Acc 1213 Johnson
| Description: | Chapter 7 Quiz |
| Category: | Accounting |
| Created by: | Acc1213johnson on 2008-04-08 |
| Question | Answer |
| Cash | Coins, currency, checks, money orders, and money on deposit |
| Preventive controls | Controlling cash from the time it is received until it is deposited in the bank |
| Detective controls | Procedures designed to detect theft or misuse of cash |
| Remittance advice | Portion of the invoice returned with payment |
| Voucher system | Set of procedures for authorizing and recording liabilities and cash payments |
| Electronic funds transfer | Computers rather than paper are used to effect cash transactions |
| Signature card | Used by the bank to verify signature on checks |
| Drawer | One who signs the check |
| Drawee | Institution on which check is drawn |
| Payee | Party to whom payment is made |
| Petty cash fund | Small amount of cash kept on hand to pay for expenses |
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