tailieunhanh - Lecture Principles of Accounting: A focus on analysis and interpretation (8th edition): Chapter 6 - Hillman, Kochanek, Barsky

Chapter 6 - Internal control and cash. This chapter presents the following content: Internal control, elements of the internal control structure, control environment, accounting system, control procedures, petty cash fund,. | Internal Control and Cash Internal Control Policies and procedures for protecting assets from improper use Internal Control Policies and procedures for protecting assets from improper use and for the detection and prevention of errors or irregularities in accounting Elements of the Internal Control Structure Control Environment Accounting System Control Procedures Control Environment Management’s philosophy and operating style Organizational structure Audit committee of board of directors Assigning authority and responsibility Controlling performance Policies and practices Accounting System Identification and recording of all valid transactions Proper classification of transactions Proper measurement of dollar amount Assignment to proper period Proper presentation in financial statements and notes Control Procedures Proper authorization of transactions and activities Separation of duties Documents and records Safeguard over access to assets and records Review of internal control . | Internal Control and Cash Internal Control Policies and procedures for protecting assets from improper use Internal Control Policies and procedures for protecting assets from improper use and for the detection and prevention of errors or irregularities in accounting Elements of the Internal Control Structure Control Environment Accounting System Control Procedures Control Environment Management’s philosophy and operating style Organizational structure Audit committee of board of directors Assigning authority and responsibility Controlling performance Policies and practices Accounting System Identification and recording of all valid transactions Proper classification of transactions Proper measurement of dollar amount Assignment to proper period Proper presentation in financial statements and notes Control Procedures Proper authorization of transactions and activities Separation of duties Documents and records Safeguard over access to assets and records Review of internal control system Cash Deposits in checking and savings accounts and any item bank customarily accepts for immediate deposit Challenge is to control inflows and outflows of cash Internal Control of Cash Clear separation of duties and responsibilities among those who handle and account for cash Proper equipment Proper authorization for payment Organization of flow so that work of one person checked by another Periodic testing of controls Petty Cash Fund Special fund of cash used for small payments Establishment Imprest amount debited to asset account Petty Cash Petty Cash Fund Expenditures No entry Evidenced by petty cash voucher Replenishment Check written to bring fund back to imprest amount Record expenses evidenced by petty cash vouchers Petty Cash Fund Cash Over and Short When amount to replenish does not equal vouchers Bank Checking Account Monthly bank statement conceptually a mirror image of company’s cash account Timing differences in recording of deposits and clearing of checks causes .

• Kế toán - Kiểm toán
• Principles of accounting
• Accounting information
• Lecture Principles of Accounting
• Internal control
• Internal control structure
• Control environment
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Accounting information systems
• Fundamental system principles
• Technology based accounting systems
• Financial accounting
• Managerial accounting
• Managerial cost
• Reporting manufacturing activities
• Merchandising operations
• Accounting cycle
• Completing the accounting cycle
• Classified balance sheet
• Accounting for partnerships
• Partnership form of organization
• Basic partnership accounting