CASH 內(nèi)部控制和現(xiàn)金(43)英文版ppt課件

1、INTERNAL CONTROL AND CASH 內(nèi)部控制和現(xiàn)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 Points.Internal control consists of

2、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 內(nèi)部控制.Establishment of responsibility 責(zé)任的建立: control is most effective when only one pers

3、on is responsible for a given task.Segregation of duties職責(zé)的分別: the work of one employee should provide a reliable basis for evaluating the work of another employee.Documentation procedures過程證據(jù)化: documents should provide evidence that transactions and events have occurred.PRINCIPLES OF INTERNAL CONTR

4、OL.Physical, mechanical, and electronic controls 物理控制: relate primarily to the safeguarding of assets and enhancing accuracy and reliability of the accounting records.Independent internal verification 獨(dú)立的內(nèi)部驗(yàn)證: the review, comparison, and reconciliation of information from two sources.Other controls其

5、他控制: bonding of employees who handle cash, rotating輪換 employees duties, and requiring employees to take vacations休假.PRINCIPLES OF INTERNAL CONTROL.Safes, and safety deposit boxes for cash and business papers Locked warehouses and storage cabinets for inventories and recordsComputer facilities with p

6、ass key access PHYSICAL CONTROLS. MECHANICAL AND ELECTRONIC CONTROLSAlarms to prevent break-insTelevision monitors to deter theftTime clocks for recording time worked.To obtain maximum benefit from independent internal verification:1 The verification should be made periodically or on a surprise basi

7、s.2 The verification should be done by an employee who is independent of the personnel responsible for the information.3 Exceptions should be reported to a management level that can take appropriate corrective action.INDEPENDENT INTERNAL VERIFICATION.Independent internal verification is often assign

8、ed to internal auditors內(nèi)部審計(jì)師.Internal auditors evaluate the effectiveness of the companys system of internal control on a continuous basis.Internal auditing is a professional activity within a company, often with direct access to the board of directors.INDEPENDENT INTERNAL VERIFICATION.Makes monthly

9、 comparisons: reports any unreconcilable differences to treasurerMaintains cash balances Maintains custody of per books cash on hand Independent Internal VerificationCOMPARISON OF SEGREGATION OF DUTIES PRINCIPLE WITH INDEPENDENT INTERNAL VERIFICATION PRINCIPLEAccounting Employee AAssistant Cashier B

10、Assistant Treasurer CSegregation of Duties.Costs of establishing control procedures should not exceed their expected benefits according to the concept of reasonable assurance.The human element is also an important factor. A good system can become ineffective through employee carelessnessCollusion合謀

11、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 CONTROL內(nèi)部控制的限制.Cash includes coins, currency, checks, money orders, and money on hand or on deposit at a bank or similar deposito

12、ry.Internal control over cash is imperative in order to safeguard cash and assure the accuracy of the accounting records for cash.CASH現(xiàn)金.Only designated personnel should be authorized to handle or have access to cash receipts.Different individuals should:1 receive cash2 record cash receipt transacti

13、ons3 have custody of cashINTERNAL CONTROL OVER CASH RECEIPTS 接受現(xiàn)金的內(nèi)部控制. Documents should include: remittance advices, cash register tapes, deposit slips Cash should be stored in safes and bank vaults Access to storage areas should be limited to authorized personnel.Daily cash counts and daily compar

14、isons of total receipts.All personnel who handle cash receipts should be bonded and required to take vacations.Control of over-the-counter receipts is centered on cash registers that are visible to customers.Payments are made by check支票 rather than by cash, except for petty cash 零用現(xiàn)金transactions.Onl

15、y specified individuals should be authorized to sign checks.Different departments or individuals should be assigned the duties of approving an item for payment and paying it.INTERNAL CONTROL OVER CASH DISBURSEMENTS現(xiàn)金支付的內(nèi)部控制. Pre-numbered checks should be used and each check should be supported by an

16、 approved invoice or other document. Blank checks空白支票 should 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.Each check should be compared with the approved invoice before it is issu

17、ed.Following payment, the approved invoice should be stamped PAID.Paid.Electronic Funds Transfer (EFT) is a disbursement system that uses wire, telephone, or computer to send cash from one location to another.Regular payments such as those for house, car, and utilities are frequently made by EFT.ELE

18、CTRONIC FUNDS TRANSFER 電子資金劃賬. A petty cash fund is used to pay relatively small amounts. 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 FUND備用金.Accounting entries are required when:1 the

19、fund is established,2 the fund is replenished, and3 the amount of the fund is changed.PETTY CASH FUND備用金.ESTABLISHING THE FUND Two essential steps in establishing a petty cash fund are1 appointing a petty cash custodian who will be responsible for the fund and2 determining the size of the fund. Ordi

20、narily, the amount is expected to cover anticipated disbursements for a 3-week to 4-week period. General Journal Date Account title DRCRMar. 1Petty cash 100 cash 100To establish a petty cashLaird Company decides to establish a $100 fund on March 1. When the fund is established, a check payable to th

21、e petty cash custodian is issued for the stipulated amount.REPLENISHING THE FUND When the money in the petty cash fund reaches a minimum level, the fund is replenished. The request for reimbursement is initiated by the petty cash custodian. The petty cash custodian prepares a schedule of the payment

22、s 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 fund On March 15 the petty cash custodian requests a check for $

23、87. The fund contains $13 cash and petty cash receipts for postage $44, freight-in $38, and miscellaneous expenses, $5. The use of a bank minimizes the amount of currency that must be kept on hand and contributes significantly to good internal control over cash. A company can safeguard its cash by u

24、sing a bank as a depository and clearing house for checks received and checks written. New depositors are required to sign a signature card when opening a checking account.USE OF A BANK.A check is a written order signed by the depositor directing the bank to pay a specified sum of money to a designa

25、ted recipient.Three 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 開支票.DrawerBankPayee CheckCheck Cash Bank Statement .BANK STATEMENTS銀行對(duì)賬單A bank statement shows:1 checks paid and other debits charged again

26、st the account2 deposits and other credits made to the account3 account balance after each days transactions.BANK STATEMENTS 銀行對(duì)賬單.Bank debit memoranda indicate charges against the depositors account.Example: ATM service chargesBank credit memoranda indicate amounts that will increase the depositors

27、 account.Example: interest income on account balanceMEMORANDA.RECONCILING THE BANK ACCOUNT 銀行戶頭的調(diào)整Reconciliation is necessary because the balance per bank銀行余額 and balance per books賬上余額 are seldom in agreement due to time lags and errors.A bank reconciliation should be prepared by an employee who has

28、 no other responsibilities pertaining to cash. Steps in preparing a bank reconciliation:1 Determine deposits in transit2 Determine outstanding checks3 Note any errors discovered4 Trace bank memoranda to the records Each reconciling item used in determining the adjusted cash balance per books should

29、be recorded by the depositorRECONCILING THE BANK ACCOUNT.The 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 RECONCILIATON.Cash balance per bank statement 15907.45Add: deposit in transit 2201

30、.4Less: outstanding checks No.4533000 No.4571401.3 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

31、. General Journal Date Account titles DRCRApril 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 DRCRApril 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.