30.Which of the following statements relating to cash is INCORRECT? a. The presentation of the cash item must parallel the intention of the management for which cash is held. b. Cash funds that are intended for settlement of long-term obligations in the future qualify to be reported as part of the current assets. c. Cash deposits with banks that have been restricted for plant expansion are excluded from cash. d. Working funds segregated for current use in the ordinary conduct of business, such as petty cash fund and change fund, qualify as cash under current assets.
30.Which of the following statements relating to cash is INCORRECT? a. The presentation of the cash item must parallel the intention of the management for which cash is held. b. Cash funds that are intended for settlement of long-term obligations in the future qualify to be reported as part of the current assets. c. Cash deposits with banks that have been restricted for plant expansion are excluded from cash. d. Working funds segregated for current use in the ordinary conduct of business, such as petty cash fund and change fund, qualify as cash under current assets.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
30.Which of the following statements relating to cash is INCORRECT?
a. The presentation of the cash item must parallel the intention of the management for which cash is held.
b. Cash funds that are intended for settlement of long-term obligations in the future qualify to be reported as part of the current assets.
c. Cash deposits with banks that have been restricted for plant expansion are excluded from cash.
d. Working funds segregated for current use in the ordinary conduct of business, such as petty cash fund and change fund, qualify as cash under current assets.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education