Question 1

For the following items Questions 220-227, indicate whether each should be a included or b excluded from the line item titled Cash and cash equivalents on the balance sheet.
-Savings account

Accepted Answer

A savings account is a highly liquid asset that can be easily accessed and converted into cash, and therefore should be included in the line item titled Cash and cash equivalents on the balance sheet.

Question 2

For the following items Questions 220-227, indicate whether each should be a included or b excluded from the line item titled Cash and cash equivalents on the balance sheet.
-Certificate of deposit maturing in 60 days

Accepted Answer

A certificate of deposit that is maturing in 60 days is a financial instrument that can readily be converted into cash and therefore should be included in the cash and cash equivalents line item on the balance sheet.

Question 3

For the following items Questions 220-227, indicate whether each should be a included or b excluded from the line item titled Cash and cash equivalents on the balance sheet.
-Checking account

Accepted Answer

The checking account is a liquid asset that can be readily converted into cash, and therefore should be included in the line item titled Cash and cash equivalents on the balance sheet.

Question 4

For the following items Questions 220-227, indicate whether each should be a included or b excluded from the line item titled Cash and cash equivalents on the balance sheet.
-Certificate of deposit maturing in six months

Accepted Answer

The answer of For the following items Questions 220-227, indicate...

Quiz 6: Cash and Internal Control

For the following items Questions 220-227, indicate whether each should be a included or b excluded from the line item titled Cash and cash equivalents on the balance sheet. -Savings account

For the following items Questions 220-227, indicate whether each should be a included or b excluded from the line item titled Cash and cash equivalents on the balance sheet. -Certificate of deposit maturing in 60 days

For the following items Questions 220-227, indicate whether each should be a included or b excluded from the line item titled Cash and cash equivalents on the balance sheet. -Checking account

For the following items Questions 220-227, indicate whether each should be a included or b excluded from the line item titled Cash and cash equivalents on the balance sheet. -Certificate of deposit maturing in six months