Study sets matching "accounting 1 cash"

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Study sets matching "accounting 1 cash"

67 terms
Accounting Cash Flows 1
Everyday business activities with cust…
Current Assets
Current Liabilities
Cash collections from customers
Cash Flows From Operating Activities
CFFO
CFFO
CFFO (inflow)
Everyday business activities with cust…
Cash Flows From Operating Activities
Current Assets
CFFO
18 terms
Cash Flows - Intermediate Accounting 1
Sales from goods/services
Interest and/or dividend on loans or i…
To pay wages
to suppliers for Inventory
Operating Activities - cash inflow
Operating Activities - cash inflow
Operating Activities - cash outflow
Operating Activities - cash outflow
Sales from goods/services
Operating Activities - cash inflow
Interest and/or dividend on loans or i…
Operating Activities - cash inflow
10 terms
Unit 1 Accounting - 8. Cash and Internal Controls
bank reconciliation
Bank Reconciliation Statement
bank statement
cash control
the process of verifying that the entries in a firms cash jou…
an accounting report that attempts to explain the difference…
a record kept by the bank of all transactions affecting a par…
the procedures and strategies used to protect the firms cash
bank reconciliation
the process of verifying that the entries in a firms cash jou…
Bank Reconciliation Statement
an accounting report that attempts to explain the difference…
12 terms
Unit 1 Accounting - 6. Cash Accounting for Service business
cash deficit
Cash Payments Journal
Cash Receipts Journal
cash surplus
an excess of cash payments over cash receipts leading to a de…
an accounting record that summarises and classifies all cash…
an accounting record that summarises and classifies all cash…
an excess of cash receipts over cash payments leading to an i…
cash deficit
an excess of cash payments over cash receipts leading to a de…
Cash Payments Journal
an accounting record that summarises and classifies all cash…
Accounting Cash
cash
internal controls
collusion
bank reconciliation
most susceptible asset to theft
-separate duties... -daily deposits... -pre-numbered checks... -bank r…
employees working together to cover for each other to commit…
should be done by the accountant monthly to restore differenc…
cash
most susceptible asset to theft
internal controls
-separate duties... -daily deposits... -pre-numbered checks... -bank r…
Intermediate Accounting: Test #1-Cash Flows
Indirect Method: How to adjust for Cha…
Indirect Method: Converting NI to Oper…
General Guidelines on OA, IA, FA
Investing Activities-Cash Flow
1. If current assets increase, then subtract change from NI.…
1. Add back depreciation (and amortization of intangible asse…
1. OA involve income statement items... 2. IA involve cash flows…
*Changes in Investments and Long-Term Assets... -Cash Inflows:... 1…
Indirect Method: How to adjust for Cha…
1. If current assets increase, then subtract change from NI.…
Indirect Method: Converting NI to Oper…
1. Add back depreciation (and amortization of intangible asse…
Accounting 1 Ch 14 "The Statement of Cash Flows"
Statement of Cash Flows
Cash Flow
Operating Activities
Investing Activities
Reports on a business's cash receipts and cash payments for a…
Cash receipts and cash payments of a business
Activities that create revenue or expense in the entity's bus…
Activities that increase or decrease long-term assets; a sect…
Statement of Cash Flows
Reports on a business's cash receipts and cash payments for a…
Cash Flow
Cash receipts and cash payments of a business
Accounting 1 Ch 7 "Internal Control and Cash"
Internal Control
Public Company
Sarbanes Oxley Act
Internal Control Report
The organizational plan and all the related measures adopted…
A company that sells its stock tot he general public
Requires companies to review internal control and take respon…
A report by management describing its responsibility for and…
Internal Control
The organizational plan and all the related measures adopted…
Public Company
A company that sells its stock tot he general public
35 terms
Accounting for Cash
Cash
Records of Cash Receipts and Disbursem…
Petty Cash Fund
Petty Cash Voucher
Coins... Currency... Checks... Credit card receipts... Any money orders r…
A payment
A fund of currency and coin established for the payment of sm…
A form used to reflect payments from the petty cash fund.
Cash
Coins... Currency... Checks... Credit card receipts... Any money orders r…
Records of Cash Receipts and Disbursem…
A payment
11 terms
Cash Accounting
Service Business
Single-entry
Journal
Cash Receipt Journal
A small business that operates by providing its time, labour…
The process of recording transactions in journals and then us…
An accounting record which classifies and summarises transact…
An accounting record which classifies and summarises all cash…
Service Business
A small business that operates by providing its time, labour…
Single-entry
The process of recording transactions in journals and then us…
12 terms
Accounting 1- Chapter 5, Cash Control Systems
Checking Account
Endorsement
Code of Conduct
Void
A bank account from which payments can be ordered by a deposi…
A signature or stamp on the back of a check transferring owne…
A statement that guides the ethical behavior of a company and…
A check that contains errors that must be marked so that othe…
Checking Account
A bank account from which payments can be ordered by a deposi…
Endorsement
A signature or stamp on the back of a check transferring owne…
31 terms
Accounting for Cash
Three parties of a cheque
Cheque
Cheque butt
Non-negotiable cheque.
Drawer, Drawee and Payee
A document that order the bank to pay a specific amount from…
Provides details and gives a receipt
Cheque must be deposited into a bank account first
Three parties of a cheque
Drawer, Drawee and Payee
Cheque
A document that order the bank to pay a specific amount from…
10 terms
Chapter 5-1 Cash Controls, Checking Accounts
Why is cash control so important?
Money is referred to as
signature card
bank routing number
1. most handled asset 2. most frequent transactions 3. easy t…
cash
the authorized signer of a check must sign a signature card.…
the # on a check that verifies which bank the money is being…
Why is cash control so important?
1. most handled asset 2. most frequent transactions 3. easy t…
Money is referred to as
cash
13 terms
Accounting statement of cash flows
Cash receipts from sales of goods or s…
Cash receipts from dividends or intere…
Cash receipts from (payments for) laws…
Cash payments to suppliers or employees
Operating cash flows
Operating cash flows
Operating cash flows
Operating cash flows
Cash receipts from sales of goods or s…
Operating cash flows
Cash receipts from dividends or intere…
Operating cash flows
54 terms
Accounting 3110 Chapter 7: Cash & Cash Equivalents
Cash
Cash Equivalents
Post-Dated Checks
Restricted Cash
the most liquid asset. It is the standard medium of exchange…
Short-term highly liquid assets that are ready convertible to…
A check received from a customer that is written for the futu…
Material amount of cash set aside for a specific purpose. It…
Cash
the most liquid asset. It is the standard medium of exchange…
Cash Equivalents
Short-term highly liquid assets that are ready convertible to…
5 terms
Accounting 1 Second Semester Final: Petty Cash
what type of account is Petty Cash?
when is Petty Cash debited?
what is debited and credited when the…
what is debited and credited when the…
asset
just to establish/increase the fund
debit: Petty Cash... credit: Cash
debit: Petty Cash... credit: Cash
what type of account is Petty Cash?
asset
when is Petty Cash debited?
just to establish/increase the fund
34 terms
Statement of Cash Flows - Accounting
Cash flow
Cash flow statement
Operating activities
Investing activities
Cash movement resulting from transactions with parties extern…
A financial report that indicates the movement of cash receip…
A movement of cash that relates to the provision of goods and…
The acquisition and disposal of non-current assets and invest…
Cash flow
Cash movement resulting from transactions with parties extern…
Cash flow statement
A financial report that indicates the movement of cash receip…
22 terms
VCE Accounting Unit 1 - Chapter 6: Cash Accounting For Service Businesses
Service business
Three items that are treated as 'cash'…
Cash Receipts... (Define)
Cash Payments... (Define)
A small business that operates by providing its time, labor o…
- Cash on hand (i.e. coins in a cash register)... - Cash in the…
The amount of cash the business has received from other entit…
The amount of cash the business has paid to other entities du…
Service business
A small business that operates by providing its time, labor o…
Three items that are treated as 'cash'…
- Cash on hand (i.e. coins in a cash register)... - Cash in the…
AS Accounting Unit 1 Cash Book and Bank reconciliations
bank reconciliation statement
dishonoured cheque
uncleared lodgements
unpresented cheques
a financial statement that brings into agreement the balance…
a cheque that is paid into a bank but then returned unpaid to…
deposits of cash and cheques that have been recorded in the c…
cheques that have been issued by a drawer but not yet cleared…
bank reconciliation statement
a financial statement that brings into agreement the balance…
dishonoured cheque
a cheque that is paid into a bank but then returned unpaid to…
12 terms
Accounting - Cash Accounting for Service business
cash deficit
Cash Payments Journal
Cash Receipts Journal
cash surplus
an excess of cash payments over cash receipts leading to a de…
an accounting record that summarises and classifies all cash…
an accounting record that summarises and classifies all cash…
an excess of cash receipts over cash payments leading to an i…
cash deficit
an excess of cash payments over cash receipts leading to a de…
Cash Payments Journal
an accounting record that summarises and classifies all cash…
Accounting II Chapter 1 - Record Departmental Purchases and Cash Payments
Anything of value that is owned.
An amount owned by a business.
Financial rights to the assets of a bu…
The amount remaining after the value o…
asset
liability
equities
owners' equity
Anything of value that is owned.
asset
An amount owned by a business.
liability
Accounting: Cash Budget Analysis
Cash Sales: Went up (A)
Cash Sales: Went up (R)
Cash Sales: Went down (A)
Cash Sales : Went down (R)
This means that the business has more desirable than expected…
Continue successful selling strategies to ensure continuous c…
This means that the business has less cash to use for the dai…
Increase sales, by using more advertising, sales and promotio…
Cash Sales: Went up (A)
This means that the business has more desirable than expected…
Cash Sales: Went up (R)
Continue successful selling strategies to ensure continuous c…
42 terms
Internal Control and Accounting for Cash
internal controls
accounting controls
administrative controls
sarbanes oxley act
policies and procedures used to provide reasonable assurance…
designed to safeguard company assets and ensure reliable acco…
concerned with evaluating performance and assessing the degre…
legislation enacted to promote ethical corporate governance a…
internal controls
policies and procedures used to provide reasonable assurance…
accounting controls
designed to safeguard company assets and ensure reliable acco…
17 terms
Managerial Accounting: Cash Flow
Collecting cash from customers
Paying suppliers for inventory purchases
Paying bills to insurers, utility prov…
Paying wages and salaries to employees
Operating Activity → Cash flow in
Operating Activity → Cash flow out
Operating Activity → Cash flow out
Operating Activity → Cash flow out
Collecting cash from customers
Operating Activity → Cash flow in
Paying suppliers for inventory purchases
Operating Activity → Cash flow out
7 terms
Review topic Cash Accounting
Explain the importance of source docum…
Identify the name of the source docume…
Identify the name of the source docume…
How to distinguish the columns in cash…
An evidence records the detail of every transactions that hav…
Sales invoices, receipts for goods purchased with cash, recei…
suppliers invoices, cheque butts, payroll records, expenses.
Based on the receipt numbers, cheque numbers and whether it i…
Explain the importance of source docum…
An evidence records the detail of every transactions that hav…
Identify the name of the source docume…
Sales invoices, receipts for goods purchased with cash, recei…
15 terms
Accounting: Cash Flow Activities
Collection of notes receivable
Equipment
Purchase of land
Non-tangibles
Investing
Investing
Investing
Investing
Collection of notes receivable
Investing
Equipment
Investing
20 terms
VCE Accounting Unit 1 - Chapter 7: Cash Control
Internal Control ... (Define)
5 Internal Control Mechanisms
Cash Control... (Define)
Three benefits of making payments by c…
The procedures and strategies used to protect the firm's asse…
- Physical safeguards: Prevents unauthorised people from acce…
The procedures and strategies used to protect the firm's cash
- They are more secure (allowing large payments to be made wi…
Internal Control ... (Define)
The procedures and strategies used to protect the firm's asse…
5 Internal Control Mechanisms
- Physical safeguards: Prevents unauthorised people from acce…
Cash vs Accrual Accounting
Can business choose between Cash and A…
Cash Accounting (COST)
Accrual Accounting
Balance Day Adjustments
business can choose to use wither of these methods
- Recognizes revenues/ expenses when cash is physically paid…
- record revenue when sale is made, not when cash received.... -…
- At end of period (jun 30) there are journal entries that ne…
Can business choose between Cash and A…
business can choose to use wither of these methods
Cash Accounting (COST)
- Recognizes revenues/ expenses when cash is physically paid…
61 terms
Accounting - Statement of Cash Flows
What do you add back in operating?
In operating, you...
If current assets increase, you...
If current assets decrease, you...
Amortization, depreciation, depletion
Add back losses, subtract gains
Subtract them
Add them
What do you add back in operating?
Amortization, depreciation, depletion
In operating, you...
Add back losses, subtract gains
Principles of Accounting 1 - Chapter 8: Sarbanes-Oxley, Internal control, and cash
Sarbanes-Oxley Act
Internal control
Employee fraud
Control environment
To maintain public confidence and trust in the financial repo…
The procedures and processes used by a company to safeguard i…
The intentional act of deceiving an employer for personal gain.
The overall attitude of management and employees about the im…
Sarbanes-Oxley Act
To maintain public confidence and trust in the financial repo…
Internal control
The procedures and processes used by a company to safeguard i…
Accounting cash flow categorization
Operating
Operating
Investing
Financing
Interest Expense
Interest Revenue
Sale of Land
Borrowed money at bank signing a note payable
Operating
Interest Expense
Operating
Interest Revenue
Accounting: cash-fiscal period
Cash badis accouning
Cash discounts
Cash disbursements
Cash payments journal
An accounting practice in which revenue is not recognized in…
Discounts from quoted prices as inducement for prompt payment
Money and money substitutes paid
Book of original entry in which only cash disbursements are r…
Cash badis accouning
An accounting practice in which revenue is not recognized in…
Cash discounts
Discounts from quoted prices as inducement for prompt payment
8 terms
Accounting-cash flow SAC
Cash flow statement
Operating activities
Investing activities
Financial activities
-An accounting report which summarises the cash inflows and c…
-Cash flows relating to day-to-day trading activities of the…
-Cash flow resulting from the purchase or sale of NCA... -Includ…
-Cash flows resulting from changes in the financing of the bu…
Cash flow statement
-An accounting report which summarises the cash inflows and c…
Operating activities
-Cash flows relating to day-to-day trading activities of the…
28 terms
Accounting For Sales And Cash Receipts
Retailer
wholesaler
Merchandise
Inventory
A business that sells to the final user, the customer
A business that sells to retailers
Goods bought to resell to customers
The items of merchandise a business has in stock
Retailer
A business that sells to the final user, the customer
wholesaler
A business that sells to retailers
Accounting Cash Flow Statements
Operating Activities
Investing activities
Financing activities
Cash paid from customers
- cash from customers... - cash paid for merchandise ... - cash pai…
- purchase of equipment... - sale of equipment
- retire N/P... - cash dividends
Sales - A/R
Operating Activities
- cash from customers... - cash paid for merchandise ... - cash pai…
Investing activities
- purchase of equipment... - sale of equipment
26 terms
Cash Flow Accounts
Depreciation
Purchase of Land
Issuance of bonds
Amortization
Operating Activities
Investing Activities
Financing Activities
Operating Activities
Depreciation
Operating Activities
Purchase of Land
Investing Activities
Accounting Exam #1 Ch. 4 Statement of Cash Flows
The Statement of Cash Flows shows
What accounting system does cash flows…
The receipts and disbursements of cash…
Operating Activities
the sources and uses of cash for the operating, investing and…
In contrast with the income statement and balance sheet that…
Operating Activities... Investing Activities... Financing Activities
Cash flows from operating activities refer to cash receipts a…
The Statement of Cash Flows shows
the sources and uses of cash for the operating, investing and…
What accounting system does cash flows…
In contrast with the income statement and balance sheet that…
Accounting 2010 cash flows
+Depreciation/Depletion/amortization e…
+Loss on sale of long-term assets
-Gain on sale of long-term assets
-Increase in current assets other then…
Operating Activities
Operating Activities
Operating Activities
Operating Activities
+Depreciation/Depletion/amortization e…
Operating Activities
+Loss on sale of long-term assets
Operating Activities
9 terms
Accounting- cash flow statement
Cash flow from operating activities
Cash flows from investing activities
Cash flow from financing activities
Examples of operating inflow
Cash flow related to day to day trading activities
Cash flows related to purchase and sale of non current assets
Cash flows related to changes in the financial structures of…
Cash sales... Receipts from debtors... GST... Interest received
Cash flow from operating activities
Cash flow related to day to day trading activities
Cash flows from investing activities
Cash flows related to purchase and sale of non current assets
13 terms
Intermediate Accounting Cash Flows
Issuance of Common Stock
Purchase of land and building
Redemption of bonds
Sale of Equipment
Financing, Inflow
Investing, Outflow
Financing, Outflow
Investing, Inflow
Issuance of Common Stock
Financing, Inflow
Purchase of land and building
Investing, Outflow
8 terms
Accounting for Cash Receipts - Vocabulary
A _________________ is a form that ser…
The amount a customer can deduct if th…
A _________________ is a report listin…
An account whose balance decreases ano…
Receipt
Cash discount
Schedule of accounts receivable
Contra account
A _________________ is a form that ser…
Receipt
The amount a customer can deduct if th…
Cash discount
13 terms
Accounting Chapter 5 Cash
bank statement
special endorsement
blank endorsement
restrictive endorsement
A report of deposits, withdrawals, and bank balances sent to…
An endorsement consisting only of the endorser's signature.
An endorsement consisting only of the endorser's signature.
An endorsement restricting further transfer of a check's owne…
bank statement
A report of deposits, withdrawals, and bank balances sent to…
special endorsement
An endorsement consisting only of the endorser's signature.
25 terms
Accounting 2101 Cash Flows
Operating (Inflow)
Operating (Inflow)
Operating (Inflow)
Operating (Inflow)
From customers for cash sale
From borrowers for interest
From collections on credit sales
From lawsuit settlements
Operating (Inflow)
From customers for cash sale
Operating (Inflow)
From borrowers for interest
Accounting Cash Flow Activities
Operating Activities Cash Inflow
Operating Activities Cash Outflow
Investing Activities Cash Inflow
Investing Activities Cash Outflow
- Sale of goods or services ... - Interest Revenue ... - Dividend R…
- Payment for Inventory ... - Interest Expense Payments ... - Wages…
- Sale of plant assets ... - Sale of debt or equity securities,…
- Purchase of plant assets ... - Purchase of debt or equity secu…
Operating Activities Cash Inflow
- Sale of goods or services ... - Interest Revenue ... - Dividend R…
Operating Activities Cash Outflow
- Payment for Inventory ... - Interest Expense Payments ... - Wages…
Accounting cash flows
depreciation expense
amortization of intangibles and deferr…
amortization of bond discount
increase in deferred income tax liabil…
add back operating
add back operating
add back operating
add back operating
depreciation expense
add back operating
amortization of intangibles and deferr…
add back operating
Accounting 1: Ch.10 Journalizing Cash Receipts on a Cash Receipts Journal
Cash Sale
Credit Card Sale
Point-of-Sale Terminal (POS)
Terminal Summary (TS)... ***includes CASH…
cash is received for the total amount at the time of the tran…
Sale in which a credit card is used for the total amount at t…
-computer used to collect, story & report all sales transacti…
A report that summarizes the cash and credit card sales... -used…
Cash Sale
cash is received for the total amount at the time of the tran…
Credit Card Sale
Sale in which a credit card is used for the total amount at t…
14 terms
Cash flow categories- Accounting
Cash Paid for salaries and wages
Cash paid to purchase property, plant,…
Cash received from issuing common stoc…
Cash paid for income taxes
Operating
Investing
Financing
Operating
Cash Paid for salaries and wages
Operating
Cash paid to purchase property, plant,…
Investing
21 terms
Accounting Cash Flows 2
A/R Turnover Ratio (Accounts Receivabl…
A/R Turnover Ratio definition
Average Age of Receivable definition
Average Age of Receivable = ?
(Net Sales) / ((Beg. A/R + End A/R)/2)
Reflects how many times A/R was recored and collected during…
on average, how long it takes for a company to collect cash f…
(Number of days in period) / (A/R turnover ratio)
A/R Turnover Ratio (Accounts Receivabl…
(Net Sales) / ((Beg. A/R + End A/R)/2)
A/R Turnover Ratio definition
Reflects how many times A/R was recored and collected during…
Accounting for Sales and Cash Receipts Chapter 14
bankcard
cash discount
cash receipt
cash sale
A credit card issued by a bank and honored by many businesses.
The amount a customer may deduct if the payment for merchandi…
The cash received by a business.
A transaction that occurs when a business receives full payme…
bankcard
A credit card issued by a bank and honored by many businesses.
cash discount
The amount a customer may deduct if the payment for merchandi…
18 terms
Accounting--Cash Flow Categories
Sales of goods or services
interest and dividends revenues
purchase of supplies or inventory
payroll expense
Operating
Operating
Operating
Operating
Sales of goods or services
Operating
interest and dividends revenues
Operating
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