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(ToA) Cash & Cash Equivalents

The document contains four multiple choice questions related to accounting concepts. The first question asks which item should not be included in the cash account of a year-end statement of financial position from a list of checks and papers in an entity's safe. The second question asks which statement about a cash over and short account is false. The third question asks which statement about a certified check is false. The fourth question asks what a proof of cash would be useful for.

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170 views1 page

(ToA) Cash & Cash Equivalents

The document contains four multiple choice questions related to accounting concepts. The first question asks which item should not be included in the cash account of a year-end statement of financial position from a list of checks and papers in an entity's safe. The second question asks which statement about a cash over and short account is false. The third question asks which statement about a certified check is false. The fourth question asks what a proof of cash would be useful for.

Uploaded by

looter198
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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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?
a. US $20,000 cash.
b. Past due promissory note issued in favor of the entity by its
President.
c. Another entitys P150,000 check payable to the entity dated December 15 of
the current year.
d. The entitys undelivered check payable to a supplier dated December 31 of
the current year.
A cash over and short account
a. Is not generally accepted.
b. Is debited when the petty cash fund proves out over.
c. Is debited when the petty cash fund proves out short.
d. Is a contra account to cash.
Which of the following statements in relation to a certified check is false?
a. A certified check is a liability of the bank certifying it.
b. A certified check will be accepted by many persons who would not otherwise
accept a personal check.
c. A certified check is one drawn by a bank upon itself.
d. A certified check should not be included in the outstanding checks.
A proof of cash would be useful for
a. Discovering cash receipts that have not been recorded in the journal.
b. Discovering time lag in making deposits.
c. Discovering cash receipts that have been recorded but have not
been deposited.
d. Discovering separation of incompatible duties of employees.

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