Lose CONTROL
A serious concern of internal control is the prevention of this
Employee Fraud
This includes coins, currency (paper money), checks, and money orders
Cash
This term includes all money claims against other
entities, including people, companies, and other organizations
Receivables
The estimated length of time the asset will be used in normal operations is referred to as this
Expected Useful Life
This is a written promise to pay the face amount on demand or at a date in the future
Promissory Note
Management should identify, analyze the significance, assess their likelihood of occurring, and take any necessary actions to minimize them is called this
Risk Assessment
The amount of cash on hand may differ from the amount of cash sales is called this
Cash short and over account
This includes interest, taxes, and other obligations due to a company from officers or employees
Other Receivables
A tune up is an example of this type of repair and improvement
Ordinary Maintenance and Repair
One difference that is more lucrative to the payee in a notes payable vs an accounts payable
Interest
Observation of employee behavior and the
accounting system for indicators of control problems
Monitoring
This is a set of procedures for authorizing and recording liabilities and cash payments
Voucher System
Amounts that customers owe for which a formal, written instrument of credit has been issued
Notes Receivables
An engine overhaul at the end of a forklift's useful life is an example of this type of repair and improvement
Extraordinary Repair
The party making the promise to pay the note is referred to as this
The Maker
Competent Personnel, Rotating Duties, and
Mandatory Vacations are examples of this
This is an analysis of the items and amounts
creating the difference between the cash balance reported on the bank statement and the balance of the cash account in the ledger
Bank Reconciliation
For sales of merchandise or services on account (on credit), a major issue is that some customers will not pay their accounts; this is called
Uncollectible Receivables
Adding a hydraulic lift to a delivery truck is an example of this type of capital expenditure
Asset Improvement
The amount for which the note is written on is referred to as this
Face Amount
Management philosophy and operating style, organizational structure, and personnel policies are factors influencing this
Control Environment
A company often has to pay small amounts for such items as postage, office supplies, or minor repairs. This special cash fund is called this
Petty Cash Fund
This estimates the uncollectible accounts
receivable at the end of the accounting period
Allowance Method for Uncollectible Accounts
Once a fixed asset has been acquired and placed into service, costs may be incurred for ordinary maintenance and repairs; Costs that improve the asset or extend its useful life are called this
Capital Expenditure
The note is to be paid by this time