Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Author: Fred Phillips Associate Professor, Robert Libby, Patricia Libby
Publisher: McGraw-Hill Education
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Question
Chapter 5, Problem 24Q
To determine
To mention: the arguments for and against replenishment of petty cash fund
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(Supplement 5A) What are the arguments for and againstreplenishing all petty cash funds at the end of eachaccounting period?
6. What is the correct amount of petty cash on December 31, 2021?
Which of the following items should not be included in the Cash?
O A.
O B.
Petty cash and change funds
Money orders
Cash restricted for retirement of long-term debt
C.
O D.
Saving accounts
Chapter 5 Solutions
Fundamentals of Financial Accounting
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What aspect(s) of the Sarbanes-Oxley Act might...Ch. 5 - Prob. 7QCh. 5 - What are the five components of an internal...Ch. 5 - Prob. 9QCh. 5 - Why is it a good idea to assign each task to only...
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - What is the primary internal control goal for cash...Ch. 5 - Prob. 18QCh. 5 - Prob. 19QCh. 5 - Prob. 20QCh. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 1MCCh. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - Which of the following internal control principles...Ch. 5 - Prob. 6MCCh. 5 - Prob. 7MCCh. 5 - Prob. 8MCCh. 5 - Prob. 9MCCh. 5 - Prob. 10MCCh. 5 - Prob. 5.1MECh. 5 - Prob. 5.2MECh. 5 - Prob. 5.3MECh. 5 - Prob. 5.4MECh. 5 - Prob. 5.5MECh. 5 - Prob. 5.6MECh. 5 - Prob. 5.7MECh. 5 - Prob. 5.8MECh. 5 - Prob. 5.9MECh. 5 - Prob. 5.10MECh. 5 - Prob. 5.11MECh. 5 - Prob. 5.12MECh. 5 - Prob. 5.13MECh. 5 - Prob. 5.14MECh. 5 - Prob. 5.15MECh. 5 - Prob. 5.16MECh. 5 - Identifying Internal Control Principle and...Ch. 5 - Prob. 5.2ECh. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Prob. 5.5ECh. 5 - Prob. 5.6ECh. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10ECh. 5 - Prob. 5.1CPCh. 5 - Prob. 5.2CPCh. 5 - Prob. 5.3CPCh. 5 - Prob. 5.4CPCh. 5 - Prob. 5.1PACh. 5 - Prob. 5.2PACh. 5 - Prob. 5.3PACh. 5 - Prob. 5.4PACh. 5 - Prob. 5.1PBCh. 5 - Prob. 5.2PBCh. 5 - Prob. 5.3PBCh. 5 - Prob. 5.4PBCh. 5 - Recording Transactions and Adjustments,...Ch. 5 - Prob. 5.1SDCCh. 5 - Prob. 5.2SDCCh. 5 - Ethical Decision Making: A Real-Life Example When...Ch. 5 - Ethical Decision Making: A Mini-Case You are an...Ch. 5 - Accounting for Cash Receipts, Purchases, and Cash...
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- 23.At the end of the accounting period, the petty cash fund/drawer showed petty cash vouchers for expenses paid from the fund that have not been reimbursed. If no adjusting entry is made at year end, a. cash will be understated and expenses will be overstated. b. cash will be overstated and expenses will be understated c. cash and net income will be understated. d. cash and expenses will be overstated.arrow_forwardd. none of these. 7. Select the items from the list below that should be included in the "Cash" caption on the balance sheet as of December 31, 2019. For any item not included in "Cash", indicate the proper classification. Not Cash i Cash (a) Colns and currency for change funds. (b) Coins and currency which are from the current day's receipts which have not yet been deposited in the bank. (0) Petty cash. (d) General checking account at First Union Bank, (e) General checking account at Sun Trust Bank. (f) Unused stamps. (g) Deposit in transit. (h) Customer'6 NSF check (returned with bank statement). () Postdated checks from customers. ) Certificate of deposit-60 day CD purchased on December 1, 2014, (k) Certificate of deposit-mnatures in 6 months. (0) 100 shares.of General Motors stock (Intention is to seil in one year or less), (m). Cash to be used to retire long-term debt. (n) Travel advances made to executives for business purposes. (o) Cash advance to executive for personal reasons.…arrow_forward6. Unreleased checks * a. Should be treated as outstanding checks b. Should be restored to the cash balance c. Should be treated as outstanding checks if the date is shortly after the balance sheet d. Should be treated as outstanding checks if they are ultimately encashedarrow_forward
- Why are cash receipts required to be deposited the same day they are received?arrow_forwardThe practice of realizing cash from accounts receivable before its maturity dateis widespread. Defalcation is one of them. True or False?arrow_forwardWhat are two methods of recording accounts receivabletransactions when a cash discount situation is involved?Which is more theoretically correct? Which is used inpractice more of the time? Why?arrow_forward
- Which of the following should be considered cash equivalents? Post-dated checks Money market with checking account privileges Certificates of deposit Legally restricted compensating balancesarrow_forward(I) WHAT ARE THE BANK RECONCILING ITEMS? DESCRIBE EACH. DECRIBE IN A SHORT WAY. NO NEED LONG EXPLANATION.arrow_forwardWhat are the two (2) adjustments required to reconcile the Cash Book with the Bank Statement? Explain what each adjustment represents.arrow_forward
- What is the adjusted balance on the bank reconciliation? (See image of additional info)arrow_forward7. Which of the following should not be considered cash for financial reporting purposes? a. Petty cash funds and change funds b. Money orders, certified checks and personal checks c. Coin, currency and available funds d. Post-dated checks and IOUsarrow_forwardWhich of the following must be deducted from the bank statement balance in preparing a bank reconciliation which ends with an adjusted cash balance? a. Reduction of the loan charged to the account of depositor b. Outstanding checks c. Deposit in transit d. Certified checksarrow_forward
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