Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all the questions immediately thankyou 27. Investment in equity securities * (1 Point) Cannot be classified as cash equivalent because it is subjected

image text in transcribed

image text in transcribed

image text in transcribed

please answer all the questions immediately thankyou

27. Investment in equity securities * (1 Point) Cannot be classified as cash equivalent because it is subjected to significant changes in valu Can be classified as cash equivalent only if the investment amount is minimal Cannot be classified as cash equivalent because it has a maturity date Can be classified as cash equivalent since it represent ownership 28. The practice of accountancy indudes the following, except: (1 Point) Provision of assurance services to more than one client and on a fee basis. Serving as edit examiner for the Commission on Audit. Being appointed as the marketing manager of a business enterprise Working as the Dean of a college that grants a degree of BS Accountancy 29. Notes to financial statements can be describes as (1 Point) Itemized breakdown of the figures presented in the balance sheet or income statement that may be omitted in the publication of the financial statements Collection of source documents that support the recorded transaction ion the company's books Contains solely the company information and production and manpower capacity that generates revenue Usually located on the last past of the complete set of financial statements and contains accounting policies and breakdown of the amount stated in the face of the financial statements 30. Which of the following may not be considered as cash equivalent (1 Point) Time deposits that are due vith 40 days | Equity securities acquired as investments 60-day money market placement Treasury bills and money market funds 31. The auditors of ABC Co. verify the inventory amount in the financial statement by directly observing the inventory count of the warehouse manager. What do we cal this type of verification? * (1 Point) Matching verification IN Direct verification Hand-on verification Indirect verification

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: V.K. Gopal

1st Edition

9788174467461

More Books

Students also viewed these Accounting questions

Question

What is an interface? What keyword is used to define one?

Answered: 1 week ago

Question

The Functions of Language Problems with Language

Answered: 1 week ago

Question

The Nature of Language

Answered: 1 week ago