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