491 1:16 O38d.Accounts receivable.17These are short-term, highly liquid investments that are so near their maturity that theyrepresent insignificant risk of changes in value due to changes in interest rates.a.Cash and Cash equivalentsTreasury billsTreasury notesCash equivalentsb.C.d.18.Cash in foreign currency is valued atface value.current exchange rate.C.current exchange rate reduced by an allowance for expected decline in peso. d.estimated realizable value.19.The following were the transactions involving an entity's petty cash fund during theperiod.July. 1, 20x1 Established P30,000 petty cash fund.July 1 through 21, 20x1Disbursements:Office supplies expenseTransportation expensesP4.20010,500Repairs and maintenance3,000Miscellaneous expense9,000TotalP26,700July 22, 20x1 Total coins and currencies in the petty cash box is P1,500. Replenishment ismade.The petty cash fund is not replenished and financial statements are prepared on July 31, 20x1.The month-end adjustment to the petty cash fund would not include aа.debit to receivable from custodian for P1,800.b.credit to petty cash fund for P28,500,total debits to various expense accounts for P26,700.credit to cash in bank for P28,500.C.d.20.On December 31, 20x1, the petty cash fund of Kristelle Co. with a general leger balanceof P15,000 comprises the following:Coins and currenciesPetty cash vouchers:Gasoline for delivery equipmentMedical supplies for employeesAdvances to employees3,0002,040 IOU's: 5,0402,550A sheet of paper with names of several employees together with contribution to bereavedemployee,attached is a currency of2,220Checks:2,400Check drawn to the order of the petty cash custodian3,000Personal check drawn by the petty cash custodian2,400The entry to replenish the fund on December 31, 20x1 includes acredit to cash shortage or overage for P2,910.debit to cash shortage or overage for P2,910.a.b.C.credit to cash in bank for P9,450.d.credit to petty cash fund for P9,450,30.In a bank reconciliation, deposits not recorded by the bank are:a.added to the balance according to the bank statementb.deducted fromalanceccording to the bankadded to the balance according to the depositor's recordsdeducted from the balance according to the depositor's recordsC.d.IUA!!lil

These are short-term, highly liquid investments that are so near their maturity that they represent insignificant risk of changes in value due to changes in interest rates. 17. Cash and Cash equivalents Treasury bills Treasury notes Cash equivalents а. b. C. d. 18. Cash in foreign currency is valued at face value. current exchange rate. current exchange rate reduced by an allowance for expected decline in peso. d. a. b. C. estimated realizable value.

These are short-term, highly liquid investments that are so near their maturity that they represent insignificant risk of changes in value due to changes in interest rates. 17. Cash and Cash equivalents Treasury bills Treasury notes Cash equivalents а. b. C. d. 18. Cash in foreign currency is valued at face value. current exchange rate. current exchange rate reduced by an allowance for expected decline in peso. d. a. b. C. estimated realizable value.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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