F2: Financial Statements & Revenue Recognition

Question 1

What are examples of cash and cash equivalents?

Answer 1

• Coin & currency on hand
• Money market accounts
• Unmailed checks
• Savings accounts
• CDs with a maturity of 3 months or less
• Negotiable paper (bank checks, travelers’ checks & money orders)

Question 2

What’re the monetary assets?

Answer 2

Claim to receive a fixed sum of money or an amount determinable w/o reference to future prices of specific goods & services