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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 7-8

Purpose: (L.O. 1 thru 8) This exercise will quiz you about terminology used in this chapter.

A list of accounting terms with which you should be familiar appears below:

Bank reconciliation Fraud triangle
Bank service charge Internal auditors
Bank statement Internal control
Bonding NSF check
Cash Outstanding checks
Cash equivalents Petty cash fund
Check Restricted cash
Compensating balances Sarbanes-Oxley Act
Deposits in transit Voucher
Electronic funds transfer (EFT) Voucher system
Fraud

Instructions

For each item below, enter in the blank the term that is described.

  1. _____________________Resources that consist of coins, currency, checks, money orders, and money on hand or on deposit in a bank or similar depository.
  2. ____________________Short-term, highly liquid investments that can be converted to a specific amount of cash.
  3. ____________________A cash fund used to pay relatively small amounts.
  4. ____________________All of the related methods and measures adopted within an organization to safeguard its assets and enhance the accuracy and reliability of its accounting records.
  5. ____________________A fee charged by a bank for the use of its services.
  6. ____________________A monthly statement from the bank that shows the depositor's bank transactions and balances.
  7. ____________________A written order signed by a bank depositor directing the bank to pay a specified sum of money to a designated recipient.
  8. ____________________Minimum cash balances required ...

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