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Title: Basics of Cash and Cash Equivalents for Accounting and Auditing
Description: This is a basic summary of Cash and Cash equivalents for the Accounting College Course. It is updated and recently written therefore it will comply with the GAAP.
Description: This is a basic summary of Cash and Cash equivalents for the Accounting College Course. It is updated and recently written therefore it will comply with the GAAP.
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Audit Problems
Basics of Cash and Cash Equivalents
Cash Items
1
...
(next lecture is the overage/shortage)
b
...
Replenishment Check
d
...
(not all employees check is considered)
2
...
Traveler’s and Manager’s Check
a
...
Postal Money Order
a
...
b
...
UNRESTRICTED Compensating Balances
6
...
Operating expenses
b
...
Foreign Currency
a
...
Bank Draft
•
•
When Restricted
o KNOW THE PURPOSE NOT THE TIMING
o Can be current asset
o Or Non-current asset
o When compensating balance is silent = to be paid for liability
▪ When liab is current = current Asset
▪ When liab is non-current = NCA
When restricted for the payment of Liability
o DEPENDENT ON THE TIMING OF PAYMENT
Bad Checks:
1
...
2
...
Undelivered Check
o TO BE issued to creditors
▪ No correct entry
o TO BE received from customer
▪ No correct entry
Non-Cash Items
1
...
Prepaid expense
b
...
Cash in CLOSED BANKS
a
...
Receivable
3
...
DAUD = Drawn against unclear deposit
b
...
Bank Overdraft
a
...
Unless same bank pwede tanggalin
Cash Equivalents
Short term highly liquid investments that are readily convertible to known amounts of cash and
that are subject to an insignificant risk of changes in value
•
•
ORIGINAL MATURITY is 3 months or less
o Means that, 3 months from the ORIGINAL ACQUISITION DATE would be matured
If hindi binigay maturity date, hindi pwedeng maing Cash Equivalents
1
...
Kelan gagamitin ang 3 months or not
i
Title: Basics of Cash and Cash Equivalents for Accounting and Auditing
Description: This is a basic summary of Cash and Cash equivalents for the Accounting College Course. It is updated and recently written therefore it will comply with the GAAP.
Description: This is a basic summary of Cash and Cash equivalents for the Accounting College Course. It is updated and recently written therefore it will comply with the GAAP.