Financial Accounting and Accounting Standards.ppt

IF NO——销售价格与应收账款之间的差额确认为损失，出售应收账款的收入作为负债。应收账款仍然是资产。 我国不允许直接冲销法 Steps: LO 10 Explain common techniques employed to control cash. The Imprest Petty Cash System Office Supplies Expense 42 Postage Expense 53 Entertainment Expense 76 Cash Over and Short 2 Cash 173 Custodian receives a company check to replenish the fund. Steps: LO 10 Explain common techniques employed to control cash. The Imprest Petty Cash System Cash 50 Petty cash 50 If the company decides that the amount of cash in the petty cash fund is excessive by $50, it lowers the fund balance as follows. LO 10 Explain common techniques employed to control cash. Physical Protection of Cash Balances Company should Minimize the cash on hand. Only have on hand petty cash and current day’s receipts. Keep funds in a vault, safe, or locked cash drawer. Transmit each day’s receipts to the bank as soon as practicable. Periodically prove (reconcile) the balance shown in the general ledger. LO 10 Explain common techniques employed to control cash. Reconciliation of Bank Balances Schedule explaining any differences between the bank’s and the company’s records of cash. Reconciling Items: Deposits in transit. Outstanding checks. Bank charges and credits. Bank or Depositor errors. Time Lags LO 10 Explain common techniques employed to control cash. Reconciliation of Bank Balances Illustration 7A-1 Bank Reconciliation Form and Content LO 10 Reconciliation of Bank Balances LO 10 Explain common techniques employed to control cash. Illustration 7A-2 Cash 542 Nov. 30 Office expense 18 Accounts receivable 220 Accounts payable 180 Interest revenue 600 Illustration: Journalize the adjusting entries at November 30 on the books of Nugget Mining Company. LO 10 Explain common techniques employed to control cash. The reconciling item in a bank reconciliation that will result in an adjusting entry by the depositor is: a. outstanding checks. b. deposit in transit. c. a bank error. d. bank service charges. Review Q