I.

Accounting Profession
A. Definition
1. Service Activity: Communication Profession
a) Concept Map
b) Three Aspects of Communication Process v Functions of Accounting
2. Info Provided
3. Business Entity v Economic Entity v Accounting Entity
a) Profit
b) Concept of economic goods and price
i. Economic resources (PICMP) v Productive resources
ii. Types of Economic Activities: PIECIS
c) Types of Reporting Entities
4. Art v Science
5. Accounting v Auditing v Bookkeeping
B. History of Accounting
C. Branches of Accounting (13)
D. Areas of Professional Practice
E. Accounting Information System
1. Elements
2. Accounting Process v Accounting Cycle
F. Conceptual Framework
1. Underlying Assumptions
2. Qualitative Characteristics
3. Concepts of Capital and Capital Maintenance
G. Environment of Business
1. Subject Matter: Economic Activities
a) Criteria
b) Types of Economic Activities: PIECIS
c) Types of Accountable Events
(1) External Events
(a) Transfers
(i) Exchange/Transaction
(ii) Non-reciprocal transfers
(a) Owner to entity and vv
(b) Entity to owner and vv
(b) Other than Transfers (6)
(2) Internal Events (4)
2. Measurement
3. Purpose: Users and their Info Needs
a) Users of Accounting Information

II. Cash
 A. Definition
1. Broad Category
2. Importance
a) Portability
b) Desirability
B. Nature and composition of CASH: STANDARDS to be Cash
1. Money
a) Coins
b) Paper currencies
c) Funds
2. Demand Credit Instruments
a) Checks
b) Postal Money Orders
c) Treasury Warrants
d) Bank Draft
3. Bank Deposits
a) Checking account
b) Savings
c) Time deposit
C. Nature and composition of CASH EQUIVALENT
1. Determination of Maturity Date and Three-month rule
otherwise stipulated differently
2. Preference shares
D. Weird items and how to account for them
1. Foreign currency or cash in foreign currency and
deposits in foreign banks
2. Cash in closed closed banks or in bankrupted banks
3. Customer's PDC, NSF Checks, IOUs
4. Company's PDC, Stale Checks
5. Postage stamps and expense advances
6. Bank overdraft
7. Undelivered or unreleased checks
8. Compensating balance
9. Restricted cash
10. Stock certificate
11. Credit memo
12. Canceled checks
13. Advances
E. Cash management: Characteristics of a system of cash control
1. Segregation of duties for HANDLING and
RECORDING CASH
2. Imprest system
3. Voucher system
4. Internal audits at irregular intervals
5. Bank reconciliation
6. Proof of cash
F. Petty Cash Fund
1. Establishment
2. Disbursement
3. Replenishment
4. Increase/ Decrease of PCF
5. Adjustment
6. Cash short and over