ACC 422 Final Exam Answers
ACC/422 FINAL EXAM
1) Which of the following is NOT considered cash for financial reporting
purposes?
A. Coin, currency, and available funds
B. Money orders, certified checks, and personal checks
C. Petty cash funds and change funds
D. Postdated checks and I.O.U.’s
2) What is the preferable presentation of accounts receivable from officers,
employees, or affiliated companies on a balance sheet?
A. As assets but separately from other receivables.
B. As offsets to capital.
C. As trade notes and accounts receivable if they otherwise qualify as current
assets.
D. By means of footnotes only.
3) Which of the following is considered cash?
A. Money market savings certificates
B. Certificates of deposit (CDs)
C. Postdated checks
D. Money market checking accounts
4) If a company employs the gross method of recording accounts receivable
from customers, then sales discounts taken should be reported as
A. an item of ̶
ACC 422 Final Exam Answers
ACC/422 FINAL EXAM
1) Which of the following is NOT considered cash for financial reporting
purposes?
A. Coin, currency, and available funds
B. Money orders, certified checks, and personal checks
C. Petty cash funds and change funds
D. Postdated checks and I.O.U.’s
2) What is the preferable presentation of accounts receivable from officers,
employees, or affiliated companies on a balance sheet?
A. As assets but separately from other receivables.
B. As offsets to capital.
C. As trade notes and accounts receivable if they otherwise qualify as current
assets.
D. By means of footnotes only.
3) Which of the following is considered cash?
A. Money market savings certificates
B. Certificates of deposit (CDs)
C. Postdated checks
D. Money market checking accounts
4) If a company employs the gross method of recording accounts receivable
from customers, then sales discounts taken should be reported as
A. an item of ̶
