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by: Catherine Feeney

CHAPTER 5 ACCT 2010 ACCT 2010 (Accounting, Dr. Kohlmeyer)

Catherine Feeney
Financial Concepts
Dr. Kohlmeyer

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Financial Concepts
Dr. Kohlmeyer
Class Notes
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This 3 page Class Notes was uploaded by Catherine Feeney on Wednesday September 23, 2015. The Class Notes belongs to ACCT 2010 (Accounting, Dr. Kohlmeyer) at Clemson University taught by Dr. Kohlmeyer in Fall 2015. Since its upload, it has received 54 views. For similar materials see Financial Concepts in Accounting at Clemson University.

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Date Created: 09/23/15
QHAPTER 5 NOTES Three Main Topics 1 Internal Control 2 Bank Reconciliations 3 Petty Cash Internal Control Five Main Principals 1 Establish Responsibility assigning a task to one employee 2 Segregation of Duties one person is not responsible for all parts of a process 3 Restricting Access you can t have everyone having access to the bank or account 4 Documenting Procedures invoice numbers accounts numbers organization 5 Independently Veri es an auditor from the outside to verify your books Controled Limitations the bene ts of these ve things have to out way the cost If the bene ts of the internal control out way the cost then they are going to have that internal control Cousion various parties who are in on the fraud or problem together Internal Controls are great but they need to be evaluated bene ts for cost Only thing you can do to avoid collision is hiring good ethical people Bank reconciliation reconiciling items deposte 4pm on a friday and this is when your company makes its deposits before you left of ce they made an accounting entry you give bank 5000 deposit you go back to of ce and money isn t there the bank doesn t make deposits after 1 so it won t be done till monday this DEPOSIT IN TRANSIT Check Cleared the bank has received your check and they make sure there are funds in the account then they approve payment and reduce your bank statement amount When bank pays out funds on check Time Laps outstanding checks and deposits in transit Electric Funds Transfer other people transfer money into youraccount Service Charge the charge you get for having an account can be waived if you have certain things NFS not suf cient funds check check bounces so you need to re add money to your books re debit accounts receivable credit cash Book Errors M12 page 235 Petty Cash for small things like taxi cab supplies things they need for presentation Three Steps to Petty Cash 1set up account open it up 2 payment of recites journal entry 3 replenish account M16 Page 235 M516 Supplement 5A Accounting for Petty Cash Transactions On September 30 Hector39s petty cash fund of 100 is replenished At the time the cash box contained 18 cash and receipts for taxi fares 40 delivery charges 12 and office supplies 30 Prepare the journal entry to record the replenishment of the fund Solution db Travel Expense 40 Delivery Expense 12 Supplies 30 or Cash 82 because there was already 18 cash On Exam RESTRICTED CASH some times company will be restricted on how they have use cash examples are pensions they have to pay or loans that that have to pay and bank makes them set money aside or money has to be set aside for bonuses first line item on asset side is cash will be in the notes section it will say which note it is next to the cash Sum up internal controls bank rec petty cash and restricted cash


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