Term
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Definition
| The analysis that details the items responsible for the difference between the cash balance reported in the bank statement and the balance of the cash account in the ledger. |
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Term
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Definition
| A summary of all transactions mailed to the depositor by the bank each month. |
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Term
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Definition
| Coins, currency (paper money), checks, money orders, and money on deposit available for unrestricted withdrawal from banks and other financial institutions. |
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Term
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Definition
| Highly liquid investments that are usually reported with cash on the balance sheet. |
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Term
| Cash short and over account |
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Definition
| The account used to record the difference between the amount of cash in a cash register and the amount of cash that should be on hand according to the records. |
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Term
| Electronic funds transfer (EFT) |
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Definition
| A system in which computers rather than paper (money, checks, etc.) are used to effect cash transactions. |
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Term
| Elements of internal control |
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Definition
| The control environment, risk assessment, control activities, information and communication, and monitoring. |
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Term
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Definition
| The intentional act of deceiving an employer for personal gain. |
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Term
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Definition
| The policies and procedures used to safeguard assets, ensure accurate business information, and ensure compliance with laws and regulations. |
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Term
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Definition
| A special-purpose cash fund to pay relatively small amounts. |
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Term
| Sarbanes-Oxley Act of 2002 |
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Definition
| An act passed by Congress to restore public confidence and trust in the financial statements of companies. |
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Term
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Definition
| A cash fund used for a special business need. |
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Term
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Definition
| Any document that serves as proof of authority to pay cash. |
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Term
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Definition
| A set of procedures for authorizing and recording liabilities and cash payments. |
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