Internal Control and Managing Cash

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Presentation transcript:

Internal Control and Managing Cash Chapter 4

Learning Objective 1 Set up an effective system of internal control.

Internal Control Organizational plan and all related measures that an entity adopts Safeguard assets Encourage adherence to company policies Promote operational efficiency Ensure accurate and reliable accounting records

Components of an Effective System Competent, reliable, and ethical personnel Assignment of responsibilities Proper authorization Separation of duties

Audit Examination of company’s financial statements accounting systems, and internal controls, by an outside party Internal audit or- employee of the business External auditor - independent

Limitations of Internal Control Collusion - two or more employees working together to defraud the firm A system of internal control that is too complex can hurt efficiency and control

Learning Objective 4 Use a budget to manage cash.

Using a Budget to Manage Cash A financial plan that helps coordinate business activities Cash budget - helps an entity manage cash by planning receipt and payment of cash during a future period

Using a Budget to Manage Cash Cash balance, beginning + Budgeted cash receipts - Budgeted cash payments Expected cash balance, ending

Reporting Cash on the Balance Sheet Companies usually combine all cash amount into single total called “Cash and Cash Equivalents” on the balance sheet. Cash equivalents include liquid assets Time deposits Certificates of deposit

Learning Objective 5 Weigh ethical judgment in business.

Ethics and Accounting Company code of ethical and responsible behavior by employees AICPA Code of Professional Conduct Standards of Ethical Conduct for Management Accountants