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Accounting for Non-Accountants Quiz 5

1. Generally Accepted Accounting Principles (GAAP) do not require a company to complete the statement of cash flows for the financial statements.

True
False

 

2. Statement of cash flows is included as one of the four required financial statements.

True
False

 

3. Which of the following are examples of cash equivalents?

A) Money Market Accounts
B) U.S. Treasury Bills
C) Both A and B
D) None of the Above

 

4. Which of the following are examples of cash equivalents?

Commercial Paper
Any investment that has a maturity date of less than three months
Certificates of Deposit
All of the Above

 

5. Currency and coins, balances in checking accounts, as well as any item that is accepted into these checking accounts, such as checks and money orders, are considered to be:

A) Investment Activities
B) Cash
C) Cash Flow
D) A and C



Answers

Use the answers below to figure out your score, and see how well you understand the material of the first chapter. If you scored less than an 80% you should read over the chapter again before moving on.

Question 1: False
Question 2: True
Question 3: C) Both A and B
Question 4: Certificates of Deposit
Question 5: Cash

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