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(TCOs 5 and 6) For cash to be classified as a current asset, it must be (Points 5)

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Question 22.

 

22. (TCOs 5 and 6) For cash to be classified as a current asset, it must be (Points : 5)

       deposited into a bank account.

 

       free from any restrictions that might prevent its deposit or use it to pay creditors classified as current.

 

       not used to pay creditors.

 

       free from any restrictions that might prevent its deposit or use it to pay creditors classified as non-current.

 

 

Question 23.

23. (TCO 6) If a firm pledges its receivables and its inventory, then the best indicator of its short-term liquidity may be indicated by (Points : 5)

       working capital.

 

       acid-test.

 

       cash ratio.

 

       days' sales in receivables.

 

 

Question 24.

24. (TCO 6) Which of the following is not classified as a current asset? (Points : 5)

       Marketable securities

 

       Inventories

 

       Receivables

 

       Cash

 

       Investments

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