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chapter 11

(accounting)

TermDefinition
internal controls procedures within the business that are designed to protect cash and other assets and to keep reliable records.
external controls measures and procedures provide outside the business to protect all cash and assets.
checking account an account that allows a person or a business to deposit cash in bank and then write checks and make atm withdrawals and purchases 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 bank form containing the signature(s) of the person(s) authorized to write checks on a checking account.
deposit slip a bank form used to list the cash and checks to be deposited.
endorsement an authorized signature written or stamped on the back of each check that transfers ownership on the back.
blank endorsement a check endorsement that includes only the signature or stamp of the depositor. it does not specify the new owner of the check.
special endorsement a check endorsement that transfers ownership of the check to a specific individual or business.
restrictive endorsement a check endorsement that transfers ownership to a specific owner and limits how the check may be handled.
payee the person or the business to which a check is written or a note is payable.
drawer the person who signs the check.
drawee the bank on which a check is written.
voiding a check making a check unusable by writing the word Void in ink across the front of the check.
bank service charge a fee the bank charges for maintaining bank records and processing back statement items for the depositor.
atm computer terminal where account holders can conduct various banking activities.
bank statement an itemized record of all the transactions in a depositor's account over a given period, usually a month.
bank card a bank issued card honored by many businesses that can be used to withdraw cash and to make payments for goods and services at many businesses instead of writing checks; also called a debit card, atm card, or check card.
cancelled check a check paid by the bank deducted from the depositor's account, and returned with the bank statement to the account holder.
electronic funds transfer system a system used by a large business to deposit federal tax payments by electric funds transfer.
imaged check a copy of a canceled check; it is sent with the bank statement in place of the original canceled 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
outstanding checks a check that has been written but has not yet 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.
postdated check a check that has future date instead of instead of the actual date. it should not be deposited until the date on the check.
reconciling the bank statement the process of determining any differences between a bank statement balance and a checkbook balance.
stop payment order a demand by the drawer, usually in writing, that the bank not honor a specific 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 quickly processed between banks.
Created by: grosario18