Acct 3367 accounting Study guides, Class notes & Summaries
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ACCT 3367: Accounting Final Exam
- Exam (elaborations) • 43 pages • 2024
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ACCT 3367: Accounting Final Exam 
 
 
What are the most liquid assets? - correct answercash 
 
ex: coin, currency, deposits at the bank, money orders, certified checks, cashier's checks, bank drafts, & savings accounts 
 
What are cash equivalents? - correct answer- short-term, highly liquid investments 
 
ex: treasury bills, commercial paper, money market funds 
 
What is restricted cash? - correct answerCash set aside for a particular purpose; material in amount 
 
ex: cash restricted for; (1...
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ACCT 3367 Accounting Exam 1
- Exam (elaborations) • 1 pages • 2024
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ACCT 3367 Accounting Exam 1 
 
deduction from sales in income statement - correct answerIf a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as 
 
the amount of the discount is not material - correct answerAssuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of the cash to be received in the future, failure to follow this practice usually does not make the balance she...
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