Which of the Following Would Not Be Included in the Current

question 1

Multiple Choice

Which of the following would not be included in the current asset section of the balance sheet?

• A) bond sinking fund cash
• B) cash on deposit
• C) cash in bank ─ general
• D) cash in bank ─ payroll
• E) petty cash

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Definitions:

Authorized Persons

Individuals who are officially permitted to carry out specific actions within an organization or system.

Checks

Written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or a named party.

Cost-Benefit

An analysis or approach that compares the costs of an action to its benefits to determine its feasibility or value.

Internal Controls

Procedures and mechanisms put in place by a company to safeguard assets, enhance the reliability of financial reports, and ensure compliance with laws and regulations.