7-1. 7-2 C H A P T E R 7 CASH AND RECEIVABLES Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield.

Slides:



Advertisements
Similar presentations
Chapter 2: The Conceptual Framework
Advertisements

Slide 1-1 Chapter 2 Principles of Accounting Analyzing Business Transactions.
Chapter 3: The Accounting Information Systems
Chapter 5: Balance Sheet and Statement of Cash Flows Systems
Chapter 7: Cash and Receivables
Chapter 11: Depreciation, Impairments and Depletion
Chapter 23: Statement of Cash Flows
COMPLETING THE ACCOUNTING CYCLE Accounting Principles, Eighth Edition
USING FINANCIAL CALCULATORS
ERROR ANALYSIS APPENDIX I Warfield Wyegandt Kieso
Chapter 15 Prepared by Richard J. Campbell Copyright 2011, Wiley and Sons Auditing Assets, Liabilities, and Equity Related to the Financing Cycle.
John Wiley & Sons, Inc. © 2005 Chapter 18 The Statement of Cash Flows Prepared by Naomi Karolinski Monroe Community College and and Marianne Bradford.
REPORTING CASH FLOWS APPENDIX B Warfield Wyegandt Kieso
Financial Accounting, Tenth Edition
The Statement of Cash Flows
ACCOUNTING PRINCIPLES SIXTH CANADIAN EDITION Prepared by: Debbie Musil Kwantlen Polytechnic University Chapter 16 Investments.
Volume 2.
Chapter 4-1. Chapter 4-2 Chapter 4 Completing the Accounting Cycle Financial Accounting 7th Edition Weygandt Kimmel Kieso.
Accounting Principles, Ninth Edition
Cash Audit Procedures. Assertions & Objectives Management Cash Exists Include all transactions that should be presented Represents rights of the entity.
Statement of Cash Flows
John Wiley & Sons, Inc. © 2005 Chapter 2 The Recording Process Prepared by Naomi Karolinski Monroe Community College and and Marianne Bradford Bryant.
John Wiley & Sons, Inc. © 2005 Chapter 7 Internal Control and Cash Prepared by Barbara Muller Arizona State University West Principles of Accounting Kimmel.
Tools for Business Decision-Making Fourth Canadian Edition Financial Accounting: Prepared by: Peggy Coady Memorial University of Newfoundland & Catherine.
Chapter 8-1 Chapter 8 Fraud, Internal Control and Cash Accounting Principles, Ninth Edition.
C H A P T E R 15 STOCKHOLDERS’ EQUITY
Chapter Indicate the usefulness of the statement of cash flows Distinguish among operating, investing, and financing activities Prepare.
Chapter 8-1 Chapter 8 Fraud, Internal Control and Cash Accounting Principles, Ninth Edition.
STATEMENT OF CASH FLOWS
Accounting Principles, Ninth Edition
Copyright © 2000 John Wiley & Sons, Inc. All rights reserved
Chapter 18-1 C H A P T E R 18 REVENUE RECOGNITION Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield.
CURRENT LIABILITIES AND CONTINGENCIES
WEYGANDT. KIESO. KIMMEL. TRENHOLM. KINNEAR. BARLOW. ATKINS PRINCIPLES OF FINANCIAL ACCOUNTING CANADIAN EDITION Chapter 17 Financial Statement Analysis.
FINANCIAL ACCOUNTING Tools for Business Decision-Making KIMMEL  WEYGANDT  KIESO  TRENHOLM  IRVINE CHAPTER 12: REPORTING AND ANALYZING INVESTMENTS.
Statement of Cash Flows Chapter 17—Part 2 Step 1: Operating Activities Determine net cash provided/used by operating activities by converting net income.
1 Financial Accounting: Tools for Business Decision Making Kimmel, Weygandt, Kieso, Trenholm KIMMEL.
Prepared by: Gabriela H. Schneider, CMA; Grant MacEwan College INTERMEDIATE ACCOUNTING INTERMEDIATE ACCOUNTING Sixth Canadian Edition KIESO, WEYGANDT,
TENTH CANADIAN EDITION INTERMEDIATE ACCOUNTING PREPARED BY: Lisa Harvey, CPA, CA Rotman School of Management, University of Toronto 1 CHAPTER 15 Appendix.
Financial Accounting: Tools for Business Decision Making
Chapter 18: Revenue Recognition Intermediate Accounting, 11th ed. Kieso, Weygandt, and Warfield Prepared by Jep Robertson and Renae Clark New Mexico State.
Completing the Accounting Cycle
WEYGANDT. KIESO. KIMMEL. TRENHOLM. KINNEAR. BARLOW. ATKINS PRINCIPLES OF FINANCIAL ACCOUNTING CANADIAN EDITION Chapter 4 Completion of the Accounting Cycle.
THE ACCOUNTING INFORMATION SYSTEM Financial Accounting, Seventh Edition 3.
TENTH CANADIAN EDITION INTERMEDIATE ACCOUNTING PREPARED BY: Lisa Harvey, CPA, CA Rotman School of Management, University of Toronto 1 CHAPTER 16 Appendix.
A- 1. A- 2 Appendix B Standards of Ethical Conduct for Management Accountants The Institute of Management Accountants has published and promoted the following.
K-1. K-2 Appendix K Standards of Ethical Conduct for Management Accountants The Institute of Management Accountants has published and promoted the following.
I-1. I-2 I ACCOUNTING FOR SOLE PROPRIETORSHIPS Accounting, Fifth Edition.
Chapter Chapter 13-2 CHAPTER 13 STATEMENT OF CASH FLOWS Managerial Accounting, Fourth Edition.
Chapter Chapter 17-2 Chapter 17 Statement of Cash Flows Accounting Principles, Ninth Edition.
H-1 Prepared by Coby Harmon University of California, Santa Barbara Westmont College.
Chapter 18-1 Chapter 18 Financial Statement Analysis Accounting Principles, Ninth Edition.
CHAPTER18 Financial Statement Analysis.
Chapter Chapter 17-2 CHAPTER 17 STATEMENT OF CASH FLOWS Accounting Principles, Eighth Edition.
Chapter Chapter 18-2 Chapter 18 Financial Statement Analysis Accounting Principles, Ninth Edition.
Chapter 2-1. Chapter 2-2 Chapter 2 The Recording Process Accounting Principles, Ninth Edition.
Financial Accounting, IFRS Edition
Chapter 4 Using Financial Statements to Analyze Value Creation
Chapter 7: Cash and Receivables
Financial Accounting, IFRS Edition
Chapter 17: Investments Intermediate Accounting, 11th ed.
Chapter 5: The Balance Sheet and The Statement of Cash Flows
Chapter 18: Investments Intermediate Accounting, 10th Edition
liquidation of a partnership.
Chapter 17: Investments Intermediate Accounting, 11th ed.
Chapter 7: Cash and Receivables
Financial Accounting, IFRS Edition
Financial Accounting, Seventh Edition
Chapter 7: Cash and Receivables
Financial Accounting, IFRS Edition
Presentation transcript:

7-1

7-2 C H A P T E R 7 CASH AND RECEIVABLES Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield

Identify items considered cash Indicate how to report cash and related items Define receivables and identify the different types of receivables Explain accounting issues related to recognition of accounts receivable Explain accounting issues related to valuation of accounts receivable Explain accounting issues related to recognition of notes receivable Explain accounting issues related to valuation of notes receivable Understand special topics related to receivables Describe how to report and analyze receivables. Learning Objectives

7-4 Recognition Valuation Impairment evaluation process Cash Accounts Receivable Notes Receivable Special Issues What is cash? Reporting cash Summary of cash- related items Recognition Valuation Fair value option Derecognition of receivables Presentation and analysis Cash and Receivables

7-5 A financial asset—also a financial instrument. Financial Instrument - Any contract that gives rise to a financial asset of one entity and a financial liability or equity interest of another entity. CashCash LO 1 Identify items considered cash. What is Cash? Illustration 7-1 Types of Assets

7-6 ► Most liquid asset. ► Standard medium of exchange. ► Basis for measuring and accounting for all other items. ► Current asset. CashCash LO 1 Identify items considered cash. What is Cash? Examples: coin, currency, available funds on deposit at the bank, money orders, certified checks, cashier’s checks, personal checks, bank drafts and savings accounts.

7-7 Short-term, highly liquid investments that are both CashCash LO 2 Indicate how to report cash and related items. Reporting Cash (a)readily convertible to cash, and (b)so near their maturity that they present insignificant risk of changes in interest rates. Examples: Treasury bills, commercial paper, and money market funds. Cash Equivalents

7-8 When material in amount: Segregate restricted cash from “regular” cash. Current assets or non-current assets CashCash LO 2 Indicate how to report cash and related items. Restricted Cash Examples, restricted for: (1) plant expansion, (2) retirement of long-term debt, and (3) compensating balances.

7-9 When a company writes a check for more than the amount in its cash account. CashCash LO 2 Indicate how to report cash and related items. Bank Overdrafts Generally reported as a current liability. Offset against cash account only when available cash is present in another account in the same bank on which the overdraft occurred.

7-10 CashCash LO 2 Illustration 7-3 Summary of Cash-Related Items

7-11 Copyright © 2011 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein. CopyrightCopyright