FINANCE

Question 11 of 20 The drawee is the A. person who writes the check. B. bank with which the drawer has an account. C. person to whom the check is payable. D. person who reconciles the account. Question 12 of 20 Which of the following bank reconciliation items would be reflected in a journal entry? A. Error made by the bank B. Outstanding checks C. Bank service charges D. Deposit in transit Question 13 of 20 Which item should be added to the company’s book balance during the bank reconciliation? A. Deposit in transit B. Check outstanding C. Bank service charge D. Note collected by the bank Question 14 of 20 The first two numbers of the ABA code listed on the check represent the A. Federal Reserve District. B. check number. C. routing number. D. account number. Question 15 of 20 The check is written and signed by the A. drawer. B. drawee. C. payee. D. payer. Question 16 of 20 A bank statement includes bank charges. On the bank reconciliation, the item is a/an A. addition to the balance per company books. B. addition to the balance per bank statement. C. deduction from the balance per bank statement. D. deduction from the balance per company books. Question 17 of 20 Scotch Services received a credit memorandum from the bank. During the bank reconciliation, it should A. increase its cash account on the company’s books. B. decrease its cash account on the company’s books. C. increase the ending cash balance on the bank statement. D. decrease the ending cash balance on the bank statement. Question 18 of 20 Internal control over a company’s assets should include which of the following? A. Responsibilities and duties of employees will be divided. B. All cash receipts will be deposited into the bank the same day they arrive. C. All cash payments will be made by check (except petty cash). D. All of the above Question 19 of 20 A blank endorsement on a check A. can be further endorsed by someone else. B. cannot be further endorsed by someone else. C. is the safest type of endorsement. D. permits only the original endorser to get the money. Question 20 of 20 A full endorsement on a check A. is the same as a blank endorsement. B. can be endorsed only by the person or company named in the original endorsement. C. is the safest endorsement for businesses. D. None of the above

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