Acc305 Intermediate Accounting: Chapter 7 Cash and Receivables (10 MCQs)

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Acc305 Intermediate Accounting 

Chapter 7 Cash and Receivables

10 MCQ Quiz

1. In exercise 7-1, requirement 1, letter (a) is included in the cash and cash equivalent calculation?        

True        

False

2. In exercise 7-1, requirement 1, letter (b) is included in the cash and cash equivalent calculation?        

True        

False

3. In exercise 7-1, requirement 1, letter (c) is included in the cash and cash equivalent calculation?        

True        

False

4. In exercise 7-1, requirement 1, letter (d) is included in the cash and cash equivalent calculation?        

True        

False

5. In exercise 7-1, requirement 1, letter (e) is included in the cash and cash equivalent calculation?        

True        

False

6. In exercise 7-1, requirement 1, letter (f) for $15,000 is included in the cash and cash equivalent calculation?        

True        

False

7. In exercise 7-7, requirement 2, what is the amount of accounts receivable written off?        

$69,500        

$32,000        

$54,000        

$40,000

8. On exercise 7-24, what is the amount of deposits outstanding that you add to the balance per the bank statement in the reconciliation?        

$1,890        

$1,101        

$2,340        

$0

9. On exercise 7-24, what is the amount of checks outstanding that you deduct from the balance per the bank statement in the reconciliation?        

$2,340        

$1,890        

$0        

$38

10. On exercise 7-24, what is the amount of the corrected cash balance in the reconciliation?        

$23,338        

$23,332        

$23,820        

$23,782

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