Accounting of Monetary Assets definition of Accounting of Monetary Assets in the Free Online Encyclopedia.

Accounting of Monetary Assets

one of the branches of accounting at socialist enterprises, institutions, and organizations. In the USSR, accounting of monetary assets is concerned primarily with safeguarding the cash on hand and monitoring all expenditures. The latter function involves control over cash on hand and funds in accounts for settlement (current) and other accounts in the State Bank of the USSR (Gosbank) and observance of the rules established for utilizing financial assets for specific purposes in accordance with cash limits, cost estimates, and allocations. The monitoring function also requires that all transactions be properly recorded.

Material and technical supply and production and marketing operations all require various types of money transfers. In order to effect these transfers and safeguard funds, socialist enterprises (associations), institutions, and organizations open accounts for settlement (current) and other accounts at Gosbank institutions, keeping on hand only enough cash to meet current expenses (within the established limit). The enterprise receives the money it needs for wages and supplies through checks drawn on its accounts for settlement and other accounts. In the account kept for cash on hand, receipts are entered as debits, and expenditures as credits. Expenditures for wages are normally recorded in payroll work sheets, vouchers, and other transaction documents.

Transactions made by check are reflected in the synthetic (all-inclusive) accounts of Gosbank, namely the account for settlement, the other bank accounts, and the accounts for residual funds. The Gosbank institutions issue daily statements to enterprises, organizations, and institutions showing the receipts (debits), outlays (credits), and balances of these accounts.

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