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Problem 1-27 Multiple choice (IAA) 1. Which of the following should not be considered cash? a. Petty cash fund b. Money order c. Coin and currency d. IOU 2. Which of the following is usually considered cash? a. Certificate of deposit b. Checking account c. Money market certificate d. Postdated check 3. Which of the following should not be included in cash? a. Travel cash advance b. Certified check c. Personal check d. Manager check 4. All of the following may be included in cash, except a. Currency b. Money market instrument c. Checking account balance d. Saving account balance 5. Under IFRS, which of the following statements is true about reporting bank overdraft? a. Overdraft typically cannot be offset against positive balance in other cash account but reported as current liability. b. Generally, cash overdraft is not allowed. c. Overdraft can be offset against other bank account when payable on demand and often fluctuates from positive to overdrawn as an integral part of cash management. d. All of these statements are true about bank overdraft. 366. Technically, cash may not include a. Foreign currency b. Money order c. Restricted cash d. Undeposited customer check 7. Restricted deposits in foreign bank are classified as a. Current asset with appropriate disclosure. b. Noncurrent asset with appropriate disclosure. c. Be written off as loss. d. As part of cash and cash equivalents. 8. What is a compensating balance? a. Saving account balance b. Demand deposit account balance c. Temporary investment as collateral for loan d. Minimum deposit required to be maintained in connection with a borrowing arrangement 9. Compensating balance represents a. Fund in a bank account that cannot be spent b. Balance in a payroll checking account c. Account that is subject to bank service charge d. Account on which a bank pays interest 10. A compensating balance a. Must be included in cash and cash equivalent. b. Which is legally restricted and related to a long-term loan is classified as current asset. c. Which is legally restricted and related to a short-term loan is classified separately as current asset. d. Which is not legally restricted as to withdrawal is classified separately as current asset