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Accounting
Chapter 11
| Term | Definition |
|---|---|
| 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 |
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