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13 terms

Chapter 8

STUDY
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This was passed by Congress due to the public outcry after the financial scandals of the early 2000s
Sarbanes-Oxley Act
This is a form on which is recorded pertinent data about a liability and the particulars of its payment
voucher
This is a written authorization to make a cash payment
voucher
A payment system that uses computerized electronic impulses to effect a cash transaction is called
electronic funds transfer
In preparing a bank reconciliation, the amount of deposits in transit is this from the balance per bank statement
added
In preparing a bank reconciliation, the amount of outstanding checks is this to the balance per bank statement
subtracted
The main reason that the bank statement cash balance and the company's cash balance do not initially balance is due to this type of differences
timing
When the petty cash fund is replenished, this account is credited for the total of all expenditures made since the fund was last replenished
cash
A petty cash fund is used to pay this type of amounts
small
A summary of all transactions mailed to the depositor or made available online by the bank each month
bank statement
The overall attitude of management and employees about the importance of controls
control environment
The intentional act of deceiving an employer for personal gain
employee fraud
A special cash fund to pay relatively small amounts
petty cash fund