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LaClair Chapter 5 Vocab
Ch. 5 vocab
31
Accounting
11th Grade
11/05/2013

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Term
Checking Account
Definition
An account where cash can be withdrawn or deposited.
Term
Check Book
Definition
a book of blank checks with a register to record transactions from your checking account.
Term
Check
Definition
a type of payment that promises money to a person.
Term
Payee of a check
Definition
person who is receiving the check.
Term
Maker of Check
Definition
person who rights the check.
Term
Checking Account Register
Definition
sheet where you put your deposits and record balances.
Term
Signature Card
Definition
signature is on account at the bank for verification.
Term
Overdraft
Definition
spending more on an account then you have in that account.
Term
opt in
Definition
allows you to spend more than you have, with no fees.
Term
opt out
Definition
you can not spend more than you have in an account and if you do then there are overdraft fees.
Term
check 21
Definition
using a check as a debit card.
Term
bouncing a check
Definition
check that is attempted to be cashed and the account that the cash is being withdrawn from is empty causing the check to bounce because there no money for it to represent.
Term
floating a check
Definition
write a check before you deposit money into our checking account.
Term
cleared check
Definition
check that has been sucessfully cashed.
Term
postdated check
Definition
check that is written with a future date on it.
Term
voided check
Definition
a check that has errors in the process of writing it.
Term
cancelled check
Definition
a sucessfully written and cashed check.
Term
reconcile
Definition
to check that your checking account register and the bank statements match, so you know how uch money you have.
Term
service charge
Definition
any fee that a bank charges you.
Term
electronic funds transfer
Definition
transfering money electronically.
Term
petty cash
Definition
account of cash that is used for small expenses.
Term
petty cash slip
Definition
shows proff of petty cash services.
Term
currency
Definition
money.
Term
ABA #s
Definition
Identifies the bank in which the account is located.
Term
Routing numbers
Definition
identifies which state the account is located in.
Term
Account numbers
Definition
second of the two longest numbers on a check.
Term
coin
Definition
a flat metal peice that is used as currency.
Term
bank statement
Definition
a record form the bank that shows all transactions and has balances of your accounts.
Term
blank endorsement
Definition
siging a check so someone else can cash it.
Term
outstanding deposits
Definition
deposits that have not been credited to the right account yet, normally is a account rec.
Term
Endorsement
Definition
signing your name to a document
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