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USCPA模擬題6：Financial
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Trans Co. had the following balances at December 31, Year 1:
Trans's policy is to treat as cash equivalents all highly-liquid investments with a maturity of three months or less when purchased. What amount should Trans report as cash and cash equivalents in its December 31, Year 1, balance sheet?
A. $110,000
B. $385,000
C. $460,000
D. $860,000
【正確答案】C
Explanation
Choice "C" is correct. Trans should report $460,000 as cash and cash equivalents in its December 31, Year 1, balance sheet.
Choice "A" is incorrect, as the U.S. Treasury bill maturing on 1/31/Year 2 is a cash equivalent because it had an original maturity period of three months or less, which is Trans' stated policy for cash equivalents.
Choice "B" is incorrect, as cash in a money market account is considered cash. Choice "D" is incorrect, as the U.S. Treasury bill maturing on 3/31/Year 2 is NOT a cash equivalent because it had an original maturity period of more than 3 months, which is Trans' stated policy for cash equivalents.
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