Question
True or False 1. Not all cash is classified as current asset. 2. Cash always has a debit balance. 3. Cash short or over is
True or False 1. Not all "cash" is classified as current asset. 2. Cash always has a debit balance. 3. Cash short or over is a suspence account. 4. Stale check is cash. 5. Readily marketable securities is cash equivalent. 6. A 90-day time deposit is cash equivalent. 7. Cash is always measured at face value. 8. Overdraft in one bank account may be offset against other bank accounts with debit balance s. 9.Postdated check is a check that has merely drawn and recorded but not given to the payee on balance sheet date. 10. The petty cash fund account under the imprest fund system is debited only when the fund is established.
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