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Business LibreTexts

7: Cash and Receivables

  • Page ID
    • girl-160172__340.png
    • Contributed by Henry Dauderis and David Annand
    • Athabasca University
    • Sourced from Lyryx Learning

    learning objectives

    • LO1 – Define internal control and explain how it is applied to cash.
    • LO2 – Explain and journalize petty cash transactions.
    • LO3 – Explain the purpose of and prepare a bank reconciliation, and record related adjustments.
    • LO4 – Explain, calculate, and record estimated uncollectible accounts receivable and subsequent write-offs and recoveries.
    • LO5 – Explain and record a short-term notes receivable as well as calculate related interest.
    • LO6 – Explain and calculate the acid-test ratio.
    • LO7 – Explain and calculate the accounts receivable turnover.

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