In chapters 7 & 8, we dive further into the topics of two current assets: cash and accounts receivable.
1. Indicate a few internal control measures that you would implement in your business in order to safeguard your cash.
2. Your friend who is a bookkeeper of landscaping company has encountered a situation where they need your advice on how to properly account for a transaction. They have received an “NSF” check from the bank. To begin, what is an “NSF” check? How is it treated in a bank reconciliation? Will you need to record an adjusting journal entry? If so, what will the adjusting entry look like?
3. Identify the three activities that pertain to a petty cash fund and indicate an internal control principle that is applicable to each activity.
4. You loan your friend $45,000 from your business account on 9/1/16 at an interest rate of 8% and expect to be paid back in 9 months. What balance sheet accounts and amounts can we expect to see on your 12/31 year-end balance sheet?
5. In your own words, define the word collusion.
6. Can you identify any internal control weaknesses that your classmate has implemented to safeguard their cash? How would you be able to steal their cash?
7. Your classmate’s company has experienced tremendous sales growth this year, but has been short on cash as of late. What is one explanation for this occurrence?
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