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Accounting Cash Quiz

Accountants are lifelong students. The weekly quizzes are open
to everyone in the wonderful field of accounting, business
and the study of accounting. Good luck!

This week's quiz brought to you by:
Barbara W. Scofield, PhD, CPA - Associate Professor of Accounting
and Director of the Financial Accounting Concentration
University of Dallas
Irving, Texas



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1 - What is the amount of cash reported on the balance sheet for the following situation: checking account balance $9,000; certificate of deposit of $90,000; cash advance to subsidiary of $900,000; utility deposit paid to gas company $900.
$999,900
$99,900
$9,900
$9,000

2 - What is the amount of cash reported on the balance sheet for the following situation: checking account balance $800,000; postdated check from customer $80,000; certified check form customer $8,000; currency on hand $800:
$888,800
$880,800
$808,800
$800,800

3 - What is the amount of cash reported on the balance sheet for the following situation: checking account $700,000; cash restricted due to maintaining compensating balance requirement of $70,000; NSF check received from customer of $7,000; money market balance at mutual fund (with checking privileges) of $700.
$777,700
$770,000
$707,700
$700,700

4 - What is the amount of cash reported on the balance sheet for the following situation: checking account balance of $600,000; an overdraft in a separate checking account at the same bank of ($60,000); cash held in a bond sinking fund $6,000; petty cash fund $600:
$606,600
$600,600
$546,600
$540,600

5 - What is the amount of cash reported on the balance sheet for the following situation: checking account balance $500,000; cash restricted for future plant expansion $50,000; short-term Treasury bills $5,000; cash advance received from customer $500 (not yet deposited in bank).
$555,500
$505,500
$500,500
$500,000

6 - What is the amount of cash reported on the balance sheet for the following situation: checking account balance $400,000; cash advance payable to company executive, payable on demand $40,000; refundable deposit of $4,000 paid to federal government to guarantee performance on construction contract; outstanding checks of $400 (previously subtracted from checking account).
$444,400
$404,400
$400,400
$400,000

7 - The company has a book value for Cash in Bank of $300,000, but the bank reports a value for Cash of $400,000. What is the most likely reason for the difference? :
The company has deposits in transit.
The company has outstanding checks.
The bank has made an error in recording checks and/or deposits.
The company has made an error in recording checks and/or deposits.

8 - In reconciling the account Cash in Bank with the reported cash balance at the bank,
Subtract outstanding checks to Cash in Bank
Subtract outstanding checks to the bank's cash balance
Add outstanding checks to Cash in Bank
Add outstanding checks to the bank's cash balance

9 - When ABC Company receives its bank statement, it realizes that the check from Customer C was not sufficient funds. Which of the following actions need to be taken?
Decrease Accounts Receivable
Increase Accounts Receivable
Increase Cash
No action is needed.

10 - When ABC Company receives its bank statement, it realizes that it recorded a check to a vendor for $110.00 when it was actually written for $1,100.00. Which of the following actions need to be taken?
Subtract $990 from Cash
Add $990 to Cash
Subtract $1,100 from Cash
Add $1,100 to Cash

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