ACC-Chapter 8
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| Bank Reconciliation | The process of comparing the bank’s balance of an account with the company’s balance and explaining and differences to make them agree
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| Bank Service Charge | A fee charged by a bank for the use of its services
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| Bank Statement | A monthly statement from the bank that shows the depositor’s bank transactions and balances
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| Bonding | Obtaining insurance protection against misappropriation of assets by employees
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| Cash | Resources that consist of coins, currency, checks, money orders, and money on hand or on deposit in a bank or in a similar depository
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| Cash Equivalents | Short-term, highly liquid investments that can be converted to a specific amount of cash
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| Check | A written signed by a bank depositor, directing the bank to pay a specific sum of money to a designated recipient
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| Compensating Balances | Minimum cash balances required by a bank in support of bank loans
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| Deposits in Transit | Deposits recorded by the depositor but not yet been recorded by the bank
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| Electronic Fund Transfer (EFT) | A disbursement system that uses wire, telephone, or computers to transfer funds from one location to another
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| Internal Auditors | Company employees who continuously evaluate the effectiveness of the company’s internal control system
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| Internal Control | All of the related methods and measures adopted within an organization to safeguards its assets and enhance the accuracy and reliability of its accounting records
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| NSF Check | A check that is not paid by a bank because of insufficient funds in customer’s bank account
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| Outstanding Checks | Checks issued and recorded by a company but not yet paid by the bank
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| Petty Cash Fund | A cash fund used to pay relatively small amounts
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| Restricted Cash | Cash that must be used for a specific purpose
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| Voucher | An authorization form prepared for each payment in a voucher system
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| Voucher System | A network of approvals by authorized individuals acting independently to ensure that all disbursements by check are proper
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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