Set: ACC: Chapter 11: Vocabulary
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All 22 Terms
| | Term | Definition |
|---|---|---|
| |
internal controls | the steps the business takes to protect cash and other assets |
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external controls | the measures and procedures provided outside the business to protect cash and other assets |
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chequing account | allows a person or business to deposit cash in a bank and to write cheques against the account balance |
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cheque | a written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on it |
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depositor | a person or business that has cash on deposit in a bank |
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signature card | to open a chequing account, a business owner fills one out and deposits cash in the bank |
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deposit slip | a bank form listing the cash and cheques to be deposited |
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endorsement | an authorised signature written or stamped on the back of a cheque representing a promise to pay |
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restrictive endorsement | limits, or restricts, how a cheque may be handled |
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payee | the person or business to whom a cheque is written |
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drawer | the person who signs a cheque |
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drawee | the bank on which the cheque is written |
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voiding a cheque | writing the word "Void" in large letters across the front of a cheque |
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bank statement | an itemised record of all the transactions in a depositor's account over a given period, usually a month |
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canceled cheques | when a bank sends a statement to a depositor, it may return the cheques paid by the bank and deducted from the depositor's account |
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reconciling the bank statement | the process of determining any differences between the bank statement and the chequebook |
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outstanding cheques | cheques that have been written but have not yet been presented to the bank for payment |
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outstanding deposits | deposits that have been made and are recorded in the chequebook but not appear on the bank statement |
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bank service charge | a fee the bank charges for maintaining bank records and processing bank statement items for the depositor |
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stop payment order | a demand by the drawer that the bank not honour a certain cheque |
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NSF cheque | a cheque returned to the depositor by the bank because there are not sufficient funds in the drawer's chequing account to cover the cheque |
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electronic funds transfer system | allows banks to transfer funds among accounts quickly and accurately without the exchange of cheques |
Set Information
| Terms | 22 |
| Creator | ioannusdeverani |
| Created | January 14, 2008 |
| Groups | None |
| Tag | accounting |
| Access | Anyone |
| Edit | Creator Only |
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ioannusdeverani : Changed outstanding deposits → deposit that have been made and are recorded in the chequebook but not appear on the bank statement to outstanding deposits → deposits that have been made and are recorded in the chequebook but not appear on the bank statement
ioannusdeverani : Changed cheque → a written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the cheque to cheque → a written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on it
ioannusdeverani : Changed signature card → to open a chequing account, a business owner fills one out and deposits cash in the bank. to signature card → to open a chequing account, a business owner fills one out and deposits cash in the bank
Last Message: 6 months ago
Most Missed Words
- signature card → to open a chequing account, a business owner fills one out and deposits cash in the bank - 3 misses
- payee → the person or business to whom a cheque is written - 3 misses
- reconciling the bank statement → the process of determining any differences between the bank statement and the chequebook - 2 misses
- depositor → a person or business that has cash on deposit in a bank - 1 miss
- drawer → the person who signs a cheque - 1 miss
- canceled cheques → when a bank sends a statement to a depositor, it may return the cheques paid by the bank and deducted from the depositor's account - 1 miss
- bank service charge → a fee the bank charges for maintaining bank records and processing bank statement items for the depositor - 1 miss