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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.'s2) 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 accounts4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported asA. an item of "other expense" in the income statementB. a deduction from accounts receivable in determining the net realizable value of accounts receivableC. a deduction from sales in the income statementD. sales discounts forfeited in the cost of goods sold section of the income statement5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does NOT make the balance sheet misleading becauseA. the allowance for uncollectible accounts includes a discount elementB. the amount of the discount is NOT materialC. most short-term receivables are NOT interest-bearingD. most receivables can be sold to a bank or factor6) Which of the following methods of determining a
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