Cash & Cash equivalents
Quiz by Royce Stephen abo
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- Q1
What is a cash equivalent?
Gold
Stocks
Treasury bills
Real estate
30s - Q2
Which is not a cash equivalent?
Bonds
Money market funds
Commercial paper
Treasury bills
30s - Q3
True or false: Cash is a liability
TRUE
FALSE
30s - Q4
What is the main feature of cash equivalents?
Low liquidity
High interest
High risk
Short-term maturity
30s - Q5
Which of the following is not a characteristic of cash equivalents?
Short maturity period
Long maturity period
Low risk
Stable value
30s - Q6
Which of the following best illustrates an Existence Assertion in an audit of a company's financial statements?
Ensuring all liabilities incurred have been recorded in the financial statements.
Assessing whether revenue has been recorded in the appropriate accounting period.
Confirming that recorded inventory physically exists in the warehouse.
Reviewing transactions to verify they are classified correctly in the financial reports.
30s - Q7
Which reconciliation items are subtracted from the balance as per the bank statement when preparing a bank reconciliation?
Bank Service Charges
Bank Errors
Outstandiing Checks
Non-Sufficient Funds
30s