Chapter 11-Cash Control and Banking Activities (Part 2)

Created by byron0517 

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NSF Check

a check returned by the bank because there are not enough funds in the drawer's checking account to cover the amount of the check is

outstanding check

checks that have been written but not yet presented to the bank for payment

outstanding deposits

deposits that have been made and recorded in the checkbook but that do not appear on the bank statement

payee

the person or business to whom a check is written

reconciling the bank statement

the process of determining any differences between the balance shown on the bank statement and the checkbook balance

restrictive endorsement

limits how a check may be handled and protects a check from being cashed by anyone except the payee

signature card

the card containing the signature(s) of the person(s) authorized to write checks on the bank account

stop payment order

a demand by the depositor that the bank not honor a certain check

voiding a check

writing the word "VOID" across the front of a check

electronic funds transfer

allows banks to transfer funds between accounts without the exchange of paper checks

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