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Chapter 7 vocab

TermDefinition
bank reconciliation analysis of items that create the difference between cash balance on the balance sheet and cash account on the ledger
bank statement a summary of all account transactions made by the bank each month
cash money on deposit that is available for unrestricted withdrawal
cash equivalents highly liquid investments that are usually reported with cash on the balance sheet
cash short and over account the amount of cash on hand that differs from the amount of cash sales
compensating balance a minimum cash balance required by some banks to be maintained in a bank account
control environment the overall attitude of mgmt and employees about the importance of controls
days' cash on hand measures how long a company would survive if its sources of revenue declined significantly = DIVIDE [(cash + short term investments) / (daily cash operating expenses)]
electronic funds transfer a system in which computers rather than paper are used to effect transactions
elements of internal control elements that together sustain internal control
employee fraud intentional act of deceiving an employer for personal gain
internal control policies and procedures used to ensure compliance with laws and regulations
petty cash fund a special cash fund to pay relatively small amounts
Sarbanes-Oxley Act maintain trust and confidence in the financial reporting of companies
special purpose funds cash funds used for a special business need
voucher a document that serves as a proof of authority to pay cash or issue an electronic funds transfer
voucher system a set of procedures that uses vouchers for authorizing and recording liabilities and cash payments
Created by: hellocookies
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