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Conceptual Framework and Accounting Standards Quiz
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Conceptual Framework and Accounting Standards Quiz

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Questions and Answers

What are considered as cash equivalents according to PAS 7?

  • Investments available for immediate use
  • Long-term, highly liquid investments
  • Investments with low liquidity
  • Short-term, highly liquid investments (correct)

    • What is the nature of savings deposits and demand deposits according to PAS 7?

  • Available for immediate use (correct)
  • Highly restricted
  • Long-term investments
  • Not available for immediate use

    • According to PAS 1, can the descriptions and ordering of items in the financial statements be amended?

  • Only the ordering can be amended
  • No, they must remain fixed
  • Descriptions can be amended but not the ordering
  • Yes, according to the nature of the entity and its transactions (correct)

    • In the statement of financial position, where is the 'Cash and Cash Equivalents' line item usually presented?

    <p>First</p> Signup and view all the answers

    What is the primary characteristic of cash on hand according to PAS 7?

    <p>Held by the entity</p> Signup and view all the answers

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