Unit 3: Cash Control and Banking Procedures

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Automated Teller Machine(ATM)

Electronic machine from which cash deposits and withdrawals can be made.

Bank Reconciliation

Bringing into agreement a blank statement with a party's cash account records.

Bank Statement

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

Blank Endorsement

An endorsement that consists only of the endorser's signature on the back of a check.

Checking Account

A bank account from which payments can be ordered by a depositor.

Debit Card

A bank card that autimatically deducts the amount of the purchase form the checking account of the cardholder.

Deposit Slip

A form prepared for the placement of cash into a checking account.

Dishonored Check

A check that a bank refuses to pay.

Electronic Funds Transfer(EFT)

The use of a computer and telecommunications network to transfer funds from one party to another.

Petty Cash

A system established by a business that keeps a small amount of cash on hand for making small payments.

Restrictive Endorsement

An endorsement found on the back of a check restricting further transfer of a check's ownership.

Special Endorsement

An endorsement indicating a new owner of a check

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