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problem1: Cash that is restricted and not available for current operations is reported in the balance sheet as:

[A]      Liabilities.

[B]      A cash equivalent.

[C]      Equity.

[D]      Investments & funds.

problem2: If a check correctly written and paid by the bank for 438 dollar is incorrectly recorded on the company's books for 483 dollar, the appropriate treatment on the bank reconciliation would be to

[A]       deduct $45 from the bank's balance.

[B]      deduct $438 from the book's balance.

[C]      add $45 to the bank's balance.

[D]      add $45 to the book's balance.

problem3: Which one of the following is not an ex of internal control over cash?

[A]      Preparation of a cash budget.

[B]      Daily deposits of cash receipts at the bank.

[C]      Combining the functions of signing checks with the approval of expenditures.

[D]      Preparation of a bank reconciliation.

problem4: Which of the following is recorded by a credit to Accounts receivable?

[A]      Sale of inventory on account.

[B]      Estimating the annual allowance for doubtful accounts.

[C]      Estimating annual sales returns.

[D]      prepare-offs of bad debts.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M916871

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