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ch7 - 1(1point Save Savings accounts are usually classified...

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1 (1 point) Save
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     Savings accounts are usually classified as cash on the balance sheet.   True False Question  2 (1 point) Save      Companies include postdated checks and petty cash funds as cash.   True False Question  3 (1 point) Save      Cash equivalents are investments with original maturities of six months or less.   True False Question  4 (1 point) Save      Bank overdrafts are always offset against the cash account in the balance sheet.   True False Question  5 (1 point) Save      All claims held against customers and others for money, goods, or services are always reported as current assets.   True False Question  6 (1 point) Save      Trade receivables include notes receivable and advances to officers and employees.   True
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False Question  7 (1 point) Save      Trade discounts are used to avoid frequent changes in catalogs and to alter prices for different quantities purchased.   True False Question  8 (1 point) Save      In the gross method, sales discounts are reported as a deduction from sales.
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