Quiz Ch 04 – T/F Accounts Payable as a Cash Equivalent
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
A cash equivalent example would be accounts payable.
A cash equivalent example would be accounts payable.
Fraud poses a significant challenge for businesses worldwide.
Bank reconciliation helps manage bank account cash.
Check and EFT payments serve as crucial internal controls.
There is a negative correlation between the length of time a perpetrator has been employed by an organization and the magnitude of fraud losses.
Internal control refers to a set of procedures and organizational arrangements intended to prevent fraud.
The footnotes to financial statements of public companies usually contain extra details regarding cash and cash equivalents.
To enhance cash security, several businesses receive electronic funds transfers from customers.
Accounts receivable expected to be collected within 90 days or less are considered part of cash and cash equivalents.
Debit card usage for small purchases is restricted due to the high probability of fraudulent activities.