会计学第八章
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Financial and Managerial Accounting
John J. Wild Third Edition
McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
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.
Receive cash, no access to records ; Write journal entry
Supervisor –Read register data
and Compare
6-18
Control of Cash Receipts
Cash Over and Short
the cash in a cash register might not equal the record of cash receipts
6-7
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.
5. 6.
7.
Perform regular and independent reviews.
6-8
C1
Technology and Internal Control
Reduced Processing Errors More Extensive Testing of Records
Limited Evidence of Processing Increased e-commerce
Control of Cash Receipts
Over-the-Counter Cash Receipts Cash Receipts by Mail Voucher System of Control Petty Cash System of Control
Control of Cash Disbursements
Bank Statement and Bank Reconciliation
C1
Control of Cash
An effective system of internal control that protects cash and cash equivalents should meet three basic guidelines:
6-6
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:
Excess from seasonal cycles: short-term investments Excess beyond regular needs: invest in productive assets
P1
Control of Cash Receipts
Goal: Cash received is properly recorded and deposited. Over-the-Counter Cash Receipts
6-5
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.
Handling cash is separate from recordkeeping of cash. Cash receipts are promptly deposited in a bank.
Characteristics of Cash: most liquid; easily hidden & moved
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?
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.
Delay payment of liabilities
Last possible day to pay, but not hurt credit standing
Keep only necessary levels of assets
Plan expenditures –seasonal and business cycles Invest excess cash
Investments purchased within three months of due date
6-14
C2
Cash, Cash Equivalents, & Liquidity
Liquidity
How easily an asset can be converted into cash to be used to pay for services or obligations.
Clerks – Record the amount,
Count the cash
Cash register with locked-in record of transactions. Compare cash register record with cash reported.
Company cashier –
Crucial Separation of Du百度文库ies
6-9
C1
Limitations of Internal Control
Human Error
Human Fraud
Negligence Fatigue Misjudgment Confusion
Intent to defeat internal controls for personal gain
Cash disbursements are made by check.
6-13
C2
Cash, Cash Equivalents & Liquidity
Cash
1. Currency, coins and amounts on deposit in bank accounts (checking accounts & savings accounts).
Plan cash receipts to meet cash payments when due. Keep the minimum level of cash necessary to operate.
6-16
Cash Management Principles
Encourage collection of receivables -discount
General & Administrative Expenses; Miscellaneous expenses
P1
Control of Cash Receipts
Cash Receipts By Mail
Two people open the mail and enter a list in triplicate of money received. 三联式收款单
6-10
C1
Limitations of Internal Control
The costs of internal controls must not exceed their benefits.
Benefits
Costs
6-11
C1
Control of Cash
Cash & Cash Equivalents: Definition & Types Cash Management: Goals and Principles
Inventory
Cash
6-15
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:
Chapter 8
Cash and Internal Controls
Conceptual Learning Objectives
C1: Define internal control and identify its purpose and principles. C2: Define cash and cash equivalents and explain how to report them. C3: Identify control features of banking activities.
6-3
Analytical Learning Objectives
A1: Compute the days’ sales uncollected ratio and use it to assess liquidity.
6-4
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. P4: Appendix 6A: Describe the use of documentation and verification to control cash disbursements. P5: Appendix 6B: Apply the net method to control purchase discounts
John J. Wild Third Edition
McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
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.
Receive cash, no access to records ; Write journal entry
Supervisor –Read register data
and Compare
6-18
Control of Cash Receipts
Cash Over and Short
the cash in a cash register might not equal the record of cash receipts
6-7
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.
5. 6.
7.
Perform regular and independent reviews.
6-8
C1
Technology and Internal Control
Reduced Processing Errors More Extensive Testing of Records
Limited Evidence of Processing Increased e-commerce
Control of Cash Receipts
Over-the-Counter Cash Receipts Cash Receipts by Mail Voucher System of Control Petty Cash System of Control
Control of Cash Disbursements
Bank Statement and Bank Reconciliation
C1
Control of Cash
An effective system of internal control that protects cash and cash equivalents should meet three basic guidelines:
6-6
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:
Excess from seasonal cycles: short-term investments Excess beyond regular needs: invest in productive assets
P1
Control of Cash Receipts
Goal: Cash received is properly recorded and deposited. Over-the-Counter Cash Receipts
6-5
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.
Handling cash is separate from recordkeeping of cash. Cash receipts are promptly deposited in a bank.
Characteristics of Cash: most liquid; easily hidden & moved
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?
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.
Delay payment of liabilities
Last possible day to pay, but not hurt credit standing
Keep only necessary levels of assets
Plan expenditures –seasonal and business cycles Invest excess cash
Investments purchased within three months of due date
6-14
C2
Cash, Cash Equivalents, & Liquidity
Liquidity
How easily an asset can be converted into cash to be used to pay for services or obligations.
Clerks – Record the amount,
Count the cash
Cash register with locked-in record of transactions. Compare cash register record with cash reported.
Company cashier –
Crucial Separation of Du百度文库ies
6-9
C1
Limitations of Internal Control
Human Error
Human Fraud
Negligence Fatigue Misjudgment Confusion
Intent to defeat internal controls for personal gain
Cash disbursements are made by check.
6-13
C2
Cash, Cash Equivalents & Liquidity
Cash
1. Currency, coins and amounts on deposit in bank accounts (checking accounts & savings accounts).
Plan cash receipts to meet cash payments when due. Keep the minimum level of cash necessary to operate.
6-16
Cash Management Principles
Encourage collection of receivables -discount
General & Administrative Expenses; Miscellaneous expenses
P1
Control of Cash Receipts
Cash Receipts By Mail
Two people open the mail and enter a list in triplicate of money received. 三联式收款单
6-10
C1
Limitations of Internal Control
The costs of internal controls must not exceed their benefits.
Benefits
Costs
6-11
C1
Control of Cash
Cash & Cash Equivalents: Definition & Types Cash Management: Goals and Principles
Inventory
Cash
6-15
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:
Chapter 8
Cash and Internal Controls
Conceptual Learning Objectives
C1: Define internal control and identify its purpose and principles. C2: Define cash and cash equivalents and explain how to report them. C3: Identify control features of banking activities.
6-3
Analytical Learning Objectives
A1: Compute the days’ sales uncollected ratio and use it to assess liquidity.
6-4
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. P4: Appendix 6A: Describe the use of documentation and verification to control cash disbursements. P5: Appendix 6B: Apply the net method to control purchase discounts