Chapter 6 Questions(1)

Chapter 6 Questions(1) - Quiz Chapter 6 Professor Timothy...

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Quiz Chapter 6 Professor Timothy O’Rourke Professor Timothy O’Rourke
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1. Which one of the following is not considered to be a cash equivalent? A. Corporate commercial paper due in 90 days after purchase B. U.S. Treasury bills with an original maturity of six months C. A money market account with a stock brokerage firm D. A certificate of deposit with a term of 75 days when acquired
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Answer: B
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2. Which one of the following procedures is not part of preparing a bank reconciliation of a checking account? A. Tracing deposits listed on the bank statement to the books to identify deposits in transit B. Arranging canceled checks in numerical order and tracing them to the books to identify outstanding checks C. Identifying items added on the bank statement which have not been recorded as cash receipts by the company D. Preparing adjustments to reverse the transactions recorded for checks that are still outstanding
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Answer: D
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not be a reconciling item? A. Canceled checks
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Chapter 6 Questions(1) - Quiz Chapter 6 Professor Timothy...

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