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chapter 7 accounting
Terms in this set (17)
The analysis that details the items responsible for the difference between the cash balance reported in the bank statement and the balance of the cash account in the ledger.
A summary of all transactions mailed to the depositor or made available online by the bank each month.
coins, currency (paper money), checks, credit card receipts and money orders received from others, as well as money deposited in the bank.
Highly liquid investments that are usually reported with cash on the balance sheet.
cash short and over account
An account which has recorded errors in cash sales or errors in making change causing the amount of actual cash on hand to differ from the beginning amount of cash plus the cash sales for the day.
A minimum cash balance required by a bank in support of a bank loan.
The overall attitude of management and employees about the importance of controls.
Days Cash on Hand
A measure of how long a company could survive if its sources of revenue were to decline significantly, computed as cash and short-term investments divided by daily cash operating expenses.
electronic funds transfer
A system in which computers rather than paper (money, checks, etc.) are used to effect cash transactions.
elements of internal control
The elements that together sustain internal control and include the control environment, risk assessment, control activities, information and communication, and monitoring.
The intentional act of deceiving an employer for personal gain.
The policies and procedures used to safeguard assets, ensure accurate business information, and ensure compliance with laws and regulations.
petty cash fund
A special cash fund to pay relatively small amounts.
A law passed by Congress that requires the CEO and CFO to certify that their firm's financial statements are accurate.
Special Purpose funds
Cash funds used for a special business need.
Any document that serves as proof of authority to pay cash or issue an electronic funds transfer, but for many businesses is a special form used to record data about a liability and the details of its payment.
A set of procedures that uses vouchers for authorizing and recording liabilities and cash payments.
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