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Accounting ch 7

College Accounting Ch 7

QuestionAnswer
ABA (American Bankers Association) Number The small fraction printed in the upper right-handed corner of each check.
Automated Teller Machine A machine used by depositors to make withdrawals or deposits at any time.
Bank Reconciliation A report used to bring the book and the bank balances into agreement.
Bank Statement A statement of account issued by a bank to each depositor once a month.
Bank Endorsement An endorsement where the depositor simply signs the back of the check, making the check payable to any bearer.
Canceled Check A depositor's check paid by the bank during the bank statement.
Cash To a business, cash includes. Currency, coins, checks received form customers, money orders, and bank cashier's checks.
Change Fund A supply of currency and coins kept in a cash register or cash drawer for the use in handling cash sales.
Check A document ordering a bank to pay cash from a depositor’s account.
Check Stub In some checkbooks, a document attached to a check that contains space for relevant information about the check.
Credit Memo An item that bank adds to the account.
Debit Memo An item the bank deducts from the account.
Deposit Ticket A form showing a detailed listing of items being deposited.
Deposits in Transit Deposits that have not reached or been recorded by the bank before the bank statement is prepared.
Drawee The bank on which the check is drawn.
Drawer The depositor who orders the bank to pay the cash.
Electronic Funds Transfer (EFT) A process using a computer rather than paper checks to complete transactions with the bank.
Endorsement Stamping or writing the depositor's name and sometimes other information on the back of the check.
Internal Control A set of procedures designed to ensure proper accounting for transactions.
Magnetic Ink Character Recognition (MICR) Code The character code used to print identifying information on the lower left front side of each check.
Not Sufficient Funds (NSF) Check A check deposited by the depositor that is not paid because the drawer did not have sufficient funds.
Outstanding Check A check issued that has not been presented to the bank for payment before the statement is prepared.
Payee The person being paid the cash.
Petty Cash Fund A fund established to pay for small items with cash.
Petty Cash Payments Record A special multi-column record that supplements the regular accounting records.
Restrictive Endorsement An endorsement where the depositor adds words such as "For deposit" to restrict the payment of the check.
Service Charge A bank charge for services such as check printing and processing.
Signature Card A card that is completed and signed by each person authorized to sign checks.
Created by: dengler
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