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Cash can be defined as money on deposit in banks and any items that banks will accept for deposit.These items include not only coins and paper money but also checks and money paper.Those are not accepted for immediate deposit such as notes receivable，IOUs，postdate checks(checks dated in the future)，and uncollected customers'check—returned by the bank stamped“NSF”(not sufficient funds)are not accepted for immediate deposit and are excluded in the accountant's definition of cash.

Cash is the most liquid of all current assets，so it is listed first in the balance sheet.On the balance sheet，the entire amount of all cash accounts will be shown under a single heading—cash—because the banker，credit manager，or investor who studies a balance sheet is interested only in the total amount of cash and its relationship to other items on the financial statement.

Various ledger accounts are used to record cash transactions such as cash on hand，petty cash，and cash in banks.A business that carries checking accounts with several banks will maintain a separate ledger account for each bank account.Some bank accounts are restricted as to their use，so that they are not available to meet the normal operating needs of the company.For example，a bank account may contain cash specifically earmarked for the acquisition of plant asset.In some countries，transferring the money to another country is prohibiting in some bank accounts.Cash should be listed just below current asset section of the balance sheet in a section entitled Investments and Funds if it is not available for applying current liabilities.

A good system of internal control will prevent fraud and theft，it will also aid in achieving the other objectives of efficient cash management，including accurate accounting for cash transactions，anticipating the need of borrowing and the maintenance of adequate but not excessive cash balance.The major steps in achieving internal control of cash transactions and cash balance include:

Separate the function of handling cash from the maintenance of accounting records.Employees who handle cash should not have access to the accounting records;accounting personnel should not have access to cash.

Prepare for each department within the organizing a cash budget of planned cash receipts，cash payments，and cash balance，scheduled month-by-month for the coming year.

Require that all cash receipts be deposited into the bank.

Make all payment by check.The only exception should be for small payment to be made in cash from a petty cash fund.

Require that the validity and amount of every expenditure be verified before a check is issued in payment.Separate the function of approving expenditures from the function of signing checks.

Promptly reconcile bank statements with the accounting records.

1.Assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.资产是指由于以往的业务或事项所引起的将来可能发生的由特定实体所拥有的或控制的经济利益。assets是主语，are是系动词，probable future economic benefits为表语。该表语带有两个并列过去分词短语，即obtained or controlled by作定语，修饰前面的名词benefits。

2.That means key characteristics of an asset are its capacity to provide future economic benefits，control of the asset by the firm，and the occurrence of the transaction giving rise to control and the economic benefits.资产的主要特征在于它能带来未来的经济利益，企业拥有资产的控制权，而且这种经济利益和控制权是由业务引起的。that是主句的主语，means是谓语动词，后面是一个省略了that的宾语从句作其宾语。在该宾语从句里，key characteristics of an asset are its capacity是主系表结构。另外，在to provide后所接的三个并列成分中，最后一个短语the occurrence of the transaction又带有一个现在分词短语giving rise to control and the economic benefits作定语，修饰前面的transaction。give rise to为固定动词短语，to为介词，意为“引起，使发生”。

3.Current assets are cash and other resources that are reasonably expected to be realized in cash or sold or consumed in the business within one year of the balance sheet date or the operating cycle of an enterprise，whichever is longer.流动资产是指现金或者是预计在资产负债表日后一年内或超过一年的一个营业周期内应该变现、卖掉或消费的其他资产。主句为主系表结构，其中表语resources带有一个由关系代词that引导的定语从句。在定语从句中，谓语are reasonably expected带有两个并列的不定式短语:①to be realized in cash②(to be)sold or consumed in the business另外，within one year of the balance sheet date or(within one year of)the operating cycle of an enterprise是介词短语作状语，句尾的whichever是非限制性定语从句，修饰the operating cycle。

4.Some bank accounts are restricted as to their use，so that they are not available to meet the normal operating needs of the company.一些银行存款被限定了用途，从而不能用于支付企业的日常业务。该句为主从复合句。Some bank accountsas to their use可以看作主语，由so that引导的是结果状语从句。在主句中，as to为固定搭配，意为“关于，至于”。

5.Cash should be listed just below current asset section of the balance sheet in a section entitled Investments and Funds if it is not available for applying current liabilities.不能用于偿付流动负债的现金应该被列示在资产负债表的流动资产项目之后的投资和基金项目下。该句为主从复合句。Cash should be listed是主句，而由if it is not available引出的从句为条件状语从句。

6.A good system of internal control will prevent fraud and theft，it will also aid in achieving the other objectives of efficient cash management，including accurate accounting for cash transactions，anticipating the need of borrowing and the maintenance of adequate but not excessive cash balance.一个良好的现金的内部控制可以防止现金被盗用以及欺诈行为，它还有助于实现有效的现金管理的其他目标，包括正确记录现金业务、预测需要偿还的借款并且保持一个合适而不过多的现金余额。该句为并列句。A good systemfraud and theft为第一个句子，it will also aidbut not excessive cash balance为第二个句子。两个句子用逗号连接，形成并列句。在第二个句子中，including引导的介词短语带有三个并列成分，与其一起作第二个句子中的状语。

7.The only exception should be for small payment to be made in cash from a petty cash fund.对于零星的现金支付则另设小额备用金。该句为简单句。句中的不定式短语to be made in cash from a petty cash fund作定语，修饰small payment。

8.Require that the validity and amount of every expenditure be verified before a check is issued in payment.对于每一笔费用支出在使用支票付款前都要核实它的合法性和数额。该句为主从复合句。主句为省略了主语的祈使句。Require为谓语动词，后接宾语从句。在该宾语从句中，谓语部分为“should+动词原形”的虚拟语气，而should又往往省略，即(should)be verified，而由before引导的从句则为宾语从句中的时间状语从句。

1.Classify each of the following statements as True or False.If your choice is False，explain why.

(1)Internal control of operations is equally complex in a small and in a large organization.

(2)Usually two signatures are required on a business check for it to be valid.

(3)There are only two parties to a check:the person who writes it(the drawee)and the person to whom it is written(the payee).

(4)When a check is written by a business，the immediate effect is to reduce both the balance shown in the checkbook and the balance on the bank's records.

(5)Two documents used in preparing a bank reconciliation statement are the bank statement and the checkbook stubs.

(6)The final amounts shown on both sides of the bank reconciliation statement are labeled“Adjusted Balances”.

(7)A common cause of inequality between the balances on the bank statement and in the checkbook is outstanding checks.

2.Translate the following terms into Chinese.

(1)bank reconciliation

(4)deposits in transit

(7)outstanding check

1.The following data have been accumulated for use in preparing the bank reconciliation statement for Alice Reinholt and Co.for the month of September 30，200-:

(1)Balance per depositor's records on September 30 is$4，23935.

(2)Balance per bank statement on September 30 is$4，500.50.

(3)Deposits in transit total$362.80.

(4)Checks outstanding amount to$694.10.

(5)A check for$57 in payment of a bill was erroneously recorded on the check stub as$75.

(6)A bank debit memo for service charges amounts to$7.15.

(7)A check from customer L.Hardy for$75 bounced.The bank charged a protest fee of$6.

Prepare the bank reconciliation statement，dated September 30.

2.The following information pertains to ABC Company:

(1)Cash balance per bank July 31，$7，263.

(2)July bank service charge not recorded by the depositor$15.

(3)Cash balance per book July 31，$7，190.

(4)Deposits in transit July 31，$1，700.

(5)Note for$1，000 collected for ABC in July by bank plus interest$36，and charge$20 for service.The collection has not been recorded by ABC and no interest has been accrued.

(6)Outstanding checks July 31，$772.

Prepare Bank reconciliation at July 31.

3.The Spelvin Co.established a petty cash fund of$150 on January 1，200-.On January 24，200-，the fund was replenished for the payments made to date as shown by the following petty cash vouchers-.Freight on Purchases，$9.50; Postage Expense，$46.00;Telephone Expense，$3.20;Repairs Expense，$31.70;Miscellaneous Expenses，$22.00.

Prepare the necessary journal entries to record(a)the establishment of the fund，and(b)the replenishment of the fund on January 24，200-.