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Accounting

Chapter 11

TermDefinition
internal Controls Procedures within a business designed to protect cash and other assets
External Controls Procedures outside a business designed to protect cash and other assets
Checking Account Allows a person 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 the stated amount of cash to the person or business named on the check
Depositor Person or Business that has cash on deposit in a bank
Signature Card Contains signatures of the persons authorized to write checks on account
Deposit Slip Bank form listing the cash and checks to be deposited
Endorsement 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 business or person
Restrictive Endorsement Transfers ownership then limits how a check can be handled, even after ownership is transferred
Payee Person or Business the check is written to
Drawer Person who signs the check
Drawee Bank on which the check is written
Voiding a Check if an error is made while writing a check, write VOID in large across the front of the check in ink
Bank Statement Itemized record of all transactions in a depositors account over a period of time
Canceled Checks Paid by the bank, Subtracted from depositors account and sent back to the Drawee
Imaged Checks Copies of the original checks
Reconciling the Bank Statement Determining any differences in the bank statement and checkbook balance
Outstanding Checks Checks that have been written but not cashed
Outstanding Deposits Deposits that have been made and recorded in the checkbook but do not appear on the bank statement
Bank Service Charge Fee for maintaing Bank Records
Stop Payment Order Demand by the drawer that a bank not honor a certain check
NSF Not Sufficient funds cheack.
Check 21 Allows conversion of a check from paper to an electronic image for faster processing
Postdated Check Check that should not be deposited until the date on the check
Electron Funds Transfer System (EFTS) used to handle a large amount of transfers
Bank Card Bank Issued Card that can be used at an ATM
Automated Teller Machine (ATM) computer terminal used to conduct banking activities
Created by: 358717