Unit 3: Internal Controls and Cash Management
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1
Which of the following would be considered cash or a cash equivilent?
- Coins in the register
- Cash in a Checkings account
- Note Receivables
- Accounts Payables
- Cash locked away in a safe
2
Petty cash fund being reduced is a credit.
- True
- False
3
Petty cash fund being established is a credit.
- True
- False
4
Petty cash fund being Increased is a credit.
- True
- False
5
Internal controls or internal control system are policies and procedures used to:
- Protect assets
- Ensure reliable accounting
- Lower taxes on assets
- Promote efficient operations
- Lessen government oversight
- Uphold company policies
6
The five ingredients of internal control:
- Controled Environment
- Risk Assessment
- Control Activities
- Sponsoring
- Information & Communication
- Responsibility Overlap
- Monitoring
7
Principles of internal control
Principles prescribing management to establish responsibility, maintain records, insure assets, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls, and perform reviews.
8
Fraud triangle
- Opportunity
- Visualization
- Pressure
- Rationalization
- Monitoring
9
Liquidity
Availability of resources to meet short-term cash requirements.
10
Cash Over and Short
Income statement account used to record cash overages and cash shortages arising from errors in cash receipts or payments.
11
Deposits in transit (+)
Deposits recorded by the company but not yet recorded by its bank.
12
Outstanding checks (-)
Checks written and recorded by the depositor but not yet paid by the bank at the bank statement date.
13
Interest Earned and Unrecorded Receipts (+)
Depositor notes or interest earned
14
Bank Fees and NSF Checks (-)
Nonsufficient funds check (NSF) or uncollectable check, as well as bank fees
15
Days Sales Uncollected Equation:
Accounts Receivable / Net sales x 365
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