Cash - includes currency and coins, balances in checking accounts, and items acceptable for deposit in
these accounts, such as checks and money orders received from customers
Cash Equivalents - include money market mutual funds, treasury bills, and commercial paper; must have
a maturity date no longer than three months from the date of purchase
Sarbanes-Oxley Act - requires a company to document and assess its internal controls and their
adequacy
Internal Control - refers to a company's plan to (a) encourage adherence to company policies and
procedures, (b) promote operational efficiency, (c) minimize errors and theft, and (d) enhance the
reliability and accuracy of accounting data
PCAOB Auditing Standard No. 5 - further requires the auditor to express its own opinion on whether the
company has maintained effective internal control over financial reporting
Committee of Sponsoring Organizations (COSO) - dedicated to improving the quality of financial
reporting though effective internal controls
Effect of a Compensating Balance - a higher effective interest rate on the debt
Material Compensating Balance - must be disclosed regardless of the classification of cash
Receivables - represent a company's claims to the future collection of cash, other assets, or services
Accounts Receivable - receivables resulting from the sale of goods or services on account
Trade Discounts - ...
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