Acct Chap 5 - Chapter 5 Cash and Internal Control CASH SOME...

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Unformatted text preview: Chapter 5 Cash and Internal Control CASH SOME BASIC QUESTIONS What is the key to classifying an asset as cash? What does cash consist of? What are cash equivalents Where do Cash & Cash Equivalents show up on the financial statements? Gap Inc. Consolidated Balance Sheets (partial) ASSETS (in thousands) Current Assets: Cash and equivalents Key to classification as cash: readily available to pay debts Cash Coin & currency Checking, savings & most money market accounts Undeposited, cashier, and certified checks P a y t o t h e o r d e r o f : A B C C o . Cash Equivalents Commercial paper U.S. Treasury bills Certain money market funds A FEDERAL RESERVE NOTE THE UNITED STATES OF AMERICA THE UNITED STATES OF AMERICA L7074629F 12 12 12 12 L7074629F ONE DOLLAR ONE DOLLAR WASHINGTON, D.C. THIS NOTE IS LEGAL TENDER FOR AL DEBTS, PUBLIC AND PRIVATE SERIES 1985 H 293 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 28 29 30 31 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 28 29 30 31 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 28 29 30 31 27 Readily convertible to cash Original maturity to investor of 3 months or less Cash Equivalents and the Statement of Cash Flows (in thousands) Feb. 1, 2003 Feb 2, 2002 Current Assets:...
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This note was uploaded on 02/27/2010 for the course FIN 311 taught by Professor Haan during the Spring '10 term at St. Josephs NY.

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Acct Chap 5 - Chapter 5 Cash and Internal Control CASH SOME...

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