Accounting Fundamentals Cash Controls

Money in the form of bills or coins

• debit card

• cash

• bank account

• pocket change

assets which can be turned into cash in a short period of time

• supplies

• cash equivalent

• debit card

procedures which monitor the process of receiving and distributing cash

• receipts

• invoices

• cash controls

• checks

procedures which are considered to be the most effective

• best practices

• cash controls

• GAAP

• IFS

place money in a bank

• check

• withdraw

• IFT

• deposit

take money out of a bank

• withdraw

• deposit

• debit card

• petty cash

transactions which require two people to complete

• best practices

• petty casg

• dual control

• cash control

process of verifying the bank statement amounts match company cash amounts

• accounts receivable

• bank reconcilliation

• balance sheet

• trial balance

cash received and recorded by the company not yet recorded by the bank

• deposit

• withdrawal

• deposits in transit

• overstatement of account

checks recorded in the company's cash account but not yet recorded (“cleared”) by the bank

• outstanding checks

• deposits in transit

• overstatement of account

• reconsilliation