following can be clasifed as cash and cash except? able preference sha papers held and due for repayment in 90 PROBLEMS Sa Met ree acquired and due in 1. Which of the foow nancial reporting pak eich fda tayo Money ee a L ined he el nts is incorrect a ‘the following statements et ie ie enn aa aa 2 Which of the fallowiog i fred at the current 8. Certificate of deposit» Menancial institution holding the funds of b. Checking account h Fe banlruptey or Bnancial difficulty, cash ©. ‘Money market saving Mowat estimated realizable vale lat maturity value d. Postdated check To be reported as “cash and all be measures item must be plus interest a a hich are subject to 44, Unrestricted in use for ‘eponits in foreign bank which are subi b. Available for the p 7 puchnnge restriction shall be classified ately as current asset, with appropriate squipment ce. Set aside for the fi 4. Deposited in bank tten off as an extraordinary loss. ff'eash and eash equivalents. |. Cash equivalents are Short-term and bi readily convertible nes in a cash in bank account demand deposit account in another bank. the offset is classified as current lability geass ae noveurrent liabilityNSS isdn abd aggre Which is fel etsed maa cern ©. Which is tesites Saa 10.1 is a check that be but not glven to the page period, ed Undelivered cheek Postdated check del Stale check 4. Outstanding cheek: Problem 3-2 Multiple ch 1 Which of the following Coins and currency Cheeks from other p register Amounts on deposit Postage stamps on hi 2, All of the following may Currency ‘Money markt ‘Checking account ba Saving account bi ‘Under which expansion" repo hold as compensating balance Ip do not oaen interest ally 8 adn hold against aor term credit ieiricted and held against lone te y Rended among current assets of | \ of the above tomers’ postaated checks Bi pot considered asa cash equivalent? ‘of tho rr treapury note maturing on May 20 Sen purchased by the enity on April 16 of he eacury note maturing on May 20 of the Sony purchinged by the entity on Janvary 15 of Goeday money market placement “ond of the current year, an entity had various checks fn its safe. Which item should mot be included sount in the current yearend statement of favor of the entity nt fs B150,000 check payable to the entity 1 of the eurront year ivered check payable to a supplier of the current year.8 Which ite wh item should be exeluded from eash and cash A check iasted by the 9. Which of the fllowing The seopomabig «ag ea Shae pra ‘responsibilities. “a contro feature that is on of dutios rast of rosponsibility spor authorization ot system effectively plan ensh in ‘Stee the payment of at ‘he major purpose of d Jem 3-3 Multiple choice (AA) specific to petty cash rent petty eash fund? lows and outflows Sho vendors Pave ponesty of the petty cashier ‘ffectively control try cash fund account created. ‘ah disbursements rader the imprest fund ae szated and everytime it is ished che fund ia created ‘of the following state incorrect? fe imprest petty eash #9" if disbursement by check. sments in relation to petty snd when the size of the the fund is stom in effect adheres to ee inude to the Petty Cash, account only to srr decrease the size of the fund or to adjust nes if not replenished at year-end. Bnimosount is debited when the fund is Gash fund is reported as part of currention to petty 5. When a petty eash of the following statements in rela! Whom petty ch find Sead which of the ftowing fan i incorrect? ried a. The belanes of Bou vurennen fom pty as shal be nur in tie salsoeat oC aaa! Semin od 2 investment _ tion ae a Jone tern 1 et al a petty cash fund requires a Sours ‘The petty cashier's sume i fice the transfer of fund ont of the ‘general ‘he et cers emma ety ea ores can om sporopcite seen Sioned se Bnet ng au ofthe cs i The reinb meal any Ses eof pty cash voueers cred ts oh fad shat an oh Ue ree at es estat incl fo coded as Beant san heen of an imprest patty ch fund cael isthe yes ; Tater go erons the petty cash Shall equal fund was I orth Towing statorents in zlaton tothe cash ) he fllowing nocount is tF16? 1. Petty cash is debited Seoul bs imporebla to havo cash ehortats °° ©. Petty cash ia credited 1 eeaployene were paid sn cash rather than count for daily cash sales for which 4. Expense accounts are tote 0 aunt of cash shortage existed would include Mati wo cash short ox over account a. In not generally ase Trane cach sors ver acount has a dt balan i anata the period it must be debited to an 1. Is debited when the peti epense nocount. balance in a eash short or over account ehal Is debited when the ps 4. In.a contra account £0 red a liability because the short changed er will demand return of this amount ‘A-cash over and short 8, Petty cash fund isProblem 313 (1AA} On December 1, 2013) dec fund, Ipany provided the following informa imprest petty cash a, 2012: ; 00 a atmo Dec 1 atabised a oe wine > st 00 20 Replied vic. 90 | é "100,000 spany provided the following information at comprising its cash account: 500,000 £00,000 5,0 1,500,000 80,000 100,000 pe unssed fttime deposit with maturity of months118 (PHILCPA Adapted) ede on Decamber Se in Ratt Compan’ ers on ing Problem3.16 (ACP) Lackadaisical Company hi “ 20,000 which on Deccan Company had the RIIOWIRE REBUN balan, matpalance of P5,250.00 =i 1.300.000 0,000 00,000 ‘Cash in bank ~ current accour receipts. rt etka Sac eae att expected to be disbursed ind x fe ofeallet ‘Teanga paced Bf teon tet eek ‘The cash on hand included cash* in the to Lackadaisieal Company Jamount should be reported as "eo What total amount sho [py statement of Snancial posi equivalents” on December ‘a. 9,000,000 'b) 7,800,000 8/800,000 ‘4. 3,800,000 Problem 3-17 (ACP) 4:19 (AICPA Adapted) the flowing 0m December 31, 201 1, Kite Company Bad conn tales Geeta scours t aintane at Fest Basi Cash in bank 1.790.000 etiy cath fund C100,000) ‘ime deposit Smontha, 250,000 Saving epost days 500,000 ‘A check of P200,000 date pee. 000, ‘accounta payable was roc ae 4 er 31, 2011 statement off 1p the December 31, 29 Should be reported as cas inancial position, what fand eash equivalents? 191 aaProblem 3-20 (AA) a2 (AICPA Adapted) The fall. lowing data 3 At yoaren 91,2012, Lamentable Company had the followin Ca a oa ae oman seine Ovedeching tae Sn : A special fund for plant (son, Perens! 5 80 at Fe nhumedan reget) st ‘Currency and coins is ymonths, due January 15, 2013 2,500,000 nos a se Jhetatod 710000 of componeting belance What total amount shou 3 ‘8. 4,565,000 al Bak even borrowing arrangement. The ce Fee per cad an wars ‘7,065,000 M ghould be reported as “cash and cas 4. 5,070,000 Problem 3:21 (AICP: i : Picea Astewsa (beck payable Salen, | sncluded in December 3 6. mpany had the following ac 2012, 2,250,000 125,000, for addition o plant in2013 1,600,000 included P600,000 of compensating balance Mem borrowing arrangement. The Hpalance is not legally restricted as to HWvhat amount should be reported as "eash" onProblem $-24 (AICPA. Kindred Company had the fl balance December 31, 2012 ances om a ia ao ee ‘Money market placemer 0 a sas ‘The cash on hand included Company dated January line of ered Ue entity to Kindred faguaranteed 3-26 (AA) {Company reported the folowing information at the feurrent Year Bere arents in entities that are traded in the Have Gtosk Exchange. Aa a rent, the shares are traded in the market 100,000. These securities are "The treasury bills have ich vyaths to go until they mature 1 P2, 400,000 in the form of xin curency, eavinS at and checking account. int securities of P1,500,000, These securities ae Beri oapers or money market placements, The acres fammercal papers ia nine month and they saa December 31 at which time they had Be months to go until they mature ount should be reported as cash and cash te at the end of the current year?aeaee mal ena act 9,000 chock payable to 6 reat ei wan eaiieg on Jansagy J6: 2005 Problem s. rng ewrommary (PHILCPA Adapted) Candia Comp Sanh Company provided the Cash and cash equ Checking accou (Checking acount at Sereda Sood Hanke ahiesm eawn on Decamber 81, 2012 Cask ould be reported as "cash on December Petty cash fund (200i recite P30 Mons order oy $229 @HILCPA Adapted) on A of Zest Company on December 31, ff the following: ‘on December 31, 20122 2012 1,600,000 +4'900,000 6,900,000 » r 400 _ 2500 1800 5,000 tothe order ofthe 6,000 ‘The checkbook P mby Zest Company futoian, representing sary rst names of wvera employees eR trutontora wedding tS Rita the sheet of paper sa currency of 2000 ‘count has an imprest balance ib general ledger v Ti be reported as petty cash ‘amount shoulProblem 3-80 (PHILCPA Adapted) The petty cash fund of Admin Ths pots canh fund of Admieable Company showed «4, Cheek drmenty the ently to se od essten a What amount of petty cash a ‘nro kinds of bank deposits, namely or checking This is the current account sn ct oat where deponts are covered VY emnercial depee withdeawable on demand bY arnt the bank n April 1, 2012, Magnanimous pokes deposit is noninterest bearing: ing account. On =a : pra Bam — The depositor is given a passbook upon a Leja aatock is required when making deposits als. mala ere made anytime but the bank sometimes may ff withdrawal. A saving deposit is interest = "This is similar to saving deposit in the sense Mereat bearing. A time deposit i evidenced, however, Mal agreement embodied in an instrument called ‘deposi ay be preterminated or withdrawn on demand period of time agreed upon,