MIDTERM-ACCTG-103.docx - 1 PASIG CATHOLIC COLLEGE COLLEGE...

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1PASIG CATHOLIC COLLEGECOLLEGE DEPARTMENTAREA OF ACCOUNTANCYMIDTERM EXAMINATIONACCTG 103PROF. U.C. VALLADOLIDMultiple ChoiceIdentify the choice that best completes the statement or answers the question.1.Unreleased checks (checks drawn before the end of reporting period but held for later delivery tocreditors).a.Shall be treated as outstanding checks.b.Shall be restrored to the cash balance.c.Shall be treated as outstanding checks if the date is shortly after the end ofreporting period.d.Shall be treated as outstanding checks if they are ultimately encashed.
2.To be reported as “cash and cash equivalent”, the cash and cash equivalent must be
3.What is the major purpose of an imprest petty cash fund?
4.If material, deposits in foreign bank which are subject to foreign exchange restriction shall be classified
5.Which of the following is not a basic characteristic of a system of cash control?a.Use of a voucher systemb.Combined responsibility for handling and recording cashc.Daily deposit of all cash receivedd.Internal audits at irregular intervals
6.A compensating balance

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Term
Summer
Professor
Mr. Cruz
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