会计学第八章
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2. Items acceptable for deposit, e.g. customer checks, cashier checks , money orders, and certified checks.
Cash Equivalents
Short-term, highly liquid investments that are: 1. Readily convertible to a known cash amount 2. Close to maturity date and not sensitive to interest rate changes.
c)
Separate authorization for check signing and recordkeeping duties.
Use a voucher system（凭单制）
6-17
P4
Voucher System of Control 凭单制
A voucher system establishes procedures for:
Control of Cash Disbursements
Bank Statement and Bank Reconciliation
比较数据：短期趋势
C1
Control of Cash
An effective system of internal control that protects cash and cash equivalents should meet three basic guidelines:
Investments purchased within three months of due date
6-11
C2
Cash, Cash Equivalents, & Liquidity
Liquidity
How easily an asset can be converted into cash to be used to pay for services or obligations.
①
Verifying, approving and recording obligations for eventual cash disbursements. Issuing checks for payment of verified, approved and recorded obligations.
Cash register’s record shows $550, but the count of cash in the register is $555 – Dr: Cash 555 Cr: Cash Over and Short 5 Sales 550 How about the normal balance?
6-3
Procedural Learning Objectives
P1: Apply internal control to cash receipts and disbursements.
P2: Explain and record petty cash fund transactions. P3: Prepare a bank reconciliation.
1. 2. 3. 4. 5.
Evaluation of internal controls. Auditor’s work is overseen by the Public Company Accounting Oversight Board (PCAOB). Restriction on consulting services performed by auditors. Term limits on person leading the audit. Harsh penalties for violators, including prison time with severe fines.
Inventory
Cash
6-12
C2
Cash Management Principles
When companies fail, one of the most common causes is their inability to manage cash. Goals of cash management are twofold:
6-4
C1
Purpose of Internal Control
Policies and procedures managers use to: 1. Protect assets. 2. Ensure reliable accounting. 3. Promote efficient operations. 4. Urge adherence to company policies.
P1
Control of Cash Receipts
Goal: Cash received is properly recorded and deposited. Over-the-Counter Cash Receipts
Clerks – Record the amount,
Count 盘点 the cash
Handling cash is separate from recordkeeping of cash. Cash receipts are promptly deposited in a bank.
Characteristics of Cash: most liquid; easily hidden & moved
Financial and Managerial Accounting
John J. Wild Third Edition
McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Supplier (Vendor) Purchasing Requesting
Purchase Requisition
Control of Cash Receipts
Over-the-Counter Cash Receipts Cash Receipts by Mail / EFT Voucher System of Control —凭单制度 Petty Cash System of Control —零星现金
6-5
C1
The Sarbanes-Oxley Act
The Sarbanes-Oxley Act, also known as SOX, requires management and auditors of publicly held companies to adhere to or perform specific requirements, such as:
6-6
C1
Principles of Internal Control
1. 2. 3. 4.
Establish responsibilities.
Maintain adequate records.
Insure assets and bond key employees. Separate recordkeeping from custody of assets. Divide responsibility for related transactions. Apply technological controls.
Supervisor –Read register data
and Compare
6-15
Control of Cash Receipts
Cash Over and Short 现金溢缺
the cash in a cash register might not equal the record of cash receipts
General & Administrative Expenseቤተ መጻሕፍቲ ባይዱ; Miscellaneous expenses
P1
Control of Cash Disbursements
a)
All expenditures should be made by check. petty cash.
b) Only exception is for small payments from
Chapter 8
Cash and Internal Controls
Conceptual Learning Objectives
C1: Define cash and cash equivalents and explain how to report them. C2: Identify control features of banking activities.
5. 6.
7.
Perform regular and independent reviews.
6-7
C1
Control of Cash
Cash & Cash Equivalents: Definition & Types Cash Management: Goals and Principles
Cash disbursements are made by check.
6-10
C2
Cash, Cash Equivalents & Liquidity
Cash
1. Currency, coins and amounts on deposit in bank accounts (checking accounts & savings accounts).
Encourage collection of receivables -discount
Delay payment of liabilities
Last possible day to pay, but not hurt credit standing
Keep only necessary levels of cash
Plan expenditures –seasonal and business cycles Invest excess cash
Excess from seasonal cycles: short-term investments Excess beyond regular needs: invest in productive assets
②
6-18
P4
Voucher System of Control
Sender/签发
Cashier Accounting Receiving
Check Invoice Approval Receiving Report Invoice Purchase Order
Receiver/接受
Supplier (Vendor) Cashier Accounting, Requesting & Purchasing Accounting Supplier, Requesting, Receiving & Accounting Purchasing and Accounting
Cash register with locked-in record of transactions. Compare cash register record with cash reported.
Company cashier –
Receive cash, no access to records ; Write journal entry
Plan cash receipts to meet cash payments when due. 现金收款 V. 现金付款 Keep the minimum level of cash necessary to operate.
6-13
Cash Management Principles
Cash Equivalents
Short-term, highly liquid investments that are: 1. Readily convertible to a known cash amount 2. Close to maturity date and not sensitive to interest rate changes.
c)
Separate authorization for check signing and recordkeeping duties.
Use a voucher system（凭单制）
6-17
P4
Voucher System of Control 凭单制
A voucher system establishes procedures for:
Control of Cash Disbursements
Bank Statement and Bank Reconciliation
比较数据：短期趋势
C1
Control of Cash
An effective system of internal control that protects cash and cash equivalents should meet three basic guidelines:
Investments purchased within three months of due date
6-11
C2
Cash, Cash Equivalents, & Liquidity
Liquidity
How easily an asset can be converted into cash to be used to pay for services or obligations.
①
Verifying, approving and recording obligations for eventual cash disbursements. Issuing checks for payment of verified, approved and recorded obligations.
Cash register’s record shows $550, but the count of cash in the register is $555 – Dr: Cash 555 Cr: Cash Over and Short 5 Sales 550 How about the normal balance?
6-3
Procedural Learning Objectives
P1: Apply internal control to cash receipts and disbursements.
P2: Explain and record petty cash fund transactions. P3: Prepare a bank reconciliation.
1. 2. 3. 4. 5.
Evaluation of internal controls. Auditor’s work is overseen by the Public Company Accounting Oversight Board (PCAOB). Restriction on consulting services performed by auditors. Term limits on person leading the audit. Harsh penalties for violators, including prison time with severe fines.
Inventory
Cash
6-12
C2
Cash Management Principles
When companies fail, one of the most common causes is their inability to manage cash. Goals of cash management are twofold:
6-4
C1
Purpose of Internal Control
Policies and procedures managers use to: 1. Protect assets. 2. Ensure reliable accounting. 3. Promote efficient operations. 4. Urge adherence to company policies.
P1
Control of Cash Receipts
Goal: Cash received is properly recorded and deposited. Over-the-Counter Cash Receipts
Clerks – Record the amount,
Count 盘点 the cash
Handling cash is separate from recordkeeping of cash. Cash receipts are promptly deposited in a bank.
Characteristics of Cash: most liquid; easily hidden & moved
Financial and Managerial Accounting
John J. Wild Third Edition
McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Supplier (Vendor) Purchasing Requesting
Purchase Requisition
Control of Cash Receipts
Over-the-Counter Cash Receipts Cash Receipts by Mail / EFT Voucher System of Control —凭单制度 Petty Cash System of Control —零星现金
6-5
C1
The Sarbanes-Oxley Act
The Sarbanes-Oxley Act, also known as SOX, requires management and auditors of publicly held companies to adhere to or perform specific requirements, such as:
6-6
C1
Principles of Internal Control
1. 2. 3. 4.
Establish responsibilities.
Maintain adequate records.
Insure assets and bond key employees. Separate recordkeeping from custody of assets. Divide responsibility for related transactions. Apply technological controls.
Supervisor –Read register data
and Compare
6-15
Control of Cash Receipts
Cash Over and Short 现金溢缺
the cash in a cash register might not equal the record of cash receipts
General & Administrative Expenseቤተ መጻሕፍቲ ባይዱ; Miscellaneous expenses
P1
Control of Cash Disbursements
a)
All expenditures should be made by check. petty cash.
b) Only exception is for small payments from
Chapter 8
Cash and Internal Controls
Conceptual Learning Objectives
C1: Define cash and cash equivalents and explain how to report them. C2: Identify control features of banking activities.
5. 6.
7.
Perform regular and independent reviews.
6-7
C1
Control of Cash
Cash & Cash Equivalents: Definition & Types Cash Management: Goals and Principles
Cash disbursements are made by check.
6-10
C2
Cash, Cash Equivalents & Liquidity
Cash
1. Currency, coins and amounts on deposit in bank accounts (checking accounts & savings accounts).
Encourage collection of receivables -discount
Delay payment of liabilities
Last possible day to pay, but not hurt credit standing
Keep only necessary levels of cash
Plan expenditures –seasonal and business cycles Invest excess cash
Excess from seasonal cycles: short-term investments Excess beyond regular needs: invest in productive assets
②
6-18
P4
Voucher System of Control
Sender/签发
Cashier Accounting Receiving
Check Invoice Approval Receiving Report Invoice Purchase Order
Receiver/接受
Supplier (Vendor) Cashier Accounting, Requesting & Purchasing Accounting Supplier, Requesting, Receiving & Accounting Purchasing and Accounting
Cash register with locked-in record of transactions. Compare cash register record with cash reported.
Company cashier –
Receive cash, no access to records ; Write journal entry
Plan cash receipts to meet cash payments when due. 现金收款 V. 现金付款 Keep the minimum level of cash necessary to operate.
6-13
Cash Management Principles