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Definitions and principles of internal control, technologies impact on internal control, limitations of internal control, cost-benefit principle, liquidity, cash, cash equivalent, effective cash management principles, control of cash disbursements, voucher system, basic bank services, electronic funds transfer, bank statement, and bank reconciliation.
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DEFINITION 2
DEFINITION 3
DEFINITION 4
DEFINITION 5 The Costs of Internal controls must not exceed their benefits
Refers to a company's ability to pay for its near term obligations TERM 7
DEFINITION 7 Includes currency and coins, deposit in bank and checking accounts, many savings accounts, and items that are acceptable for deposit in those accounts TERM 8
DEFINITION 8 Short term, highly liquid investment assests meeting 2 criteria: 1. Readily convertible to a known cash amount 2. Sufficiently close to their maturity date so that market value is not sensitive to interest rate changes TERM 9
DEFINITION 9
DEFINITION 10