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Chapter 6 vocab
| Question | Answer |
|---|---|
| A bank account from which payments can be ordered by a depositor | Checking account |
| The bank customer must provide a signature on a signature card for the bank records | Deposit slip listings for check |
| Where a deposit is recorded and a checkbook subtotal is calculated | Check stub |
| A signature or stamp on the back of a check transferring ownership | Endorsement |
| An endorsement consisting only of the endorser's signature | Blank endorsement |
| An endorsement indicating a new owner of a check | Special endorsement |
| An endorsement restricting further transfer of a check's ownership | Restrictive endorsement |
| Protects depositors from banks that fail | FDIC |
| A source document is prepared for each transaction | Objective Evidence |
| A check with a future date | Postdated check |
| A business's financial information is recorded and reported separately from the owner's personal financial information | Business entity |
| Verifies the amount written in numbers | Amount written in words |
| The word written across a check and its stub that contain errors and should not be used | VOID |
| A report of deposits, withdrawals, and bank balances sent to a depositor by a bank | Bank statement |
| Checks issued by a depositor but not yet reported on a bank statement | Outstanding checks |
| Deposits made at a bank but not yet shown on a bank statement | Outstanding deposits |
| Verifying that information on a bank statement and a checkbook are in agreement | Reconciliation |
| The amount a bank takes out of an account each month that must be recorded as a cash payment | Service charge |
| A check that a bank refuses to pay | Dishonored check |
| A computerized cash payments system that uses electronic impulses to transfer funds | EFT- electronic funds transfer |
| A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder | Debit card |
| An amount of cash kept on hand and used for making small payments | Petty Cash |
| A form showing proof of a petty cash payment | Petty Cash slip |
| The amount in the account Petty Cash. The balance is always the same at the beginning of each month | Petty Cash balance |
Created by:
echavez0195
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