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OM CH 6
Vocabulary Terms and Definitions for Office Mgmt CH 6
| Term | Definition |
|---|---|
| accounts payable | Short-term debts a company owes |
| accounts receivable | Short-term debts owed to a company by others, such as its customers |
| audit | Verify or check facts or procedures |
| bank reconciliation | A report used to compare bank and company account records |
| bonding | Insurance for financial loss due to employee theft or fraud |
| budget | A plan for allocating resources |
| check | A written order to a bank to make payment against the depositor’s funds in that bank |
| commission | Payment based on the price of items sold |
| compensated | Paid |
| credit | Permission to pay later for goods or services |
| debit card | A kind of bank card that allows the cost of purchases to be automatically deducted from the cardholder’s bank account |
| deductions | Items that reduce gross pay |
| direct deposit | Placing money in a bank account by electronic means rather than issuing a check |
| electronic funds transfer (EFT) | The exchange of money by sending bank records via a computer network |
| endorsement | A signature of a payee on the back of a check authorizing the bank to cash or deposit the check |
| fiscal year | A 12-month period used for financial accounting purposes |
| forge | Imitate or counterfeit for illegal purposes |
| fraud | Intentional deception to cause a person or business to give up property (assets) or some lawful right |
| gross salary | Money earned before any deductions are made |
| internal control | A method used by a business to safeguard assets |
| net pay | Final earnings amount after all deductions |
| overtime | Hours worked beyond the standard number in a workweek |
| payee | A person to whom a check is written |
| payroll | A list of employees and amount of salary or wages due to each |
| petty cash | Money kept on hand for paying small expenses |
| tickler file | Notes or records arranged by date for keeping track of future actions |
| voucher | A document that provides information and approval to make a payment |
Created by:
MsCHall
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