100

What does NSF stand for?

Non sufficient funds

100

If the petty cash fund totals $100 and "petty cash fund guy" receives a cheque for $52 how much money was spent over the month 

$52

100

How many kids does Mike have?

2 (not including Landon) 

200
how are you 

good 

200

what is subtracted from a bank cash balance on a reconciliation 

outstanding cheques

200

What does DM mean?

Debit memo (cash down)

200

What is petty cash classified as? 

a current asset

200

Who is LBY?

 Little Baby Yoda (Mike's BFF)

300

what is cash short?

small amounts of cash missing from the petty cash fund

300

who should prepare bank reconciliations?

Anyone who has no other responsibilities relating to cash 

300

What does CM mean?

Credit memo (cash up) 

300

Are collections by the bank on the bank or book side of the bank reconciliation?

book

300

What Harry Potter house does Mike belong to?

Ravenclaw

400

How often is a petty cash fund replenished?

Once a month

400

What is subtracted from books cash balance on a reconciliation?

NSFs and bank service charges 

400
What does EFT stand for?

Electronic funds transfer 

400

On a bank statement, why are credits and debits flipped?

It’s flipped because the bank is on the other side of the equation.  So, if we get money they lose money.

400

Who did Mike dress up as for Halloween?

Young Dumbledore 

500

To increase petty cash what do you debit and credit?

Debit petty cash and credit cash 

500

What is added to books cash balance on a reconciliation?

EFTs, Notes, interest earned ..?

500

What does TGP stand for? 

Three Goons Productions

(Landon's marketing company)

500

do you like horses 

yes


500

Where did Mike meet his wife?

Teaching swing dancing

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