ACC 422 FINAL EXAM STUDY GUIDE

Jul 21st, 2016
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1) A cash equivalent is a short-term, highly liquid investment that is readily convertible into known amounts of cash and A. has a current market value that is greater than its original cost. B. bears an interest rate that is at least equal to the prime rate of interest at the date of liquidation. C. is so near its maturity that it presents insignificant risk of changes in interest rates. D. is acceptable as a means to pay current liabilities. 2) Which of the following is NOT considered cash for financial reporting purposes? A. Money orders, certified checks, and personal checks B. Coin, currency, and available funds C. Postdated checks and I.O.U.’s D. Petty cash funds and change funds 3) Which of the following items should NOT be included in the Cash caption on the balance sheet? A. Checks from other parties presently in the cash register B. Amounts on deposit in checking account at the bank C. Postage stamps on hand D. Coins and cur

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ACC 422 FINAL EXAM STUDY GUIDE1) A cash equivalent is a short-term, highly liquid investment that is readily convertible intoknown amounts of cash andA.has a current market value that is greater than its original cost.B.bears an interest rate that is at least equal to the prime rate of interest at the date ofliquidation.C.is so near its maturity that it presents insignificant risk of changes in interest rates.D.is acceptable as a means to pay current liabilities.2) Which of the following is NOT considered cash for financial reporting purposes?A.Money orders, certified checks, and personal checksB.Coin, currency, and available fundsC.Postdated checks and I.O.U.sD.Petty cash funds and change funds3) Which of the following items should NOT be included in the Cash caption on the balancesheet?A.Checks from other parties presently in the cash registerB.Amounts on deposit in checking account at the bankC.Postage stamps on handD.Coins and currency in the cash register4) If a company employs the gross method of recording accounts receivable from customers,then sales discounts taken should be reported asA.an item of other expense in the income statement.B.a deduction from accounts receivable in determining the net realizable value of accountsreceivable.C.sales discounts forfeited in the cost of goods sold section of the income statement.D.a deduction from sales in the income statement.5) The advantage of relating a companys bad debt

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