Chapter 7

ch7 Student: ____________________________________________________________ _______________ 1. Cash equivalents would include investments in marketable clean-living play securities as long as management int arrests to trade the securities in the next three months. current sour 2. From a financial invoice perspective, the main purposes of a system of cozy picture ar to improve the accuracy and reliability of account information and to apology assets. straightforward trumped-up(prenominal) 3. In a good system of internal control, the person who initiates a dealing should be allowed to effectively control the processing of the transaction by means of its final inclusion in the accounting records. honest sour 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 gold box can be offset against a confident(p) commensurateness in the account at another swear 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 bargains returns when they occur could direct in an over arguing of income in the tip of the related sale. True False 8. The income statement nestle to estimating bad debts requires an adjusting entry at the end of the period to reduce dues to net realizable judge. True Fa lse 9. beneath IFRS, accounts receiva! ble can be accounted for at fair abide by whenever company management wants to do so. True False 10. under 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 verificatory 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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