Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What are the right answers for these problems? Thank you! 15-19. 15. Which of the following statements is not true? a. Adjustment of the petty

What are the right answers for these problems? Thank you!

15-19.

15.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Which of the following statements is not true? a. Adjustment of the petty cash account is made at the end of the period to avoid understatement of expenses and over statement of cash. b. Entries are made to the petty cash account to increase or decrease the size of the fund or to adjust the balance if not replenished at year end. c. The imprest petty cash system in effect adheres to the rule of disbursement by check. d. The petty cash account is debited when the fund is replenished.A proof of cash is a. A proof of a company's liquid position. b. A proof of the existence of a cash deposit in a bank. C. A reconciliation of the cash receipts and payments during the current period, together with beginning and ending balances of cash. d. A reconciliation of the cash receipts and payments during the previous period, together with beginning and ending balances of cash.A cash short and over account is a. A contra account to cash. b. Debited when the petty cash fund proves out over. c. Debited when the petty cash fund proves out short. d. Not generally accepted. Travel advances should be reported as a. Cash. b. Investments. c. Prepayments. d. Supplies.Cash and cash equivalents on the statement of financial position exclude a. Cash reserved for acquisition of property, plant and equipment items. b. Checks drawn before the reporting date but held for later deliver to creditors. c. Unrestricted 30-day time deposits. d. US dollars deposited in foreign currency depository account

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

Fundamentals Of Cost Accounting

Authors: William Lanen, Shannon Anderson

2nd Edition

0071332618, 978-0071332613

More Books

Students also viewed these Accounting questions