PROF ELECTIVE 4 QUIZ 1

NATURE AND VALUATION OF CURRENT ASSETS - 1

1. Includes money and other megotiabe instruments that is payable in

money and acceptable by the bank for deposit or immediate credit

2. Nos. 2-4: "Cash" includes, which are acceptable by bank for deposit
3. or immediate encashment
4.

5. A type of check which is not considered "Cash"

6. The proper account title of No. 5

7. To be reported as "Cash" an item must be __________________ ?

8. The exact meaning of No. 7

9. Nos. 9-11: Cash items included in "Cash"

10.
11.

12. This is an amount set aside for current purposes such as petty cash
fund, payroll fund and dividend fund

13. If No. 12 is set aside for use in current operations or for the payment
of a current obligation, it is included under what account?

14. Short term, highly liquid investments that are readily convertible into
cash and so near their maturity that they present insginificant risk
of changes in value because of changes in interest rates

15. "Cash" is measured at ___________?

16. Cash in foreign currency is measured at the ______________?

17. If an institution is in bankruptcy or financial difficulty, cash

shoule be wirtten down to ___________________ if the amount
recoverable is estimated to be lower than the No. 14. answer

18. Deposits in foreign countries which are not subject to any FX

restrictions are reported as __________?

19. Deposits in foreign countries which are subject to FX restrictions

if immaterial, are reported as __________?

20. Deposits in foreign countries which are subject to FX restrictions

if material, are reported as __________?