Accounting Chapter 11
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29 terms
Terms | Definitions |
|---|---|
 internals controls | procedures within the business that are designed to protect cash and other assets and to keep reliable records |
| external controls | measure and procedures provided outside the business to protect cash and other assets |
| checking account | an account that allows a person of business to deposit cash in a bank and then write checks and make ATM withdrawals and purchases against the account balance |
| check | a written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the check |
| depositor | a person or business that has cash on deposit at a bank |
| signature card | a bank form containing the signature of the person allowed to write checks on banking account |
| deposit slip | a bank form used to list the cash and checks to be deposited |
| endorsement | an authorized signature written or stamped on the back of a check that transfers ownership of the check |
| blank endorsement | a check endorsement that includes only the signature or stamp of the depositor. It does not specify the new owner of the check |
| special endorsement | a check endorsement that transfers ownership of the check to a specific individual or business |
| restrictive endorsement | a check endorsement that transfers ownership to a specific owner and limits how the check may be handled |
| payee | the person or business to whom a check is written or a note is payable |
| drawer | the person who signs a check |
| drawee | the bank on which a check s written |
| voiding a check | making a check unusable by writing the word void in ink across the fr0nt of the check |
| bank statement | an itemized record of all the transactions in a depositors account over a given period, usually a month |
| canceled checks | a check paid by the bank, deducted from the depositor's account, and returned with the bank statement to the account holder. |
| imaged checks | a copy of a canceled check, it is sent with the bank statement in place of the original canceled check |
| reconciling the bank statement | the process of determining any difference between a bank statement balance and a checkbook balance. |
| outstanding checks | a check that has been written but has not been presented to the bank for payment |
| outstanding deposits | a deposit that has been made and recorded in the checkbook but does not yet appear on the bank statement |
| bank service charge | a fee the bank charges for maintaining bank records and processing bank statement items for the depositor |
| stop payment order | ... |
| NSF check | ... |
| check 12 | ... |
| postdated check | ... |
| electronic funds transfer system (EFTS) | ... |
| bankcard | ... |
| automated teller machine (ATM) | ... |
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