Sales tax on the merchandise purchased for resale

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Reference no: EM131260953

1. Which of the following concepts of cash is not appropriate to use in preparing the statement of cash flows?

a. Cash and U.S. Treasury bonds

b. Cash and money market funds

c. Cash and cash equivalents

d. Cash

2. Sales tax on the merchandise purchased for resale

a) should be deducted as taxes and licenses expense

b) is deducted as sales returns and allowance

c) should be capitalized as part of the cost of the inventory

d) is not deductible

Reference no: EM131260953

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