1. Efficient management of cash includes which of the following concepts?A. Pay cach bill as soon as the invoice is received.B. Deposit all cash receipts and make all cash disbursements at the end of eachweek.C. Prepare monthly cash budgets (forecasts).D. Pay suppliers in cash out of cash sales receipts before depositing them in thebank.2. Following the completion of the bank reconciliation, an adjusting entry was made thatdebited cash and credited Interest Revenue. Therefore the bank reconciliation musthave included an item that wasA. added to the balance per bank statement.B. added to the balance per depositor's records.C. deducted from the balance per bank statement.D. deducted from the balance per depositor's records.3 A company uses the income statement approach to account for uncollectible accounts.When the firm writes off a specific customer's account receivable,A. total current assets are reduced.B. total expenses for the period are increased.C. total current assets are reduced and total expenses are increased.D. there is no effect on total current assets or total expenses.4. In a perpetual inventory system, the entry to record the cost of goods sold alwaysincludes an entry of equal amount to theA. Inventory account.B. Sales account.C. Purchases account.D. None of the above.

Cash is the essential resource people and companies utilize to pay their commitments on a standard…

1. Efficient management of cash includes which of the following concepts? A. Pay cach bill as soon as the invoice is received. B. Deposit all cash receipts and make all cash disbursements at the end of cach week. C. Prepare monthly cash budgets (forecasts). D. Pay suppliers in cash out of cash sales receipts before depositing them in the bank.

1. Efficient management of cash includes which of the following concepts? A. Pay cach bill as soon as the invoice is received. B. Deposit all cash receipts and make all cash disbursements at the end of cach week. C. Prepare monthly cash budgets (forecasts). D. Pay suppliers in cash out of cash sales receipts before depositing them in the bank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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