510chapter7fall2009after10272009

510chapter7fall2009after10272009 - Chapter 7: Cash and...

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Chapter 7: Cash and Chapter 7: Cash and Receivables Receivables    
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What’s Important What is cash and how is it reported? Recognition of accounts receivable Valuation of accounts receivable Recognition of notes receivable Valuation of notes receivable Disposition of notes/accounts receivable Reconciliation of bank balances
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Most liquid asset Standard medium of exchange  Basis for measuring and accounting for all items Current asset Examples :  coin, currency, available funds on deposit at the  bank, money orders, certified checks, cashier’s checks, personal  checks, bank drafts and savings accounts. What is Cash? Cash
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Deposits (CDs) and short term paper are classified  as  temporary investments Post dated checks, money market funds, bank  overdrafts, travel advances and stamps on hand  are not classified as cash What is not “Cash” What is not “Cash”
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This note was uploaded on 12/29/2009 for the course ACC 5100 taught by Professor Andrews during the Fall '09 term at Wayne State University.

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510chapter7fall2009after10272009 - Chapter 7: Cash and...

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