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1、INTERNAL CONTROL AND CASH 内部控制和现金内部控制和现金Define internal control.Principles of internal control.Internal control to cash receipts.Internal control to cash disbursements.Operation of a petty cash fund.Control features of a bank account.Prepare a bank reconciliation.Main PointsInternal control consists
2、 of the plan of organization and all the related methods and measures adopted within a business in order to:1 safeguard its assets and2 enhance the accuracy and reliability of its accounting records.INTERNAL CONTROL INTERNAL CONTROL 内部控制内部控制内部控制内部控制uEstablishment of responsibility 责任的建立责任的建立:control
3、 is most effective when only one person is responsible for a given task.uSegregation of duties职责的分离职责的分离:the work of one employee should provide a reliable basis for evaluating the work of another employee.uDocumentation procedures过程证据化过程证据化:documents should provide evidence that transactions and ev
4、ents have occurred.PRINCIPLES OF INTERNAL PRINCIPLES OF INTERNAL CONTROLCONTROLuPhysical,mechanical,and electronic controls 物理控物理控制制:relate primarily to the safeguarding of assets and enhancing accuracy and reliability of the accounting records.uIndependent internal verification 独立的内部验证独立的内部验证:the r
5、eview,comparison,and reconciliation of information from two sources.uOther controls其他控制其他控制:bonding of employees who handle cash,rotating轮换轮换 employees duties,and requiring employees to take vacations休假休假.PRINCIPLES OF INTERNAL PRINCIPLES OF INTERNAL CONTROLCONTROLuSafes,and safety deposit boxes for
6、 cash and business papers uLocked warehouses and storage cabinets for inventories and recordsuComputer facilities with pass key access PHYSICAL CONTROLSPHYSICAL CONTROLS MECHANICAL AND ELECTRONIC MECHANICAL AND ELECTRONIC CONTROLSCONTROLSuAlarms to prevent break-insuTelevision monitors to deter thef
7、tuTime clocks for recording time workedTo obtain maximum benefit from independent internal verification:1 The verification should be made periodically or on a surprise basis.2 The verification should be done by an employee who is independent of the personnel responsible for the information.3 Excepti
8、ons should be reported to a management level that can take appropriate corrective action.INDEPENDENT INTERNAL INDEPENDENT INTERNAL VERIFICATIONVERIFICATIONuIndependent internal verification is often assigned to internal auditors内部审计师内部审计师.uInternal auditors evaluate the effectiveness of the companys
9、 system of internal control on a continuous basis.uInternal auditing is a professional activity within a company,often with direct access to the board of directors.INDEPENDENT INTERNAL INDEPENDENT INTERNAL VERIFICATIONVERIFICATIONMakes monthly comparisons:reports any unreconcilable differences to tr
10、easurerMaintains cash balances Maintains custody of per books cash on hand Independent Internal VerificationCOMPARISON OF SEGREGATION OF DUTIES COMPARISON OF SEGREGATION OF DUTIES PRINCIPLE WITH INDEPENDENT INTERNAL PRINCIPLE WITH INDEPENDENT INTERNAL VERIFICATION PRINCIPLEVERIFICATION PRINCIPLEAcco
11、unting Employee AAssistant Cashier BAssistant Treasurer CSegregation of DutiesuCosts of establishing control procedures should not exceed their expected benefits according to the concept of reasonable assurance.uThe human element is also an important factor.A good system can become ineffective throu
12、gh employee carelessnessuCollusion合谋合谋 may result when two or more individuals work together to get around prescribed controls and may significantly impair the effectiveness of a system.LIMITATIONS OF INTERNAL CONTROLLIMITATIONS OF INTERNAL CONTROL内部控制的限制内部控制的限制内部控制的限制内部控制的限制uCash includes coins,cur
13、rency,checks,money orders,and money on hand or on deposit at a bank or similar depository.uInternal control over cash is imperative in order to safeguard cash and assure the accuracy of the accounting records for cash.CASHCASH现金现金现金现金uOnly designated personnel should be authorized to handle or have
14、access to cash receipts.uDifferent individuals should:1 receive cash2 record cash receipt transactions3 have custody of cashINTERNAL CONTROL OVER CASH INTERNAL CONTROL OVER CASH RECEIPTS RECEIPTS 接受现金的内部控制接受现金的内部控制接受现金的内部控制接受现金的内部控制u Documents should include:remittance advices,cash register tapes,de
15、posit slipsu Cash should be stored in safes and bank vaultsu Access to storage areas should be limited to authorized personneluDaily cash counts and daily comparisons of total receipts.uAll personnel who handle cash receipts should be bonded and required to take vacations.uControl of over-the-counte
16、r receipts is centered on cash registers that are visible to customers.uPayments are made by check支票支票 rather than by cash,except for petty cash 零用现零用现金金transactions.uOnly specified individuals should be authorized to sign checks.uDifferent departments or individuals should be assigned the duties of
17、 approving an item for payment and paying it.INTERNAL CONTROL OVER CASH INTERNAL CONTROL OVER CASH DISBURSEMENTSDISBURSEMENTS现金支付的内部控制现金支付的内部控制现金支付的内部控制现金支付的内部控制u Pre-numbered checks should be used and each check should be supported by an approved invoice or other document.u Blank checks空白支票空白支票 sho
18、uld be stored in a safe.1 Access should be restricted to authorized personnel.2 A check writer machine should be used to imprint the amount on the check in indelible ink.uEach check should be compared with the approved invoice before it is issued.uFollowing payment,the approved invoice should be sta
19、mped PAID.PaiduElectronic Funds Transfer(EFT)is a disbursement system that uses wire,telephone,or computer to send cash from one location to another.uRegular payments such as those for house,car,and utilities are frequently made by EFT.ELECTRONIC FUNDS TRANSFER ELECTRONIC FUNDS TRANSFER 电子电子电子电子资金划账
20、资金划账资金划账资金划账u A petty cash fund is used to pay relatively small amounts.u Operation of the fund,often called an imprest system,involves:1 establishing the fund,2 making payments from the fund,and3 replenishing the fund.PETTY CASH FUNDPETTY CASH FUND备用金备用金备用金备用金uAccounting entries are required when:1
21、 the fund is established,2 the fund is replenished,and3 the amount of the fund is changed.PETTY CASH FUNDPETTY CASH FUND备用金备用金备用金备用金ESTABLISHING THE FUNDESTABLISHING THE FUNDu Two essential steps in establishing a petty cash fund are1 appointing a petty cash custodian who will be responsible for the
22、 fund and2 determining the size of the fund.u Ordinarily,the amount is expected to cover anticipated disbursements for a 3-week to 4-week period.General Journal Date Account title DRCRMar.1 Petty cash 100 cash 100To establish a petty cashLaird Company decides to establish a$100 fund on March 1.When
23、the fund is established,a check payable to the petty cash custodian is issued for the stipulated amount.REPLENISHING THE FUNDREPLENISHING THE FUNDu When the money in the petty cash fund reaches a minimum level,the fund is replenished.u The request for reimbursement is initiated by the petty cash cus
24、todian.u The petty cash custodian prepares a schedule of the payments that have been made and sends the schedule,with supporting documentation,to the treasurers office.General Journal Date Account title DRCRMar.15Postage expense 44Freight-in 38Miscellaneous expense5 cash 87To replenish petty cash fu
25、nd On March 15 the petty cash custodian requests a check for$87.The fund contains$13 cash and petty cash receipts for postage$44,freight-in$38,and miscellaneous expenses,$5.u The use of a bank minimizes the amount of currency that must be kept on hand and contributes significantly to good internal c
26、ontrol over cash.u A company can safeguard its cash by using a bank as a depository and clearing house for checks received and checks written.u New depositors are required to sign a signature card when opening a checking account.USE OF A BANKUSE OF A BANKuA check is a written order signed by the dep
27、ositor directing the bank to pay a specified sum of money to a designated recipient.uThree parties to a check are:1 Maker(drawer)issues the check2 Bank(payer)on which check is drawn3 Payee to whom check is payableWRITING CHECKS WRITING CHECKS 开支票开支票开支票开支票DrawerBankPayee CheckCheck Cash Bank Statemen
28、t BANK STATEMENTSBANK STATEMENTS银行对账单银行对账单银行对账单银行对账单A bank statement shows:1 checks paid and other debits charged against the account2 deposits and other credits made to the account3 account balance after each days transactionsBANK STATEMENTS BANK STATEMENTS 银行对账单银行对账单银行对账单银行对账单uBank debit memoranda
29、 indicate charges against the depositors account.Example:ATM service chargesuBank credit memoranda indicate amounts that will increase the depositors account.Example:interest income on account balanceMEMORANDAMEMORANDARECONCILING THE BANK RECONCILING THE BANK ACCOUNT ACCOUNT 银行户头的调整银行户头的调整银行户头的调整银行户
30、头的调整uReconciliation is necessary because the balance per bank银行余额银行余额 and balance per books账上余额账上余额 are seldom in agreement due to time lags and errors.uA bank reconciliation should be prepared by an employee who has no other responsibilities pertaining to cash.u Steps in preparing a bank reconcilia
31、tion:1 Determine deposits in transit2 Determine outstanding checks3 Note any errors discovered4 Trace bank memoranda to the recordsu Each reconciling item used in determining the adjusted cash balance per books should be recorded by the depositorRECONCILING THE BANK RECONCILING THE BANK ACCOUNTACCOU
32、NTThe bank statement for the Laird Company shows a balance per bank of$15,907.45 on April 30,2002.On this date the balance of cash per books is$11,589.45.BANK RECONCILIATONBANK RECONCILIATONCash balance per bank statement 15907.45Add:deposit in transit 2201.4Less:outstanding checks No.4533000 No.457
33、1401.3 No.4601502.7Adjusted balance per bank statement12204.85Cash balance per books11589.45Add:collection of notes receivable,interest 1035 error in recording check No.443 36Less:NSF check 425.6 bank service charge 30Adjusted balance per books 12204.85 General Journal Date Account titles DRCRApril
34、30Cash 1035Miscellaneous expense 15 Notes receivable 1000 Interest revenue 50To record collection Collection of Note Receivable This entry involves four accounts.Interest of$50 has not been accrued and the collection fee is charged to Miscellaneous Expense.General Journal Date Account titles DRCRApr
35、il 30Cash 36 Accounts payable 36To correct error in recording check No.443Book Error An examination of the cash disbursements journal shows that check No.443 was a payment on account to Andrea Company,a supplier.The check,with a correct amount of$1,226,was recorded at$1,262.General Journal Date Acco
36、unt titles DRCRApril 30Accounts receivable 425.6 Cash 425.6To record NSF check NSF Check An NSF check becomes an accounts receivable to the depositor.General Journal Date Account titles DRCRApril 30Miscellaneous expense 30 Cash 30To record charge for a printing checks Bank Service Charges Check prin
37、ting charges(DM)and other bank service charges(SC)are debited to Miscellaneous Expense because they are usually nominal in amount.u Cash reported on the Balance Sheet includes:1 Cash on Hand2 Cash in banks3 Petty Cashu Cash is listed first in the balance sheet under the title cash and cash equivalen
38、ts现金等价物现金等价物 because it is the most liquid asset.REPORTING CASHREPORTING CASHuCash equivalents are highly liquid investments with maturities of 3 months or less when purchased that can be converted into a specific amount of cash.uExamples include money market funds货币市场基金会货币市场基金会,bank certificates of deposit银行存款单银行存款单,and U.S.Treasury bills and notes国库券国库券.CASH EQUIVALENTSCASH EQUIVALENTSHomework E8-5,E8-8