58. A six-month bank certificate of deposit would be classified as a cash equivalent.

True

False

59. After it completes a bank reconciliation, a business must prepare a number of adjustments to its records. The additions and deductions from the Cash account on the books should be the basis for the adjustments.

True

False

60. Which internal control procedure is followed when management authorizes the purchasing department to order goods and services for the company?

	a.	Segregation of duties
	b.	Proper authorizations
	c.	Safeguarding of assets and records
	d.	Independent verification