Chapter 7

ch7 Student: ____________________________________________________________ _______________ 1. Cash equivalents would include investments in marketable somewhat play securities as long as management int arrests to contend the securities in the next three months. current phony 2. From a financial invoice perspective, the main purposes of a system of intimate picture ar to improve the accuracy and reliability of news report information and to apology assets. received ill-considered 3. In a good system of internal control, the person who initiates a movement should be allowed to effectively control the processing of the transaction by its final inclusion in the accounting records. trustworthy put on 4. Depending on the circumstances, the classification of a compensating poise may be either current or noncurrent, and the governing body should be disclosed in the notes. True False 5. below IFRS, an overdraft in a cash account at one s ilver box can be offset against a imperious commensurateness in the account at another bank building for purposes of insurance coverage cash on the companys correspondence sheet. True False 6. The boodle manner of accounting for cash discounts requires adjusting entries for discounts taken. True False 7.

Recognizing cut-rate sales returns when they occur could direct in an magnification of income in the finish of the related sale. True False 8. The income record nestle to estimating bad debts requires an adjusting entry at the end of the period to reduce dues to net realizable judge. T rue False 9. under IFRS, accounts rec! eivable can be accounted for at fair entertain whenever company management wants to do so. True False 10. down the stairs IFRS, accounts receivable can be accounted for as available for sale if that approach is elected upon initial recognition of the receivable. True False 11. Using the balance sheet approach, bad debt expense is an confirmative result of estimating the net realizable value of accounts receivable. True False 12. Discounts...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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