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B. magnetic tape units
c. property management systems
Chapter 8 Cash
1. At the Seldon Inn, cash is deposited daily, employees use a voucher system, and cash-handling duties are segregated. These practices and policies are most likely in place to achieve:
a. high profitability.
B. internal control over assets.
c. greater control over expenses.
d. greater accuracy in recordkeeping.
2. All of the following would be considered Cash or Cash Equivalents for accounting purposes except:
A. furniture and fixtures.
b. credit card slips.
c. money orders.
d. certificates of deposit.
3. When a bill is due to be paid, an accounting employee pulls a voucher from the _______ file and prepares a __________ for the treasurer to sign.
a. cash receipts; check
b. tickler; voucher
c. registration; report
D. tickler; check
4. Petty cash is usually shown on the balance sheet as:
A. Cash.
b. Petty Cash.
c. a noncurrent asset.
d. a liability.
5. Once a firm establishes a petty cash fund, it has ____________ than it did before.
a. more owners’ equity
b. higher expenses
C. less money in demand deposits
d. less liquidity
6. Cyril, a restaurant accountant, notices that there is a difference between the bank statement’s balance and the balance in the restaurant records for the restaurant’s account. All of the following are common causes for this difference except:
a. credits for interest earned or receivables collected.
b. NSF checks.
C. allowances made for doubtful accounts.
d. outstanding checks.
7. To prepare a bank reconciliation, an accounting employee may have to perform any of the following except:
a. add deposits in transit to the balance per bank.
b. deduct amounts of NSF checks from the balance per books.
c. check the equality of the adjusted bank balance and the adjusted book balance.
D. deduct interest earned from the balance per books.
8. When a supplier’s invoice indicates terms of 2/15, n/30, and it has just been delivered, the hospitality firm will have to pay full price if payment is not made:
a. after 2 days.
B. after 15 days.
c. after 30 days.
d. within the number of days that it took to ship the goods or supply the services purchased.
9. A restaurant submits credit card slips that total $1,000 to American Express for payment. Suppose that American Express charges a 4 percent processing fee. The amount the hotel will receive is:
a. $1,060.
b. $960.
c. $940.
d. $40.
10. Cash forecasting is an aspect of which of the following?
a. conducting audits
b. preparing a bank reconciliation
c. collecting franchise fees
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