西方財務(wù)會計chapter5

CHAPTER5CASHANDITSCONTROL第一頁，共三十九頁。IntroductionCashisoneoffinancialassets.Financialassetsincludecash,short-terminvestmentsandreceivables.Financialassetsareshowninthebalancesheetattheircurrentvalues.Currentvalueismeasureddifferentlyforeachtypeoffinancialasset.第二頁，共三十九頁。CurrentvalueThecurrentvalueofcashissimplyitsfaceamount.Thecurrentvalueofshort-terminvestments(marketablesecurities)iscurrentmarketvalue.(representsanexceptiontothecostprinciple)ThecurrentvalueofaccountsreceivableisNetrealizablevalue.第三頁，共三十九頁。Introduction

adequatesupplyofcashtomakevarietypaymentsavoidcashshortagesduringbusinessexpansionsotherwisethebusinesshasrisksofinsolventandbankruptcy.

avoidskeepingexcessiveamountsonhandorinbanksbecausecashisanunproductiveassetunlessinvested.第四頁，共三十九頁。Whyshouldabusinesscontrolcash?Toensurethatsufficientcashisavailablewhenneededandthattoomuchcashisnotidle,managersmustplanandcontrolcarefullythecashneedsofthebusiness.Inaddition,becausecashisuniversallydesirable,agoodbusinessmustmaintaincarefulcontroloveritscashtoensurethatitisnotlostthroughfraudorembezzlement.第五頁，共三十九頁。DefinitionofCashCashconsistsofdemanddeposits,currency,coins,moneyorders,andchecksawaitingdeposit.Demanddepositsarebankcheckingaccounts.Savingaccountsarecalledtimedeposits.Timedepositsareusuallyconsideredcashalthoughtheyareinrealitytemporaryinvestments.第六頁，共三十九頁。DefinitionofCashThingsthataresometimesmistakenlyviewedascashbutthatarenotcashincludepostagestamps,postdatedchecks,checksreturnedbythebankforlackofsufficientfunds,andIOUsofemployeesandofficersforsmallamountsborrowedfromthecompany.第七頁，共三十九頁。CashEquivalentsCombinedwithcashaccountintheB/S.Cashequivalentsincludesomeveryliquidshort-terminvestmentsCashequivalentsareverysafe,haveverystablemarketvalue,andmaturewithin90daysofthedateofacquisition.第八頁，共三十九頁。CashcontrollingCashreceiptsCashpaymentsCashbalance第九頁，共三十九頁。ControllingCashReceipts1.Allreceiptsshouldbebankedpromptly.2.Receiptsfromcashsalesshouldbesupportedbysalestickets,cashregistertapes,andsoon.3.Accountabilityshouldbeestablishedeachtimewhencashistransferred.4.Personsreceivingcashshouldnotmakedisbursementsofcash,recordcashtransactions,orreconcilebankaccounts.第十頁，共三十九頁。ControllingCashDisbursements1.Alldisbursements,exceptpettycashpayments,shouldbemadebyprenumberedcheck.2.Vouchersandsupportingdocumentsshouldbesubmittedforreviewwhenchecksaresigned.3.Personswhosignchecksshouldnothaveaccesstocashreceipts,shouldnothavecustodyoffundsorrecordcashentries,andshouldnotreconcilebankaccounts.第十一頁，共三十九頁。ControllingcashbalanceBankreconciliationBankaccountsPettycash第十二頁，共三十九頁。PettyCash

Imprestfund

Forroutinesmalldisbursements.Amountscanvaryfrom$50orlesstomorethan$10,000.Alargeorganizationmayhaveseveralpettycashfundsinavarietyofofficesandproductionfacilities.第十三頁，共三十九頁。PettyCash(cont.)Thebalanceofthepettycashaccount,whichispartofthetotalcashbalance,changesonlywhenthefundisestablished,

changedinamount,ordiscontinued.第十四頁，共三十九頁。PettyCashFund:stepsEstablishment(entries)Makingsmallpayments(preparingpayoutvouchers)(noentries)Attheendoftheperiod,accountantsshouldmakeentriesforpaymentsandreplenishment.(includinganyCash

shortorover)第十五頁，共三十九頁。PettyCashFund:Example1.Assumethata$3,000pettycashfundisestablished.

PettyCash3,000Cash3,000第十六頁，共三十九頁。PettyCashFund:Example(cont.)2.Thecustodianreviewsauthorizationonvouchersforcashrequestsanddispensestherequiredcash.Thevouchersarekeptwiththefund.Thesumofcashandvouchersshouldequal$3,000.Journalentriesarenotmadefordisbursements.第十七頁，共三十九頁。PettyCashFund:Example(cont.)3.Attheendofthefirstmonth,assumethat$560remainsinthefund,indicatingthat$2,440wasdisbursedduringthemonth($3,000-$560)andthatthecustodianshouldhave$2,440insupportingpayoutvouchers.(2440payout+560remains=3000)第十八頁，共三十九頁。PettyCashFund:Example(cont.)Theentrymadebytheaccountantisasfollow:PostageExpense900OfficeSuppliesExpense700TransportationExpense800Utilityexpense40Cash2,440第十九頁，共三十九頁。PettyCashFund:ExampleIfsomeerrorsoccur:Presumably,avoucherwaslost,oravoucherunderstatestheamountdisbursed.Thefollowingindividualvouchersaccompanythefund:postage,$900;officesupplies,$700;andtaxifares,$800($2,400intotal).Thereisa$40cashshortage($2,440-$2,400).第二十頁，共三十九頁。PettyCashFund:ExampleTheshortageisreflectedinareplenishmententry:

PostageExpense900OfficeSuppliesExpense700TransportationExpense800

CashShortandOver40Cash2,440第二十一頁，共三十九頁。PettyCashFund:Example4.Whenapettycashfundisincreased,decreased,orclosed,anentryismadeaffectingboththepettycashandcashaccounts.Forexample,ifthefundisincreasedto$5,000becauseofincreasedofficecashneeds,theentryisasfollows:PettyCash2,000Cash2,000第二十二頁，共三十九頁。TheBankReconciliationAbanksendsitsdepositorsmonthlystatementsdescribingtheactivityofthedepositor’saccount.Thestatementincludesthecashbalanceintheaccountatthebeginningofthemonth,alistof

depositsmadeduringthemonth,alistofcheckspaidbythebankforthedepositor,andtheendingbalanceintheaccount.Inaddition,thebankalsolistsanyservicechargesthatithasdeductedfromtheaccountandothertransactionsthatmayhavetakenplace,suchasthecollectionofanotebythebankonbehalfofthedepositor.第二十三頁，共三十九頁。TheBankReconciliationWhenthedepositorreceivesthemonthlystatement,areconciliation

shouldbepreparedtoexplainanydifferences(includingevitableandinevitabledifferencesbetweenthecashaccountintheledgerandthebankstatement.)第二十四頁，共三十九頁。ItemsonbooksbutnotonbankstatementOutstandingchecks.

Outstandingchecksarethoseissuedbythedepositorbutnotyetpresentedtothebankforpayment.Depositsintransit.Depositsintransitcomprisecashreceiptsrecordedbythecompanybuttoolatetobedeposited.第二十五頁，共三十九頁。ItemsonbooksbutnotonbankstatementBookkeepingerrors.Bookkeepingerrorsariseinrecordingamountsofchecks;forexample,atranspositionoffigures.Theitemshouldbeaddedifitwaspreviouslyoverstated.Iftheitemwaspreviouslyunderstated,theamountshouldbededucted.第二十六頁，共三十九頁。ItemsonbankstatementbutnotonbooksServicecharges.

Thebankgenerallydeductsamountsforbankservices.Theexactamountisusuallynotknownbythedepositoruntilthestatementisreceived.NSF(nonsufficientfunds)checks.

NSFcheckshavebeendepositedbutcannotbecollectedbecauseofinsufficientfundsintheaccountofthedrawerofthecheck.Thebankthenissuesadebitmemorandumchargingthedepositor’saccount.Collections.Thebankcollectsnotesandotheritemsforthedepositor.Thebankthenaddstheproceedstotheaccountandissuesacreditmemorandumtothedepositor.Oftenthereareunrecordedamountsattheendofthemonth.第二十七頁，共三十九頁。ItemsonbankstatementbutnotonbooksBankerrors.Bankerrorsshouldnotbeenteredonthebooks.Theyshouldbebroughttotheattentionofthebankandcorrectedbythebank.第二十八頁，共三十九頁。Stepsinpreparingabankreconciliation1.prepareabankreconciliation,determinethattheadjustedbalanceofthebankstatementisequaltotheadjustedbalanceinthedepositor’srecords.2.Preparejournalentriestorecordanyitemsinthebankreconciliationlistedasadjustmentstothebalanceperdepositor’srecords.第二十九頁，共三十九頁。8885Books(GLamount)Bankstatement(endofperiod)Plus:

Receipts Plus:Notescollected DepositsintransitInterestearned ErrorsErrorsLess:Disbursements Less:NSFchecksOutstandingChecksServicechargesErrorsBankfeesErrors **EndBalanceofcash **EndBalanceofCash**Theabovefiguresshouldagree=“True”CashBankReconciliation第三十頁，共三十九頁。Example1(page.129)(cont.)ThefollowinginformationwasavailablewhentheGordonCompanybegantoreconcileitsbankbalanceonMay31.199x,balanceperdepositor’sbooks,$9,983.80;balanceperbankstatement,$9,561.40;depositorintransit,$1,703.50;checksoutstanding–No.1385for$120.50,No.1386for$873.10andNo.1387for$401.50;bankservicecharge,$7.00;NSFcheckfor$134.00;bookkeepingerror$27overstatedfortelephoneexpense.第三十一頁，共三十九頁。Example1(cont.)GordonCompanyBankReconciliationMay31.199xBalanceperbankstatement$9561.40Balanceperbooks$9983.80Add:Depositintransit1703.50Less:Servicecharge$7.00$11264.90NSFcheck134.00

141.00Less:Outstandingchecks$9842.80No.1385120.50Add:No.1386873.10Bookkeepingerror27.00No.1387401.50

1395.10Correctedbankbalance$9869.80Correctedbookbalance$9869.80==============第三十二頁，共三十九頁。Example1Journalentriesshouldbemadeforanyadjustmentstothebookaccounts.Tocompletethereconciliation,thefollowingtwojournalentrieswillbeneeded.Entry1AccountsReceivable134ServicechargeExpense7Cash