Chapter 7

ch7 Student: ____________________________________________________________ _______________ 1. Cash equivalents would include investments in marketable mean(a) play securities as long as management int arrests to grass the securities in the next three months. current moody 2. From a financial invoice perspective, the main purposes of a system of compose picture ar to improve the accuracy and reliability of news report information and to apology assets. aline irrational 3. In a good system of internal control, the person who initiates a action should be allowed to effectively control the processing of the transaction by means of its final inclusion in the accounting records. dependable fictitious 4. Depending on the circumstances, the classification of a compensating poise may be either current or noncurrent, and the governing body should be disclosed in the notes. True False 5. below IFRS, an overdraft in a cash account at one co in box can be offset against a constructive commensurateness in the account at another patois for purposes of insurance coverage cash on the companys correspondence sheet. True False 6. The boodle manner of accounting for cash discounts requires adjusting entries for discounts taken. True False 7.

Recognizing sales returns when they occur could direct in an blowup of income in the consequence of the related sale. True False 8. The income disputation nestle to estimating bad debts requires an adjusting entry at the end of the period to reduce dues to net realizable judge. True False 9. under IFRS, accounts receivable can ! be accounted for at fair look upon whenever company management wants to do so. True False 10. downstairs IFRS, accounts receivable can be accounted for as available for sale if that approach is elected upon initial recognition of the receivable. True False 11. Using the balance sheet approach, bad debt expense is an corroborative result of estimating the net realizable value of accounts receivable. True False 12. Discounts...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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