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Chpt 11


Automated teller machine (ATM) a machine that automatically provides cash and performs other banking services on insertion of a special card by the account holder.
Bank service charge This is an administrative expense which reports the fees incurred by a company for the expenses associated with its checking account transactions. BSC
Bank statement a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account. BS
Bankcard a plastic card issued by a bank which enables a customer to withdraw money at an automated teller machine. BNKCRD
Blank endorsement is a signature by the creator of an instrument, such as a check, which enables any holder of the instrument to assert a claim for payment. BE
Canceled check is a check that has cleared the depositor's account and has been marked as "canceled" by the bank.
Check A check is a written, dated and signed instrument that contains an unconditional order from the drawer that directs a bank to pay a definite sum of money to a payee. check
Check 21 The check clearing for the 21st Century Act; it allows the conversion of a paper check to an electronic image that can be quickly processed between bank.
Checking account an account at a bank against which checks can be drawn by the account depositor. CA
Deposit slip is a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction. DS
Depositor a place where things are stored. DE
Drawee the person or organization, typically a bank, who must pay a draft or bill. DRWe
Drawer a boxlike storage compartment without a lid, made to slide horizontally in and out of a desk, chest, or other piece of furniture. DWR
Electronic funds Transfer system (EFTS) the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff.
Endorsement an act of giving one's public approval or support to someone or something. EBDORsement
External controls Various measures that affect a company's operations, which are not enacted by the company but rather by the government or other organizations. Econtrols
Imagined check A copy of a cancel check;it is sent with the bank statement in place of the original canceled check. IMceck
Internal controls broadly defined as a process, effected by an entity's board of trustees, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories. IC
NSF check An NSF check is a check that was not honored by the bank of the entity issuing the check, on the grounds that the entity's bank account does not contain sufficient funds.
Outstanding checks Checks which have been written, but have not yet cleared the bank on which they were drawn. In the bank reconciliation, outstanding checks are deducted from the balance per bank. OC
Outstanding deposits The amount of cash received by a company that is recorded on the company's general ledger even though the deposit may not yet appear as a credit in the company's bank account. Outstanding deposits are considered receivables on a company's balance sheet.
Payee Party to whom a bill of exchange (such as a check or draft) is made payable. Payee's name follows the words 'Pay to the order of.
Postdated check A check bearing a date in the future. The company receiving such a check should not report the check as cash until the date of the check.
Reconciling the bank statement Analysis and adjustment of differences between the cash balance shown on a bank statement, and the amount shown in the account holder's records. RTBS
Restrictive endorsment Endorsement which limits further negotiability of a negotiable instrument. For example, the words 'accounts payee only on the face or for deposit only' on the back of a check block its cashing over the counter and endorsement to another party. RE
Signature card A card that must be signed by an individual who is opening an account at a bank or other similar institution. SC
Special endorsement stop payment order A stop payment is a request made to a financial institution to cancel a check or payment that has not been processed yet. SESPO
Voiding a check A check rendered null and void for any purpose; one common reason that someone might void a check is so they can submit it to their employer to establish direct deposit. VAC
Stop payment order A demand by the drawer, usually in writing, that the bank not honor a specific check: to stop a check
Created by: 237518
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