Question
A Coins
B Checks
C Money orders
D Commercial paper
The notification accompanying a check that indicates the
specific invoice being paid is called a
A remittance advice.
B voucher.
C debit memorandum.
D credit memorandum.
EFT
A means Efficient Funds Transfer.
B can process certain cash transactions at less cost than by
using the m
C makes it easier to document purchase and sale transactions.
D means Effective Funds Transfer.
On the bank’s accounting records, customers’ accounts are
normally shown as
A revenue.
B expenses.
C an asset.
D a liability.
Credit memorandums from the bank
A decrease a bank customer’s account.
B are used to show a bank service charge.
C show that a company has deposited a customer’s NSF check.
D show the bank has collected a note receivable for the
customer.
A bank reconciliation should be prepared periodically because
A the depositor’s records and the bank’s records are in
agreement.
B the bank has not recorded all of its transactions.
C any differences between the depositor’s records and the
bank’s recodetermined, and any errors made by either party should
be discoverecorrected.
D the bank must make sure that its records are correct.
The amount of the outstanding checks is included on the bank
reconciliation as a(n)
A deduction from the balance per depositor’s records.
B addition to the balance per bank statement.
C deduction from the balance per bank statement.
D addition to the balance per depositor’s records.
A special cash fund used to make small payments that occur
frequently is called a(n)
A operating expenses fund.
B change fund.
C market fund.
D petty cash fund.
C ash equivalents include
A checks.
B coins and currency.
C money market accounts and commercial paper.
D stocks and short-term bonds.
A minimum cash balance required by a bank is called
A cash in bank.
B cash equivalent.
C compensating balance.
D EFT.
Section 5The budget process involves doing all the following
EXCEPT
A establishing specific goals.
B executing plans to achieve the goals.
C periodically comparing actual results with the goals.
D dismissing all managers who fail to achieve operational
goals specifiebudget.
When department managers plan lower goals than possible in
order to build in a cushion for unexpected events, the result is
A budgetary slack. B zero-based budgeting. C goal
conflict. D flexible budgeting.
The process of developing budget estimates by requiring all
levelsof management to estimate sales, production, and other
operating data as though operations were being initiated for the
first time is referred to as
A flexible budgeting. B continuous budgeting. C
zero-based budgeting. D master budgeting.
A variant of fiscal-year budgeting whereby a twelve-month
projection into the future is maintained at all times is termed
A flexible budgeting. B continuous budgeting. C
zero-based budgeting. D master budgeting.
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