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ACG 2021 ACG2021 StudyGuide (1) – Chapter 6 – Everest College

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ACG 2021 ACG2021 StudyGuide (1) – Chapter 6 – Everest College

Chapter 6

Cash and Internal Control

After studying this chapter, students should be able to:

Identify and describe the various forms of cash reported on a balance sheet (Module 1LO1).

Describe the various techniques that companies use to control cash (Module 1LO2).

Explain the importance of internal control to a business and the significance of the Sarbanes-OxleyAct of 2002 (Module 2LO3).

Describe the basic internal control procedures (Module 2LO4).

Description

  

ACG 2021 ACG2021 StudyGuide (1) – Chapter 6 – Everest College

Chapter 6

Cash and InternalControl

After studying this chapter, students should be able to:

Identify and describe the various forms of cash reported on a balance sheet (Module 1LO1).

Describe the various techniques that companies use to control cash (Module 1LO2).

Explain the importance of internal control to a business and the significance of the Sarbanes-OxleyAct of 2002 (Module 2LO3).

Describe the basic internal control procedures (Module 2LO4).

Describe the various documents used in recording purchases and their role in controlling cashdisbursements (Module 2LO5).

MODULE 1 ACCOUNTING AND CONTROLLING FOR CASH

Module 1LO 1Accounting and Controlling for Cash Classification as cash indicates that an item is readily available to pay debts.

Cash includes coin, currency, cash on hand, checking and savings accounts, cashier checks,certified checks and undeposited checks from customers.

Key to classification as cash is that it be readily available to pay debts.

Savings accounts (time deposits) are normally classified as cash since bank rarely exercises itsright to be notified before a withdrawal is made.

Certificate of deposit is not classified as cash since it has a specific maturity date and carries apenalty for early withdrawal.

See Example 6-1.Cash Equivalents and the Statement of Cash Flows

Cash equivalents are investments that are readily convertible to a known amount of cash and havean original maturity to the investor of three months or less.

Treasury bills, commercial paper, money market funds.

Both cash and cash equivalents included as cash on statement of cash flows and balance sheet.

IFRS definition of cash equivalents is very similar to U.S. GAAP.Module 1LO 2Control Over CashControl over cash is critical for any size business, since cash is universally accepted as a medium ofexchange.Cash Management

Internal control over cash is needed to guard against theft and other abuses of cash.

Also necessary to guarantee that neither too much nor too little cash is on hand.

Must have enough cash on hand to pay bills.

Cash alone does not earn anything, but must be invested, so don’t want an excess amountofcash on hand.

The cash flows statement, cash budgets, bank reconciliations, and petty cash funds are all tools tohelp control cash

Reading a bank statement

Two fundamental principles of internal control apply to cash:

All cash receipts should be deposited intact daily.

All cash payments should be made by check.

Checking accounts allow companies to monitor and control cash receipts and payments

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