Q1: This is prepared to verify that the amount of cash in the drawer equals the

Question

Q1: This is prepared to verify that the amount of cash in the drawer equals the total cash sales for the day plus the change fund:

a) a cash proof

b) a credit proof

c) a sales proof

d) a purchase proof

Q2: If there is a cash shortage, the cash short and over account should be:

a) debited

b) credited

c) no effect

d) adjusted

Q3: cash overages are treated as this/these for business:

a) expenses

b) revenue

c) liability

d) assets

Q4: a cash short and over account is this type of account:

a) permanent account

b) income account

c) temporary account

d) liability account

Q5: replenishing a petty cash fun means to restore the fund to this cash balance:

a) least value

b) original value

c) maximum value

d) average value

Q6: which document serves as a proof of payment from the petty cash fund?

a) requistion form

b) reconciling form

c) petty cash voucher

d) petty cash register

Q7: what will be the journal entry if petty cash has a shortage?

a) debit varuous assets and expenses, debit cash short & over, credit cash in bank

b) debit cash in bank, credit varous asstes and exepenses, credit cash short and over

c) debit various assets and expenses, credit cash in bank

d) debit cash in bank, credit various asets and expenes

Q8: Matching

1. change fund

2. sales tax payable

3. cash short

4. cash overage

5. replenish the petty cash fund

a. income

b. asset account

c. liability

d. petty cash requistion

Q9: the adjustment for depreciation affects:

a. two accounts

b. three accounts

c. only one account

d. one of the above

Q10: accumulated depreciation of a particular plant asset refers to:

a. half-yearly depreciation

b. yearly depreciation

c. total depreciation

d. none of the above

Q11: the contra account of a relative plant asset will:

a. increase the balance

b. reduce the balance

c. result in no change in the balance

d. none of the above

Q12: which side is the increase side of an accumulated depreciation account?

a. debit side

b. credit side

c. both debit and credit side

d. none of the above

Q11: when should you make adjustments entries?

a. at the beginning of the year

b. at the end of the year

c. in the middle of the year

d. none of the above

Explanation / Answer

1. a

2. d

3. d

4. b

5. b

6. c

9. d none of the above. it effects more than one.

10. c

11. c

12. b

13/11. b at the end of the year or accounting period..

hopes it helps... thank you

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