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Quiz by , created over 5 years ago

Accounting 101 Quiz on Untitled, created by smjackson7 on 03/03/2014.

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smjackson7
Created by smjackson7 over 5 years ago
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Question 1

Question
Which of these are considered Cash items:
Answer
  • Money on hand
  • Checks and money orders from customers
  • Money in bank
  • Receivables (other than AR) with original maturity 90 days or less
  • Compensating balances (banking minimum)

Question 2

Question
Which of these are considered to be cash equivalents:
Answer
  • Money in bank
  • Compensating balances (banking minimums)
  • Receivables (other than AR) with original maturity 90 days or less
  • Checks and money orders from customers
  • Money on hand

Question 3

Question
When must a bank reconciliation occur?
Answer
  • When there is a cash balance on the company's books.
  • When there is a cash balance on the bank statement.
  • If the cash balances on the company's books and the bank statement don't match.