Chapter 11-Cash Control and Banking Activities (Part 1)

Created by byron0517 

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12 terms

bank service charge

a fee charged to the depositor by the bank for maintaining bank records and for processing bank statement items

bank statement

an itemized record of all the transactions occurring in a depositor's account over a given period, usually a month

canceled checks

checks that are paid by the bank, deducted from the depositor's account, and returned with the bank statement

check

a written order from a depositor telling the bank to pay cash to a person or business

checking account

a bank account that allows a bank customer to deposit cash and to write checks against the account balance

depositor

a person or business that has cash on deposit in a bank

deposit slip

a bank form on which the currency (bills and coins) and checks to be deposited are listed

drawee

the bank on which a check is written

drawer

the person who signs a check

endorsement

an authorized signature that is written or stamped on the back of the check

external controls

those controls on cash from outside the business

internal controls

those steps the business takes to protect cash

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