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Cash and ReceivablesInsert Book Cover Picture7Copyright © 2007 by The McGraw-Hill Companies,

Learning Objectives Define what is meant by internal control and describe some key elements of an internal control system for cash receipts and disbursements. Encourages adherence to company policies and procedures Promotes operational efficiency Minimizes errors and theft. | 7-2 Cash Coins and currency Petty cash I Certified checks Ị Money orders Cashier s checks Amounts on deposit with financial institutions 7-3 Cash Equivalents 1 7-4 Learning Objectives Define what is meant by internal control and describe some key elements of an internal control system for cash receipts and disbursements. 7-5 Internal Control of Cash Encourages adherence to company policies and procedures Enhances the reliability and accuracy of accounting data Promotes operational efficiency Minimizes errors and theft 7-6 Control of Cash Receipts Separate responsibility for handling cash recording cash transactions and reconciling cash balances. Agreed cash amounts deposited with cash amounts received. Close supervision of cash-handling and cashrecording activities. 2 7-7 Control of Cash Disbursements Separate responsibilities for cash disbursement documents check writing check signing check mailing and record keeping. All disbursements except petty cash made by check. 7-8 Learning Objectives Explain the possible restrictions on cash and their implications for classification in the balance sheet. Restricted Cash and 7-9 Compensating Balances Restricted Cash Management s intent to use a certain amount of cash for a specific purpose - future plant expansion future payment of debt. Compensating Balance Minimum balance that must be maintained in a company s account as support for funds borrowed from the bank.