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Unreleased checks a Are outstanding checks b. Are treated as certified checks c. Are part of the payor's cash balance Should be a book-reconciling item si d.

Unreleased checks a Are outstanding checks b. Are treated as certified checks c. Are part of the payor's cash balance Should be a book-reconciling item si d.

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 31CYBK
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5. Unreleased checks a Are outstanding checks b. Are treated as certified checks c. Are part of the payor's cash balance d. Should be a book-reconciling item since the bank has deducted this amount at arriving at the cash balance in the bank statement. Which of the following should not be considered cash? a. Petty cash fund b. Money orders c Coin, currency and funds awaiting deposits d. Postdated checks 7. Which of the following is incorrect with regard to the valuation of cash and cash equivalents? a. Cash is valued at face value b. Cash denominated in foreign currency is translated using the closing rate c. Cash equivalents include interest that is to be received d. Cash deposited in a bank that has filed for bankruptcy should be written down to its net realizable value. Deposits in foreign countries that are also subject to certain foreign exchange restrictions should be a. Valued at current exchange rates and shown as current assets b. Valued at historical exchange rates and presented as noncurrent assets c. Valued at current exchange rates and presented as noncurrent assets d. Valued at historical exchange rates and presented as current assets s. Which of the following should be considered cash equivalents? a. Certificates of deposit b. Money market with checking account privileges c. Legally restricted compensating balances d. Postdated checks- 10. Travel advances should be reported as a. Supplies. b. Cash because they represent the equivalent of money. c. Investments. d. None of these.
Transcribed Image Text:5. Unreleased checks a Are outstanding checks b. Are treated as certified checks c. Are part of the payor's cash balance d. Should be a book-reconciling item since the bank has deducted this amount at arriving at the cash balance in the bank statement. Which of the following should not be considered cash? a. Petty cash fund b. Money orders c Coin, currency and funds awaiting deposits d. Postdated checks 7. Which of the following is incorrect with regard to the valuation of cash and cash equivalents? a. Cash is valued at face value b. Cash denominated in foreign currency is translated using the closing rate c. Cash equivalents include interest that is to be received d. Cash deposited in a bank that has filed for bankruptcy should be written down to its net realizable value. Deposits in foreign countries that are also subject to certain foreign exchange restrictions should be a. Valued at current exchange rates and shown as current assets b. Valued at historical exchange rates and presented as noncurrent assets c. Valued at current exchange rates and presented as noncurrent assets d. Valued at historical exchange rates and presented as current assets s. Which of the following should be considered cash equivalents? a. Certificates of deposit b. Money market with checking account privileges c. Legally restricted compensating balances d. Postdated checks- 10. Travel advances should be reported as a. Supplies. b. Cash because they represent the equivalent of money. c. Investments. d. None of these.
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