10. Which of the following is considered cash for financial reporting purposes?

A. Coins and currency.

B.Debit card sales.

C. Checks received from customers.

D. All of the choices are correct.

11. Which of the following is considered cash for financial reporting purposes?

A. Prepaid insurance.

B. Credit card purchases.

C. Investments in a 6-month Certificate of Deposit.

D. Amounts held in checking accounts.

12. Which of the following is considered cash for financial reporting purposes?

A. Inventory that is likely to be sold within three months.

B. Amounts to be collected from customers.

C. Amounts owed to suppliers.

D. Balances in savings accounts.

15. Which of the following is an example of detective controls?

A. The company should establish formal guidelines to handle cash receipts and make purchases.

B. Important documents should be kept in a safe place, and electronic files should be backed up regularly.

C. Employees should be made aware of the company's internal control policies.

D. Management periodically determines whether the amount of physical assets agree with the accounting records.