1. Which of the following is not a typical bank account?

a. General cash account

b. Imprest cash account
c. Branch account
d. 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
52,780
Petty cash including petty cash vouchers of P650
Balance in savings account with a bank closed by the BSP
Customer check dated Jan 15 2017
Credit memo from suppliers for purchase returns
Postage stamps
Money order
IOU of an employee
Checking account balance in bank of PI
22,000

1,000
36,000
8,000
6,500
120
800
400

The correct cash balance on Dec 31, 2016 of Maganda Company is

a. 76,330
c. 75,930
b. 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. 9,000
b. 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 amount
b. Cash in bank or financial institutions having financial difficulty or in
bankruptcy should be shown at its estimated realizable or recoverable
value
c. 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 prepared

a. 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 when
a. 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.
550,000
service charge of 4,000 and NSF check of 20,000
Service charge made by bank in Oct. and recorded by the depositor in Nov.
2,000
Total credit to cash in all journals during Nov.
620,000
Customer 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. 322,000
b. 300,000
d. 302,000
10.Prepare bank reconciliation dated June 30 of the current year
Balance per bank
DIT
OC

9,800,000
400,000
1,400,000

Balance 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. 6,300,000
b. 7,500,000
d. 6,500,000