FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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Substantive Tests of Cash 311 9-16. Classification of Cash For each of the items listed in the table below, place an X in the column indicating the correct classification for statement of financial position purposes. The first one is completed for you. Statement of Financial Position Classification Cash ST Cash Equivalent Investments Other Checking account Savings account Rare coins kept for long-term speculation Postdated checks received Money orders received Petty cash fund Treasury bills purchased when two months remain in term Compensating balance for a short-term loan Sinking fund to retire a bond in five years Certificate of deposit (six-month term) Short-term investment in marketable equity securities
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Transcribed Image Text:Substantive Tests of Cash 311 9-16. Classification of Cash For each of the items listed in the table below, place an X in the column indicating the correct classification for statement of financial position purposes. The first one is completed for you. Statement of Financial Position Classification Cash ST Cash Equivalent Investments Other Checking account Savings account Rare coins kept for long-term speculation Postdated checks received Money orders received Petty cash fund Treasury bills purchased when two months remain in term Compensating balance for a short-term loan Sinking fund to retire a bond in five years Certificate of deposit (six-month term) Short-term investment in marketable equity securities
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