7-3 Quiz Chapter 7.odp - Important elements of an internal...

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Important elements of an internal control system for cash disbursements include each of thefollowing except:
Cash equivalents do not include:
Cash may not include:
Cash that is restricted and not available for current operations is reported in the balance sheet as:
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with creditterms 2/10, n/30. Flores uses the gross method of accounting for cash discounts.
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of thecurrent year with terms 1/15, n/60. Oswego uses the gross method of accounting for cashdiscounts.
Accounts receivable are normally reported at the:
When you use an aging schedule approach for estimating uncollectible accounts:
Priscilla's Exotic Pets discounted a note receivable without recourse and the sales criteria were metThe discounting is recorded as:
The transferor is considered to have surrendered control over its receivables if:

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Term
Spring
Professor
N/A
Tags
Balance Sheet, cash equivalents, Oswego Clay Pipe Company, east bay bank

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