Short Answer
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1.
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What is an outstanding deposit?
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2.
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What is an outstanding check?
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3.
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What is a checkbook register?
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4.
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What is an account statement (also called a bank statement)?
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Multiple Choice Identify the
choice that best completes the statement or answers the question.
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5.
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Does a withdrawal increase the amount of money in your account or decrease the
amount of money in your account?
a. | Increase the amount of money in your account | b. | Decrease the amount
of money in your account |
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6.
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Does a deposit increase the amount of money in your account or decrease the
amount of money in your account?
a. | Increase the amount of money in your account | b. | Decrease the amount
of money in your account |
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7.
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Does a service charge increase the amount of money in your account or decrease
the amount of money in your account?
a. | Increase the amount of money in your account | b. | Decrease the amount
of money in your account |
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8.
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Does interest increase the amount of money in your account or decrease the
amount of money in your account?
a. | Increase the amount of money in your account | b. | Decrease the amount
of money in your account |
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Account Statement Complete each
statement using your account statement.
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9.
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What is your account number for this simulation?
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10.
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What date was this account statement prepared on?
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11.
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How many total check marks do you have?
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12.
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How many check marks do you have for deposits?
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13.
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How many check marks do you have for withdrawals?
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14.
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According to your account statement, what was your balance on January 1?
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15.
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According to your account statement, what was the total amount of deposits for
January?
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16.
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According to your account statement, what was the total amount of withdrawals
for January?
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17.
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According to your bank, as of January 31, what is your balance?
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18.
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According to your records, as of January 31, what is your balance?
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19.
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Is the bank’s ending balance the same as your ending balance?
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20.
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The previous question is the reason you have to complete an account
reconciliation. Do you or did you have to complete the account reconciliation?
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Account Reconciliation Use the information you filled out on the
account reconciliation to complete the following questions.
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21.
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What is the ending balance on your account statement for this simulation at the
end of January? (Item 1)
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22.
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How many outstanding deposits are listed?
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23.
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What is the earliest date for any outstanding deposits?
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24.
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What is the earliest date for any outstanding deposits? Type NONE if there
aren’t any.
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25.
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What is the next date for any outstanding deposits? Type NONE if there
aren’t any more.
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26.
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What is the next date for any outstanding deposits? Type NONE if there
aren’t any more.
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27.
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What is the next date for any outstanding deposits? Type NONE if there
aren’t any more.
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28.
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What is the total amount of the outstanding deposits? (Item 2)
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29.
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What is your total amount when you add your ending balance to your total
outstanding deposits? (Item 3)
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30.
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How many outstanding checks, debits, xfers (transfers) are listed?
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31.
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What is the earliest date for any outstanding checks, debits, xfers (transfers)?
Type NONE if there aren’t any.
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32.
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What is the next date for any outstanding checks, debits, xfers (transfers)?
Type NONE if there aren’t any.
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33.
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What is the next date for any outstanding checks, debits, xfers (transfers)?
Type NONE if there aren’t any.
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34.
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What is the next date for any outstanding checks, debits, xfers (transfers)?
Type NONE if there aren’t any.
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35.
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What is the total amount of the outstanding checks, debits, xfers (transfers)?
(Item 4)
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36.
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What is your total amount when you subtract Item 4 from Item 3? (Item 5)
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Checkbook Register Use your checkbook register to complete the
following questions.
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37.
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How many total check marks do you have in your checkbook register for your
January transactions?
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38.
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How many check marks do you have for deposits in your checkbook register for
your January transactions?
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39.
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How many check marks do you have for withdrawals in your checkbook register for
your January transactions?
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40.
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What is your ending balance in your checkbook register?
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41.
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Is your ending balance in your checkbook register the same as Item 5 on your
account reconciliation? (If your answer is no, you have some correcting to do!)
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