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

Important elements of an internal control system for cash disbursements include each of the
following 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 credit
terms 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 the
current year with terms 1/15, n/60. Oswego uses the gross method of accounting for cash
discounts.

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 met
The discounting is recorded as:

The transferor is considered to have surrendered control over its receivables if: