Cheatography
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Financial Accounting and Reporting
This is a draft cheat sheet. It is a work in progress and is not finished yet.
I. Definition
Cash includes money and any other negotiable instruments that is payable in money and accepted by the bank for deposit and immediate credit. |
Presentation: Current Asset |
Measurement: Face Value |
Estimated Recovery Value - the projected value of an asset that can be recovered in the event of liquidation or winding down. |
Cash Equivalents
short-term and highly liquid investments that are readily convertible into cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. |
Measurement: Face Value |
Presentation: Current Asset |
Examples of Cash Equivalents
Three-Month BSP Treasury Bills |
Three-Month Time Deposi |
Three-Month Money Market Instrument or Commercial Paper |
Xxx-Year BSP Treasury Bills/Commercial Paper/Redeemable Preference Share Purchased Three-Months before Maturity Date. |
Note
Three Months is based on the Date of Purchase. |
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II. Cash Items
Cash on Hand |
Cash in Bank |
Cash Set Aside for Current Operations |
Unrestricted Compensating Balances |
Foreign Currency |
Cash on Hand
Undeposited Collections |
Customer's Check |
Manager's Check |
Traveler's Check |
Cashier's Check |
Bank Draft |
Money Order |
Cash in Bank
Checking Account/Demand Deposit |
Savings Account |
Cash set aside for Current Operations
Dividend Fund |
Interest Fund |
Tax Fund |
Payroll Fund |
Cash Set aside for the Acquisition of Short-Term/Current Assets |
Unrestricted Compensating Balances
Unrestricted - Cash |
Restricted - Short/Long-Term Investment |
Foreign Currency
translated to Philippine Peso using the exchange rate at the balance sheet date (Closing Rate) |
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III. Checks Issued and Recorded
Postdated Checks |
Undelivered/Unreleased Checks |
Stale Checks |
Postdated Check (PDC)
A check written by the drawer for a date in the future |
Undelivered Check
A check merely drawn and recorded, but not given or delivered to the payee before the end of the reporting period |
Stale Check
Check that have passed their life as a valid form of payment. These are the checks which are at least 180 days old (6 months). |
Non-Cash Items
Items |
Classifications |
Travel Expenses and Postage Stamps |
Prepaid Expense |
Cash in Closed Banks/NRV |
Receivables |
NSF/DAUD/DAIF |
Receivables |
Bank Overdraft (Same Bank + Positive Balance) |
Current Liability |
Customer's Post-Dated and Undelivered Checks |
Receivables |
IOU (I owe you) |
Receivables |
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If restriction is silent
Items |
Classifications |
Time Deposit/Certificate of Deposit |
Cash Equivalents |
Money Market/Commercial Paper |
Cash Equivalents |
Treasury Bills |
Cash Equivalents |
Treasury Note |
Short-Term Investment (1yr) |
Treasury Bonds |
Long-Term Investment (10yr) |
Redeemable Preference Share |
Long-Term Investment |
Compensating Balance |
Cash |
Deposit in Foreign Bank |
Cash |
Sinking Fund for Current Liabilities |
Cash |
Pension Fund for Current Liabilities |
Cash |
NOTES
Foreign Bank (Restricted) |
Long Term Investment |
Company's Post-Dated and Undelivered Checks |
Revert to Cash |
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