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Key Terms

Internal Controls procedures within the business that are designed to protect cash and other assets and to keep reliable records.
External Controls the measures and procedures provided outside the business to protect cash and other assets.
Checking Account allows a person or business to deposit cash in a bank and to write checks against the account balance.
Check a written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the check.
Depositor a person or business that has cash on deposit in a bank.
signature card a card that contains the signatures of the persons authorized to write checks on the account.
deposit slip a bank form listing the cash and checks to be deposited.
endorsment an authorized signature written or stamped on the back of a check that transfers ownership of the check.
blank endorsement includes only the signature or stamp of the depositor.
special endorsement transfers ownership to a specific individual or business
restrictive endorsement transfers ownership to a specific owner and then limits or restricts how a check may be handled even after ownership is transferred.
payee the person or business to which a check is written.
drawer the person who signs a check
drawee the bank on which the check is written
voiding a check if an error is made while writing a check, the check is marked "Void" in large letters across the front.
bank statement an itemized record of all transactions in a depositor's account over a given period, usually a month.
canceled checks
imaged checks substitute checks
reconciling the bank statement
outstanding checks
outstanding deposits
bank service charge
stop payment order
NSF check
check 21
postdated check
electronic funds transfer system
automated teller machine (ATM)
Created by: lines.skyler
Popular Accounting sets




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