intermediate accounting cash and receivables

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1、ConfirmingPagesCHAPTER7CashandReceivablesOVERVIEWWebeginourstudyofassetsbylookingatcashandreceivables—thetwoassetstypicallylistedfirstinabalancesheet.Forcash,thekeyissuesareinternalcontrolandclassificationinthebalancesheet.Forreceivables,thekeyissuesarevaluationandtherelatedincomestatementeffect

2、softrans-actionsinvolvingaccountsreceivableandnotesreceivable.LEARNINGAfterstudyingthischapter,youshouldbeableto:OBJECTIVES●LO7–1Definewhatismeantbyinternalcontrolanddescribesomekeyelementsofaninternalcontrolsystemforcashreceiptsanddisbursements.(p.360)●LO7–2Explainthepossiblerestrictionsoncasha

3、ndtheirimplicationsforclassificationinthebalancesheet.(p.362)●LO7–3Distinguishbetweenthegrossandnetmethodsofaccountingforcashdiscounts.(p.365)●LO7–4Describetheaccountingtreatmentformerchandisereturns.(p.366)●LO7–5Describetheaccountingtreatmentofanticipateduncollectibleaccountsreceivable.(p.368)●

4、LO7–6Describethetwoapproachestoestimatingbaddebts.(p.369)●LO7–7Describetheaccountingtreatmentofshort-termnotesreceivable.(p.374)●LO7–8Differentiatebetweentheuseofreceivablesinfinancingarrangementsaccountedforasasecuredborrowingandthoseaccountedforasasale.(p.379)●LO7–9Describethevariablesthatinfl

5、uenceacompany’sinvestmentinreceivablesandcalculatethekeyratiosusedbyanalyststomonitorthatinvestment.(p.388)●LO7–10DiscusstheprimarydifferencesbetweenU.S.GAAPandIFRSwithrespecttocashandreceivables.(pp.363,378,397,and398)sspi2532X_ch07_358-419.indd358pi2532X_ch07_358-419.indd358003/01/125:54PM3/01

6、/125:54PMRev.ConfirmingPagesFINANCIALREPORTINGCASEWhatDoesItAllMean?Yourroommate,ToddBuckley,wassurfingthenetlookingforinformationabouthisfutureemployer,CiscoSystems.Todd,anengineeringmajor,recentlyacceptedapositionwithCisco,theworld’slargestproviderofhardware,software,andservicesthatdrivetheInt

7、ernet.HenoticedanarticleonTheStreet.comentitled“CiscoTriplesBad-AccountProvision.”“Thisdoesn’tlookgood,”Toddgrumbled.“Thearticlesaysthatmynewemployer’sdeadbeataccountcolumnhasmorethantripledinthespanofayear.Iguessallthosedot