11) Advantages of on-line banking include:

A) convenience.

B) transaction speed.

C) effectiveness.

D) All of the above are correct.

 

12) A deposit received by the bank will include:

A) a debit to the company’s bank account.

B) a credit to the company’s bank account.

C) no increase or decrease is made to the company’s bank account.

D) a credit to the cash account on the company’s books.

13) When the bank pays a check written by the company, it would:

A) credit the customer’s bank account.

B) debit the customer’s bank account.

C) debit the cash account on the company’s books

D) no increase or decrease is made to the company’s bank account.

 

14) If the written amount on the check does not match the amount expressed in figures, the bank may:

A) pay the amount written in words.

B) return the check unpaid.

C) contact the drawer to see what was meant.

D) All of the above are correct choices.

 

15) The first two numbers of the ABA code listed on the check represent:

A) the Federal Reserve District.

B) the check number.

C) the routing number.

D) the account number.

 

16) One internal control safeguard is to assign all the duties of receiving, depositing, and recording cash to one employee.

 

17) Using correct cash handling procedures, deposits should be made by the end of the week.

18) A signature card is kept in the bank files so that possible forgeries could be spotted.

 

19) When a bank credits your account, it is decreasing the balance.

 

20) A signature card shows the signature of only the person who authorizes others in the company to sign checks.

 

 

 



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