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OM CH 6

Vocabulary Terms and Definitions for Office Mgmt CH 6

TermDefinition
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