1.When should the petty cash fund be refilled?
2.What does a credit balance in the cash book signify?
3.How is the closing balance of the petty cash book classified in accounting?
4.On which side of the cash book is a discount received typically recorded?
5.Who is responsible for maintaining the cash book?
6.What transactions are documented in a cash book?
7.What do we call a transaction recorded on both sides of a cash book?
8.A deposit of $5000 was recorded twice in the cash book. What is the appropriate correction entry to make in the cash book?
9.A company entered into a hire purchase agreement requiring monthly payments of $1000. Three payments were made through the bank, but these transactions were not recorded in the cash book. What is the correct adjustment to make in the cash book?
10.Given the adjusted cash book balance is $1,000, with outstanding checks amounting to $2,000, uncredited checks totaling $500, and a deposit in transit of $500, what is the balance shown on the bank statement?
11.What does a favorable balance in a bank statement indicate?
12.What term describes checks that have been submitted to the bank but have not yet been acknowledged or credited by the bank?
13.Which type of error causes the cash book balance to remain uncorrected?
14.In a bank reconciliation statement, the value of outstanding checks is added to which type of cash book balance?
15.A bank has issued a debit advice of $500 to a company as interest on an overdraft, but this amount was not recorded in the cash book. What is the proper adjustment to be made in the cash book?
16.Which term describes checks that a company has written but have not yet been cashed or cleared by the bank?
17.What is another term used for checks that have not yet been deposited or credited to an account?
18.How are standing orders recorded in accounting records?
19.A supplier was granted a $2000 discount for early repayment of a debt, but the cashier recorded the full amount without deducting the discount in the cash book. What adjustment is necessary in the cash book to reflect the accurate cash balance?
20.What is another term commonly used for checks that have been issued but not yet cleared the bank?