For each of the items listed in the table below, place an X in the column indicating the correct classification for statement of financial position purposes. The first one is completed for you.
For each of the items listed in the table below, place an X in the column indicating the correct classification for statement of financial position purposes. The first one is completed for you.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.4MCP
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![Substantive Tests of Cash 311
9-16. Classification of Cash
For each of the items listed in the table below, place an X in the column
indicating the correct classification for statement of financial position
purposes. The first one is completed for you.
Statement of Financial Position Classification
Cash
ST
Cash
Equivalent Investments
Other
Checking account
Savings account
Rare coins kept for long-term
speculation
Postdated checks received
Money orders received
Petty cash fund
Treasury bills purchased when
two months remain in term
Compensating balance for a
short-term loan
Sinking fund to retire a bond in
five years
Certificate of deposit (six-month
term)
Short-term investment in
marketable equity
securities](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3144f3be-5e24-4f9c-8384-16bb9e142d30%2Ff81dfb93-e8c5-4bbb-980a-18aa1657634b%2F9qfjwum_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Substantive Tests of Cash 311
9-16. Classification of Cash
For each of the items listed in the table below, place an X in the column
indicating the correct classification for statement of financial position
purposes. The first one is completed for you.
Statement of Financial Position Classification
Cash
ST
Cash
Equivalent Investments
Other
Checking account
Savings account
Rare coins kept for long-term
speculation
Postdated checks received
Money orders received
Petty cash fund
Treasury bills purchased when
two months remain in term
Compensating balance for a
short-term loan
Sinking fund to retire a bond in
five years
Certificate of deposit (six-month
term)
Short-term investment in
marketable equity
securities
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