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V's accountingterms9
Chapter 9
| Question | Answer |
|---|---|
| Bank Reconciliation Statement | A Statement that accounts for all differences between the balance on the bank statement and the book balance of cash |
| Bank Endorsement | A signature of the payee written on the back of the check that transfers ownership of the check without specifying to whom or for what purpose |
| Bonding | The process by which employees are investigated by an insurance company that will insure the business against losses through employee theft or mishandling of funds |
| Canceled Check | A check paid by the bank on which it was drawn |
| Cash | In accounting, currency, coins, checks, money orders, and funds on deposit in a bank |
| Cash Payments Journal | A special journal used to record transactions involving the payment of cash |
| Cash Receipts Journal | A special journal used to record and post transactions involving the receipts of cash |
| Cash Register Proof | A verification that the amount of currency and coins in a cash register agrees with the amount shown on the cash register audit tape |
| Cash Short or Over Account | An account used to record any discrepancies between the amount of currency and coins in the cash register and the amount shown on the audit tape |
| Check | A written order signed by an authorized person instructing a bank to pay a specific sum of money to a designated person or business |
| Credit Memorandum | A form that explains any addition, other than a deposit, to a checking account |
| Debit Memorandum | A form that explains any deduction, other than a check, from a checking account |
| Deposit in Transit | A deposit that is recorded in the cash receipts journal but reaches the bank too late to be shown on the monthly bank statement |
| Deposit Slip | A form prepared to record the deposit of cash or checks to a bank account |
| Dishonored Check | A check returned to the depositor unpaid because of insufficient funds in the drawers account; also called an NSF check |
| Drawee | The bank on which a check is written |
| Drawer | The person or firm issuing a check |
| Electronic Funds Transfer (EFT) | An electronic transfer of money from one account to another |
| Endorsement | A written authorization that transfers ownership of a check |
| Full endorsement | A signature transferring a check to a specific person, firm, or bank |
| Negotiable | A financial instrument whose ownership can be transferred to another person or business |
| Outstanding Checks | Checks that have been recorded in the cash payments journal but have not yet been paid by the bank |
| Payee | The person or firm to whom a check is payable |
| Petty Cash Analysis Sheet | A form used to record transactions involving petty cash |
| Petty Cash Fund | A special-purpose fund used to handle payments involving small amounts of money |
| Petty Cash Voucher | A form used to record transactions involving petty cash fund |
| Postdated Check | A check dated some time in the future |
| Promissory Note | A written promise to pay a specified amount of money on a specific date |
| Restrictive Endorsement | A signature that transfers a check to a specific party for a stated purpose |
| Service Charge | A fee charged by a bank to cover the costs of maintaining accounts and providing services |
| Statement of Account | A form sent to a firm's customers showing transactions during the month and the balance owed |
Created by:
Virajasaur
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