List $4$ goals for the successful business use of internal controls.

Identify $7$ internal control principles that are implemented by businesses in various ways.

Explain what the term "liquidity" means when it is used to describe an asset.

Explain what the term "liquidity" means when it is used to describe a business.

List examples of various items included in the business measure of "cash and cash equivalents".

Define the phrase "cash equivalents" and describe how these amounts are reported in the financial statements.

Identify two primary business goals of cash management.

List $5$ cash management strategies commonly used by businesses.

Define and properly treat the following common bank statement $/$ cash account reconciling items:

a$.$ Deposits in transit

b$.$ Outstanding checks

c$.$ Bank fees

d$.$ NSF checks

e$.$ Unrecorded cash receipts

f$.$ Interest earned

Identify and describe the $2$ methods used to account for bad debts.

Explain the weaknesses and strengths of each of the $2$ methods used to account for bad debts.

Calculate bad debt expense using the percentage of sales method.

Describe the effect on specific accounts when writing off an $\frac{A}{R}$ using the allowance method.

Describe the meaning of each of the following relative to a $\frac{N}{R}$ :

a$.$ Principal

b$.$ Maturity date

c$.$ Period

d$.$ Honored

e$.$ Dishonored

Determine the maturity date for a promissory note when the period is defined in: days, months, and years.

Explain the meaning and function of interest.

Properly calculate total interest on a $\frac{N}{R}$ when the period is defined in: days, months, and years.