Response to the following questions:
1. Identify at least two assets that are classified as cash equivalents.
2. Organize the class into teams. Each team must prepare a list of 10 internal controls a consumer could observe in a typical retail department store. When called upon, the team's spokesperson must be prepared to share controls identified by the team that have not been shared by another team's spokesperson.
3. Why should a petty cash fund be reimbursed at the end of an accounting period?