Quick Test | AccountingCoach

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Note: Some of the following test questions may not have been covered in the Explanation or Practice Quiz for this topic. For more insight regarding a specific question, use the search box at the top of the page.

1. When an imprest petty cash fund is replenished, the title of the account that is credited is __________.
2. When recording the shortage of $1.00 in the petty cash fund, this amount should be recorded with a __________ to the account Cash Short and Over.
3. Restoring the amount of cash on hand in the petty cash fund to the amount reported in the general ledger is known as __________ the petty cash fund.
4. A company has a petty cash fund with an imprest balance of $100. The petty cash custodian has $17.00 on hand and is preparing a check request to replenish the fund. The petty cash receipts show disbursements of $81.00 consisting of $30.00 for supplies expense and $51.00 of travel expense. The check being requested to replenish the petty cash fund should be in the amount of $__________.
5. Using the information in Question 4, indicate the amount of the debit or credit to the account Cash Short and Over.
6. The petty cash expenses are recorded at the time that the petty cash fund is __________.
7. When the balance in the general ledger account Petty Cash remains at a constant amount, the fund’s balance is said to be __________.
8. The person entrusted with the petty cash fund is referred to as the petty cash __________.
9. The account Cash Short and Over is which type of account?
10. A debit to Cash Short and Over indicates that the amount of petty cash receipts plus the amount of cash in the petty cash fund was __________ than the amount indicated in the general ledger.
11. The petty cash fund should be replenished when the amount of cash is low and at the __________ of the accounting period.
12. An imprest petty cash account is __________ to be debited or credited each time that the petty cash fund is replenished.
13. A debit balance in the Cash Short and Over account is likely to be reported as miscellaneous __________.
14. The check written to replenish the imprest petty cash fund will credit which account?
15. Having the petty cash custodian also approve and write the check to replenish the petty cash fund is an example of __________ internal control.
16. Having only one person responsible for disbursing money from petty cash is an example of __________ internal control.
Use the following information for answering Questions 17 – 20:
A petty cash fund that is imprest at $100 is replenished when it has currency and coins amounting to $10. The petty cash receipts for various expenses add up to $89.
17. The expense accounts noted on the petty cash receipts will be __________ (debited, credited) for a total of $__________.
18. The entry to replenish the petty cash fund will include a credit to the account __________ (Cash, Petty Cash) for $ __________.
19. The amount to Cash Short & Over is $__________.
20. The entry to Cash Short & Over is a __________ (debit, credit).

Any questions left unanswered will be marked incorrect.

Petty Cash(Quick Test)

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