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Prin. Acct. Ch. 8

Terms and Definitions

QuestionAnswer
Bank Reconciliation The process of comparing the bank's balance f an account with the company's balance and explaining any differences to make them agree.
Bank Service Charge A fee charged by a bank for the use of its services.
Bank Statement A monthly statement from the bank that shows the depositor's bank transactions and balances.
Bonding Obtaining insurance protection against misappropriation of assets by employees.
Cash Resources that consist of coins, currency, checks, money orders, and money on hand or on deposit in a bank or similar depository.
Cash Equivalents Short-term, highly liquid investments that can be converted to a specific amount of cash.
Check A written order signed by a bank depositor, directing the bank to pay a specified sum of money to a designated recipient.
Compensating Balances Minimum cash balances required by a bank in support of bank loans.
Deposits in Transit Deposits recoded by the depositor but not yet recorded by the bank.
Electronic Funds Transfer (EFT) A disbursement system that uses wire, telephone, or computers to transfer funds from one location to another.
Internal Auditors Company employees who continuously evaluate the effectiveness of the company's internal control system.
Internal Control All of the related methods and measures adopted within an organization to safeguard its assets and enhance the accuracy and reliability of its accounting records.
NSF Check A check that is not paid by a bank because of insufficient funds in a customer's bank account.
Outstanding Checks Checks issued and recorded by a company but not yet paid by the bank.
Petty Cash Fund A cash fund used to pay relatively small amounts.
Restricted Cash Cash that must be used for specific purposes.
Sarbanes-Oxley Act Regulations passed by congress in 2002 to try and reduce unethical corporate behavior.
Voucher An authorization form prepared for each payment in a voucher system.
Voucher System A network of approvals by authorized individuals acting independently to ensure that all disbursements by check are proper.
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