Parson - Chp 11 Banking Concepts
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| External Controls | the measures and procedures provided outside the business to protect cash and other assets.
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| Check | a written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the check.
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| Checking Account | Allows a person or business to deposit cash in a bank and to write checks against the account balance.
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| Depositor | a person or business that has cash on deposit in a bank.
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| Signature Card | a card containing the signature(s) of the person(s) authorized to write checks on a checking account.
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| Internal controls | Steps a business takes to protect cash (for example, limiting the number of persons handling cash).
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| Deposit slip | a bank form listing the cash and checks to be deposited.
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| drawee | the bank on which a check is written.
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| drawer | the person who signs a check.
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| Endorsement | An authorized signature written or stamped on the back of a check representing receipt and deposit or payment of check.
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| Payee | The person or business to whom a check is written or a note is payable.
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| Restrictive endorsement | a check endorsement that restricts or limits how a check may be handled (for example, "For Deposit Only").
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| Personal Banking Controls | controls put in place by a bank to safeguard a customer's money.
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| bank statement | An itemized record of all the transactions in a depositor's account over a given period, usually a month.
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| canceled checks | Checks paid by the bank and deducted from the depositor's account.
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| Reconciling the bank statement | the process of determining any differences between a bank statement balance and a checkbook balance.
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| Voiding a check | Canceling a check by writing the word "Void" across the front in ink.
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| Bank service charge | a fee the bank charges for maintaining bank records and processing bank statement items for the depositor.
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| Electronic Funds Transfer System | Allows banks to transfer funds among accounts quickly and accurately without the exchange of checks.
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| NSF check | A check returned to the depositor by the bank because there are not sufficient funds in the drawer's checking account to cover the check.
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| Outstanding checks | Checks that have been written but have not yet been presented to the bank for payment.
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| outstanding deposits | Deposits that have been made and recorded in the checkbook but do not appear on the bank statement.
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| Stop payment order | a demand by the drawer that the bank not honor a certain check.
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