Business > CASE STUDY > ACC_422_Final_Exam_1.docx ACC/422 FINAL EXAM 1) Which of the following is NOT considered (All)

ACC_422_Final_Exam_1.docx ACC/422 FINAL EXAM 1) Which of the following is NOT considered

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ACC_422_Final_Exam_1.docx ACC/422 FINAL EXAM 1) Which of the following is NOT considered cash for financial reporting purposes? A. Coin, currency, & available funds B. Money orders, certified che ... cks, & personal checks C. Petty cash funds & change funds D. Postdated checks & I.O.U.'s 2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet? A. As assets but separately from other receivables. B. As offsets to capital. C. As trade notes & accounts receivable if they otherwise qualify as current assets. D. By means of footnotes only. 3) Which of the following is considered cash? A. Money market savings certificates B. Certificates of deposit (CDs) C. Postdated checks D. Money market checking accounts 4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as A. an item of "other expense" in the income statement B. a deduction from accounts receivable in determining the net realizable value of accounts receivable C. a deduction from sales in the income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . [Show More]

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