Which of the following pertains to the characteristics of cash and cash equivalents account?

MFar

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University
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Easy
Mintsy Mintsy
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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An amount deposited in a bank
A money set aside for the settlement of long-term debt
Unrestricted in use for current operations
Available for the purchase of any type of property, plant, and equipment
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the treatment for the interest paid by the bank to the depositor’s account?
A book reconciling item that is added to the book balance.
A book reconciling item that is deducted from the book balance.
A bank reconciling item that is deducted from the book balance.
A bank reconciling item that is added to the book balance.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Burr Company reported the checkbook balance on December 31, 2024 at P5,000,000 and held the following items on the same date:
What amount should be reported as cash on December 31, 2024?
4,900,000
5,300,000
6,400,000
5,700,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Visayas Company provided the following data for December:
What is the adjusted cash in bank?
1,375,000
1,310,000
1,322,000
935,00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following methods of accounting for doubtful accounts is permitted under GAAP?
Direct write-off method
Allowance method
Both A and B
Neither A nor B
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Statement I: The interest rate to be used to compute for the interest income on a long-term receivable is the ____.
Statement II: The interest rate to be used to compute for the interest receivable on a long-term receivable is the ____.
Stated interest rate; Market interest rate
Stated interest rate; Stated interest rate
Market interest rate; Market interest rate
Market interest rate; Stated interest rate
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Brownie Company provided the following accounts abstracted from the unadjusted trial balance at year-end:
What amount should be recognized as doubtful accounts expense for the current year?
640,000
610,000
160,000
130,000
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