1、Chapter 7 Cash and ReceivablesQUESTIONS FOR REVIEW OF KEY TOPICSAACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessmentand its documentation differently, one approach i 。

2、s to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each question, exercise and problem in Intermediate Accounting, 6e with the following AACSB learning skills:QuestionsAACSB TagsExercises (cont.)AACSB Tags7-1Reflective thin 。

3、king7-11Analytic7-2Reflective thinking7-12Analytic7-3Reflective thinking7-13Analytic7-4Reflective thinking, Communications7-14Analytic7-5Diversity, Reflective thinking7-15Analytic7-6Reflective thinking7-16Analytic7-7Reflective thinking7-17Analytic7-8Reflective thinking7-18Diversity, Analytic7-9Refle 。

4、ctive thinking, Communications7-19Analytic7-10Reflective thinking7-20Reflective thinking7-11Diversity, Reflective thinking7-21Analytic7-12Reflective thinking7-22Analytic7-13Reflective thinking7-23Analytic7-14Diversity, Reflective thinking7-24Analytic7-15Reflective thinking, Communications7-25Analyti 。

5、c7-16Reflective thinking7-26Analytic7-17Reflective thinking7-27Analytic7-18Reflective thinking7-28Analytic7-19Reflective thinking, Communications7-29Analytic7-20Diversity, Reflective thinking7-30Reflective thinking,CommunicationsBrief Exercises7-31Reflective thinking,Communications7-1Reflective thin 。

6、kingCPA/CMA7-2Diversity, Reflective thinking7-1Analytic7-3Reflective thinking7-2Analytic7-4Analytic7-3Reflective thinking7-5Analytic7-4Analytic7-6Analytic7-5Analytic7-7Diversity, Reflective thinking7-6Analytic7-8Analytic7-7Analytic7-9Analytic7-1Reflective thinking7-10Analytic7-2Analytic7-11Analytic7 。

7、-3Analytic7-12AnalyticProblems7-13Analytic7-1Analytic7-14Reflective thinking7-2Analytic7-15Diversity, Reflective thinking7-3Analytic7-16Analytic7-4Analytic7-17Analytic7-5AnalyticExercises7-6Analytic7-1Analytic7-7Analytic7-2Analytic7-8Analytic7-3Diversity, Analytic7-9Diversity, Analytic7-4Analytic7-1 。

8、0Analytic7-5Analytic7-11Analytic7-6Analytic7-12Analytic7-7Analytic7-13Analytic7-8Analytic7-14Analytic7-9Analytic7-15Analytic7-10AnalyticQUESTIONS FOR REVIEW OF KEY TOPICSQuestion 7-1Cash equivalents usually include negotiable instruments as well as highly liquid investments that have a maturity date 。

9、 no longer than three months from date of purchase.Question 7-2Internal control procedures involving accounting functions are intended to improve the accuracy and reliability of accounting information and to safeguard the company sassets. The separation of duties means that employees involved in rec 。

10、ordkeeping should not also have physical responsibility for assets.Question 7-3Management must document the company sinternal controls and assesstheir adequacy. The auditors must provide an opinion on management s assesPublic Company Accounting Oversight Board Asuditing Standard No. 5, which superse 。

11、desAuditing Standard No. 2, further requires the auditor to expressits own opinion on whether the company has maintained effective internal control over financial reporting.Question 7-4A compensating balance is an amount of cash a depositor (debtor) must leave on deposit in an account at a bank (cre 。

12、ditor) as security for a loan or a commitment to lend. The classification and disclosure of a compensating balance dependson the nature of the restriction and the classification of the related debt. If the restriction is legally binding, then the cash will be classified as either current or noncurre 。

13、nt (investments and funds or other assets) depending on the classification of the related debt. In either case, note disclosure is appropriate. If the compensating balance arrangement is informal and no contractual agreement restricts the use of cash, note disclosure of the arrangement including amo 。

14、unts involved is appropriate. The compensating balancecan be included in the cash and cash equivalentscategory of current assets.Question 7-5Yes, IFRS and U.S. GAAP differ in how bank overdrafts are treated. Under IFRS, overdrafts can be offset against other cash accounts. Under U.S. GAAP overdrafts 。

15、 must be treated as liabilities.Answers to Questions (continued)Question 7-6Trade discounts are reductions below a list price and are used to establish a final price for a transaction. The reduced price is the starting point for initial valuation of the transaction. A cash discount is a reduction, n 。

16、ot in the selling price of a good or service, but in the amount to be paid by a credit customer if the receivable is paid within a specified period of time.Question 7-7The gross method of accounting for cash discounts considers discounts not taken as part of sales revenue. The net method considers d 。

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标题：IntermediateAccounting|IntermediateAccounting教科书上习题答案(byJDavidSpiceland)