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10 terms

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

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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