1. Which of the following is not a typical bank account?a. General cash accountb. Imprest cash accountc. Branch accountd. Petty cash account

2. The cash account of Maganda Company on Dec 31, 2016 has a balance of 127,600 and it consists of the following:

Bills and coins on hand 52,780Petty cash including petty cash vouchers of P650 1,000Balance in savings account with a bank closed by the BSP 36,000Customer check dated Jan 15 2017 8,000Credit memo from suppliers for purchase returns 6,500Postage stamps 120Money order 800IOU of an employee 400Checking account balance in bank of PI 22,000

The correct cash balance on Dec 31, 2016 of Maganda Company isa. 76,330 c. 75,930b. 75,130 d. 76,580

3. Sexy Corp. reported a balance of 43,000 in its Cash account at the end of the month. There were 20,000 deposits in transit and 15,000 outstanding checks. The bank statement showed a balance of P50,000 including a note with face value of 15,000 and a 6,000 service charge.

How much is the interest on the note collected by the bank?a. 3,000 c. 9,000b. 6,000 d. 12,000

4. Which of the following is not included in the valuation of cash in the balance sheet?a. Is generally valued at face amountb. Cash in bank or financial institutions having financial difficulty or in bankruptcy should be

shown at its estimated realizable or recoverable valuec. If held as cash against short term borrowing arrangements, it should be stated separately

under current assets.d. Cash in foreign currency is valued in Philippine peso using the current exchange rate as of

the balance sheet date.

5. A bank reconciliation should be prepareda. Whenever the bank refuses to lend the company money.b. To explain any difference between the depositor's balance per books with the balance per bank.c. When an employee is suspected of fraud.d. By the person who is authorized to sign checks.

6. Which of the following would be reported as an investing activity in a company's statement of cash flows?

a. Collection of proceeds from a note payable. b. Collection of a note receivable from a related party. c. Collection of an overdue account receivable from a customer. d. Collection of a tax refund from the government

7. Entries are made to the Petty Cash account whena. Making payments out of the fund.b. Recording shortages in the fund.c. Replenishing the petty cash fund.d. Establishing the fund.

8. Pogi Company prepares a 4-column bank reconciliation. Check no. 143 was written for 66,700 in the books but the check cleared the bank for the correct amount of 75,700. What would be the correct treatment in the bank reconciliation?

a. On the book side, deduct 9,000 from payments and add 9,000 to ending balance. b. On the book side, add 9,000 to payments and deduct 9,000 from the ending balance

c. On the bank side, deduct 9,000 from payments and deduct 9,000 to ending balance.d. On the bank side, add 9,000 to receipts and add 9,000 to ending balance.

9. Bayside Co. provided the following information for Oct. and Nov 2015:Checks and charges recorded by bank in Nov. including a Nov. 550,000service charge of 4,000 and NSF check of 20,000Service charge made by bank in Oct. and recorded by the depositor in Nov. 2,000Total credit to cash in all journals during Nov. 620,000Customer NSF check returned in Oct. and redeposited in Nov. 40,000(no entry made by depositor in either Oct. or Nov.)Outstanding checks on Oct. 31, 2015 that cleared in Nov. 230,000

What is the amount of outstanding checks on Nov. 30, 2015?a. 282,000 c. 322,000b. 300,000 d. 302,000

10. Prepare bank reconciliation dated June 30 of the current year

Balance per bank 9,800,000DIT 400,000 OC 1,400,000Balance per book 8,600,000

There were total deposits of 6,500,000 and charges for disbursements of 9,000,000 for July bank statement. All reconciliation items on June 30 cleared the bank on July 31. Checks outstanding amounted to 1,000,000 and DIT totaled 1,200,000 on July 31.What is the adjusted cash in bank in July 31?

a. 7,300,000 c. 6,300,000b. 7,500,000 d. 6,500,000