Cash and Cash Equivalents Activity

Cash and Cash Equivalents Activity

University

17 Qs

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Cash and Cash Equivalents Activity

Cash and Cash Equivalents Activity

Assessment

Quiz

Business

University

Medium

Created by

John Servidad

Used 138+ times

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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To be reported as part of cash and cash equivalents, the cash and cash equivalent must be:
Unrestricted in use for current operations
Available for the purchase of property, plant and equipment
Set aside for liquidation of long-term debt
Deposited by bank

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following can be classified as cash and cash equivalents, except:
Redeemable preference shares acquired and due in 60 days
Commercial paper held and due for repayment in 90 days
Equity instrument
Bank overdraft

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If material, deposits in foreign bank which are subject to foreign exchange restriction shall be classified
Separately as current asset with appropriate disclosure classified
Separately as non-current asset with appropriate disclosure
Separately as current asset without appropriate disclosure
Separately as non-current asset without appropriate disclosure

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not considered as a cash equivalent?
A three-year treasury note maturing on October 30, 2020 purchased by the entity on September 15, 2020
A three-year treasury note maturing on October 30, 2020 purchased by the entity on June 30, 2020
A 90-day treasury bill
A 60-day money-market placement

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which item should be excluded from cash and cash equivalents in the current year-end statement of financial position?
The minimum cash balance in the entity’s current account which is maintained to avoid service charges
A check issued by the entity on December 27, 2020 but dated January 15, 2021
Time deposit which matures in one year
A customer’s check denominated in a foreign currency

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the end of the current year, an entity had various checks and papers in its safe. Which item should not be included in its cash account in the current year-end statement of financial position?
€ 30,000 cash in current account
Past promissory note issued in favor of the entity by its President
Another entity’s P225,000 check payable to the entity dated December 15, 2020
The entity’s undelivered check payable to a supplier dated December 31, 2020

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unreleased checks, which are checks drawn before the end of reporting period but held for later delivery to creditors
Shall be treated as outstanding checks
Shall be restored to the cash balance
Shall be treated as outstanding checks if the date is shortly after the end of reporting period
Shall be treated as outstanding checks if they are ultimately encashed

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