Multiple Choice Answers

Which of the following is not defined as Cash?
a. coins
b. checks
c. money orders
d. commercial paper

Jiminy Cricket Co.
Jiminy Cricket Co. has a five-day workweek (Monday through Friday). Employees earn $500 per day.
Refer to Jiminy Cricket Co. If the month ends on Wednesday, with wages paid on Friday, how much wage expense should be accrued on Wednesday?
a. $500
b. $1,500
c. $2,500
d. $1,000

A debit memorandum from the bank indicates that the bank has deducted an amount from the depositor’s account.
True
False

The basic elements of a financial accounting system include a framework for preparing financial statements.
True
False

Equality of the accounting equation means that no errors have occurred.
True
False