CASH MEMBERS: Ruiz, Anthony Zuniga, Noel Vergeire, Miguel Asturiano, Patrick Alquizar, KM.

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Presentation transcript:

CASH MEMBERS: Ruiz, Anthony Zuniga, Noel Vergeire, Miguel Asturiano, Patrick Alquizar, KM

CASH Is any item that can be used as medium of exchange and which is acceptable by bank at face value upon deposit. Cash items on hand or undeposited cash collections and cash items awaiting deposit such as bills and coins, bank drafts, customer’s checks, manager’s checks, and postal money order.

CASH Peso or foreign currency deposits in bank – savings, checking or money market accounts. Working funds, petty cash fund, payroll fund, and dividend fund.

CASH EQUIVALENTS These are short term and highly liquid investments that are both readily marketable to known amounts of cash and are subject to insignificant risk of change in value. Bangko Sentral ng Pilipinas treasury bills, commercial papers, and money market instruments with original maturities of three months or less.

Additional information: The determination of original maturity date starts form the date of acquisition of the instrument and not from the date indicated on the face of the instrument. Trading equity securities cannot qualify as cash equivalents because these securities do not have maturity dates

Valuation There is usually no problem on valuation of cash and cash equivalents, since they are generally valued at their face value. For cash in foreign currency, however, valuation is at the exchange rate at the reporting date of statement of financial position.

Presentation in the Statement of Financial Position Cash and Cash equivalents are usually presented as the first item among the current assets in the statement of financial position If the balance sheet is prepared for a special purpose, it is not necessary to classify them to distinguish deposits in various banks or deposits at various locations, cash on hand and undeposited cash. The details should be enclosed on the Notes to Financial Statements.

Basic Characteristics of a Cash Control System Specifically assigned responsibility for handling cash receipts. Separation of cash handling and cash recording functions Daily deposits of all cash received Voucher system to control cash payments. Internal audit at irregular intervals Periodic reconciliation of bank statement balance and cash balance in the company’s accounting records.

Sources: Financial Accounting and Reporting Theory and Problems 2013 edition by:ROBLES.