CHAPTER 2- INTERMEDIATE ACCOUNTING

Anndrea S. Galupo · 22問 · 1年前

通報

問題一覧

It includes money or its equivalent that is readily available for unrestricted use.

CASH

It is the standards medium of exchange and the basis of accounting measurements.

MONEY

It refers to undeposited collections awaiting deposit and other current funds held as of the reporting date.

CASH ON HAND

Refers to deposits in banks that are available for immediate withdrawal and unrestricted use.

CASH IN BANK

Guaranteed by banks to advance funds on the demand by the party to whom the draft was directed.

BANK DRAFTS

Similar to bank drafts but are drawn from post-offices or other financial institutions.

MONEY ORDERS

It is a fund similar to the petty cash fund but is used for a limited or specific purpose set by management.

REVOLVING FUND

It is a fund set aside to be used in paying taxes.

TAX FUND

Which of the items are not included as cash?

Post dated checks, IOUSLs or advances to employees, Cash funds not available for use in current operations., Postage stamps

It is a form of asset replacement fund wherein cash payments to the fund are equal to the periodic depreciation charges on the related asset. When the asset is fully depreciated, the fund can be used to acquire a replacement.

DEPRECIATION FUND

It is the difference between the amount of line of credit and the amount that was actually borrowed.

UNUSED CREDIT LINE

These are checks delivered ro payees but not yet encashed within a relatively long period of time, normally 6 months or more.

STALE CHECKS

These are short term highly loquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Acquired within 3 months or less before their maturity date.

CASH EQUIVALENTS

It is a short term obligation issued bybthe government at a discount. It normally have a maturity of 90 days to less than a year.

TREASURY BILL

It is a long term obligation issued also by government. It has a maturity of 1 year to less than 10 years.

TREASURY NOTES

It is a long term obligation issued also by government. It has a maturity of 10 years or more.

TREASURY BONDS

These are investments in portfolios of short term securities.

MONEY MARKET INSTRUMENTS

It consist of short term, unsecured, notes payable issued in large denominations by large companies with high credit ratings to other companies and institutional investors.

COMMERCIAL PAPERS

It is a form of a bank deposit normally made in fixed denomination, bears interest higher than that of regular deposits, and has a pre-agreer maturity. Itcis evidence by a certificate of deposit.

TIME DEPOSIT

Cash is measured at _________.

FACE AMOUNT (FACE VALUE)

It is the amount expected to be recovered from the deposit and is determined usually by reference to the insured amount of the deposit.

REALIZABLE VALUE

It is a minimum amount that must be maintained in an entity's bank account as support for funds borrowed from the bank.

COMPENSATING BALANCE

It is a negative (credit) balance in the cash in bank account resulting from overpayment of checks in excess of the amount of deposit.

BANK OVERDRAFT

It is any action or process effected by management that is designed to help an entity achieve its objectives.

INTERNAL CONTROL

The duties of (a) authorization, (b) execution, (c) recording, and (d) custody over cash should be segregated.

SEGREGATION OF INCOMPATIBLE DUTIES

It requires that all cash receipts should be deposited intact and all cash discbursements should be made through checks.

IMPREST SYSTEM

This should be prepared regularly, immediately upon the receipt of the monthly bank statement, to reconcile on a timely basis the differences between the cash balance per books and the cash balance per bank statement.

BANK RECONCILIATION

It should be performed to provide reasonable assurance that actual cash tallies with the balance per records.

CASH COUNTS

It should be maintained, especially for cash funds, suffient only to defray specific business requirements.

MINIMUM CASH BALANCE

Entities often utilize this to expedite cash collections and to ensure that cash collections are deposited intact. It is rented for a fee and custoners are advised to remit their payments directly to this.

LOCKBOX ACCOUNT

It is an internal control over all cash disbursements. Under this system, a voucher is prepared for every cash disbursement in order to ensure that each disbursement is properly authorized, made for a valid expenditure, and properly recorded.

VOUCHER SYSTEM

It is a business document or written authorization that supports every disbursement made by an entity.

VOUCHER

Occurs when the collection of receivable from one customer is misappropriated and then concealed by applying a subsequent collection from another customer.

LAPPING

Occurs when cash shortage is concealed by overstating the balance of cash. It is made possible by exploiting the float period.

KITING

It shows the dates of all transfers of cash among the various bank accounts.

BANK TRANSFER SCHEDULE

It is a bank statement prepared a few days after month-end. Its purpose is to help auditors verbal reconciling items on the year-end bank reconcilation.

CUT-OFF BANK STATEMENT

It is a form of fraudulent financial reporting and not primarily a methodnod concealing cash shortage. It occurs when books are not closed at year end and transactions in the subsequent period are deliberately recorded in the current period in order to improve entity's financial performance.

WINDOW DRESSING

It is a money set aside to defray relatively small amounts of cash disbursements.

PETTY CASH FUND

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