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Chapter 11

Key Terms

internal controls procedures within the business that are designed to protect cash and other assets ad to keep reliable records
external controls measure and procedures provided outside the business to protect cash and other assets
checking account bank account that allows person/business to deposit cash in a bank and to write checks against the account balance
check written order from a depositor telling the bank to pay a stated amount to the person or business named on the check
signature card contains the signature(s) of the person(s) authorized to write checks for the account
deposit slip a bank form listing the cash and checks to be deposited
endorsement an authorized signature written or stamped on the back of a check that transfers ownership of the check
blank endorsement only the signature or stamp of the depositor; unspecific to new owner of check
special endorsement transfers ownership of the check to a specific individual or business
restrictive endorsement transfers ownership to a specific owner and then limits how a check may be handled even after the transfer of ownership
payee person/business to whom a check is written
drawer person who signs the check
drawee the bank on the check
voiding a check to write VOID across the front
banks statement an itemized record of all transactions in a depositor's account over a given period
cancelled check a check paid by the bank, deducted from the depositor's account, and returned with the bank statement to the account holder
imaged check a copy of a canceled check; it is sent with the bank statement in place of the original cancelled check
reconciling the bank statement the process of determining any differences between a bank statement balance and a checkbook balance
outstanding checks a check that has been written but has not been presented to the bank for payment
outstanding deposits a deposit that has been made and recorded in the checkbook but does not yet appear on the bank statement
bank service charge a fee the bank charges for maintaining bank records and processing bank statement items for the depositor
stop payment order a demand by the drawer, usually in writing, that the bank not honor a specific check
NSF check a check returned to the depositor by the bank because the drawer's checking account does not have sufficient funds to cover the amount; also called dishonored check
Check 21 the Check Clearing for the 21st Century Act; allows for the conversion of a paper check to an electronic image that can be quickly processed between banks
postdated check A check that has future date instead of the actual date; it should not be deposited until the date on the check
electronic funds transfer system (EFTS) a system that allows banks to transfer funds among accounts quickly and accurately without the exchange of checks
bankcard a bank-issued card honored by many businesses that can be used to withdraw cash and to make payment for goods and services at many businesses instead of writing checks; also called a debit card, ATM card, or check card
automated teller machine (ATM) computer terminal where account holders can conduct various banking activities
Created by: talenswan1