ACC 422 Final Exam Study Guide

A study guide covering key concepts for the ACC 422 final exam.

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ACC 422 Final Exam study guide 60 questions and answers (all correct!)100%1) Which of the following is NOT considered cash for financial reportingpurposes?A. Coin, currency, and available fundsB. Money orders, certified checks, and personal checksC. Petty cash funds and change fundsD. 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 currentassets.D. By means of footnotes only.3) Which of the following is considered cash?A. Money market savings certificatesB. Certificates of deposit (CDs)C. Postdated checksD. Money market checking accounts4) If a company employs the gross method of recording accounts receivablefrom customers, then sales discounts taken should be reported asA. an item of "other expense" in the income statement

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Document Details

University

Miami University

Course

ACC 422

Subject

Accounting

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