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Cash and Receivables for Standard Medium Exchange

Cash, the most liquid of assets, is the standard medium of exchange and the basis for measuring and accounting for all other items. Discuss the management control issues related to cash. Discuss how cash and related items are reporting in the accounting records. Just a note on this for you all. You can focus on what type of internal controls are needed to make sure that cash and all assets are protected and are used for the intended purpose.

Define receivables and identify the different types of receivables. What are the accounting issues related to valuation of accounts receivables and why are they important? Please take time to go over the balance sheet and income statement approach as to accounting for bad debt expense and this relationship to the allowance for doubtful accounts.

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Cash, the most liquid of assets, is the standard medium of exchange and the basis for measuring and accounting for all other items. Discuss the management control issues related to cash. Discuss how cash and related items are reporting in the accounting records. Just a note on this for you all. You can focus on what type of internal controls are needed to make sure that cash and all assets are protected and are used for the intended purpose.

Internal controls with respect to cash:
1. Cash disbursements should be properly authorized. The cash payments should be authorized by the executive director. If the amount is very small, then the departmental head can authorize. If the amount is unbudgeted amount, then it should be approved by the CEO and the executive director. All cash disbursements should be paid only if ...

Solution Summary

The expert examines cash and receivables for standard medium exchange.

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