QU ESTIDM 1 A"cancelied check" refers to a check that could not be processed by the banking system. If!) True {3' False QU ESTIGN 2 On a Bank Reconciliation, if our check was written for $492.33 and was processed as such by the bank. but had been shown in our company's accounting records as a check for $493.23. we would code this (using the Bessner system] as a [3+ item. Ell True LL? False QU ESTIGN 3 We must investigate every uan'ance from budget. no matter how small. II} True II} False QUESTIONd Calculating how much cash we will haye available in a future period. and guring out how much of it we plan to spend in that period. is: if;- a. rather useless. C? ouncertain [and therefore not worth wasting time with the calculation]. C'- c. something we should do on a daily basis. because it is such FUN! 1:) d.quite useful and important. ._'_;- e. none of the above. QUESTION 5 The closing balance on a bani: statement rarely matches the closing balance for the same date in a company's accounling records. This is because: C'- a. the company's accountants usually rnalre some mistakes. while the bani-c's attention to detail is perfect. If; in. both sides do not really CARE enough to get it right. ._'_; c. too many things are happening at the end of a month, so accountants on both sides become distracted. if; d.there are always timing differences. regarding when each side lrnows about certain transactions that affect the bank account. if.) 5-. none of the above. \fLIEU ESTIDN 8 Budgeted xed costs may sometimes turn out to have variances. when compared to acIJJaI t'rx ed costs. EL} True I\"- Fall 5e LIEU ESTIDN 9 The "Bottom-Up" method of calculating required revenue has that name because: C: a. we work our wav from the bottom of the income statement up to the too. .*_f_';. |:I.we drink alcohol as we do these calculations. saving "Bottoms Up!" while working on them together. C:- c. we reach into the bottom of our accounting knowledge, to come up with the correct answer. :3 d.FtLL ot a, ti and c above are valid reasons forthis name. If} 6. none of the above. QUESTION 14 A"static" budget is created while listening to a radio that has been set in between two radio stations. C: True LI- False QUESTION 15 On a Bani: Reconciliation, the Adjusted Balance tells us nothing except that the two sides are in Dela nce with each ether. Cr True II'__';- False QUESTION 15 The Bottom-Up Method is a way of deciding our revenue goal for the following time period. II'_'J True If} False