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Questions and Answers
What are considered as cash equivalents according to PAS 7?
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?
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?
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?
In the statement of financial position, where is the 'Cash and Cash Equivalents' line item usually presented?
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What is the primary characteristic of cash on hand according to PAS 7?
What is the primary characteristic of cash on hand according to PAS 7?
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