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Chapter 11
Control & Banking Activities
20
Accounting
Not Applicable
04/13/2010

Additional Accounting Flashcards

 


 

Cards

Term

Enables banks to make transfers quickly and accurately from one account to another.

Definition

electronic funds transfer

Term
Itemized record of all the transactions occurring in a depositor's account over a given period.
Definition
Term
The outside controls businesses use to protect cash.
Definition
External Controls
Term
The practice of marking a check that contains an error.
Definition
Voiding a check
Term
Fee charged by the bank for maintaining bank records and for processing bank statements items for the depositor.
Definition
bank service charge
Term
The bank on which a check is written.
Definition
Drawee
Term
A check returned by the bank because there are not sufficient funds in the drawer's checking account to cover the amount of the check.
Definition
NSF Check
Term
Person who signs a check.
Definition
Drawer
Term
Checks that are paid by the bank, deducted from the depositor's account, and returned with the bank statement.
Definition
canceled checks
Term
An authorized signature that is written or stamped on the back of a check.
Definition
endorsement
Term
Steps that a business takes to protect its cash and other assets.
Definition
internal controls
Term
Contains the signature of the person(s) authoried to write checks on a bank account.
Definition
signature card
Term
Demand by the depositor that the bank not honor a certain specific check.
Definition
Stop Payment Order
Term
This type of account allows a business to deposit cash in a bank and write checks against the account balance.
Definition
checking account
Term
Process of determining any differences between the balance shown on the bank statement and the checkbook balance.
Definition
reconciling the bank statement
Term
Written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the order.
Definition
check
Term

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

 

Definition
outstanding deposits
Term
A person or business that has cash on deposit at a bank.
Definition
depositor
Term
Endorsement that limits how a check may be handled to protect the check from being cashed by anyone except the payee.
Definition
Restrictive
Term
Person or business to whom a check is written.
Definition
Payee
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