1. Advances for travel expenses are reported as:
a. Supplies
b. Cash, since they are equivalent to money
c. Investments
d. None of the above
2. Which of the following items is not included in the Cash section in the Balance Sheet?
a. Coins and dollars in the cash register
b. Checks from other entities received at the cash register
c. Amounts deposited in the Bank's checking account
d. Postage stamps available
3. All of the following can be included under the Cash classification, except:
a. Dollars
b. Money Market Funds
c. Balance in checking account
d. Balance in savings account
4. Which of the following inventories maintained by a manufacturer is similar to the merchandise inventory of a seller?
a. Raw material
b. Work in progress
c. Finished goods
d. Materials
5. Where should the raw material be classified in the State of Situation?
a. Prepaid expenses
b. Inventory
c. Team
d. It is not included in the Statement of Situation