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Chapter 11

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 provided outside the business to protect cash and other assets
checking account an account that allows a person or business to deposit cash in a 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
endorsment an authorized signature written or stamped on the bank of a check that transfers ownership of the check
blank endorsment a check endorsement that includes only the signature or stamp of the depositor. It does not specify the new owner of the check.
special endorsment a check endorsement that transfers ownership of the check to a specific individual or business
restrictive endorsment a check endorsement that transfers ownership to a specific owner and limits how the check may be handled (for example, For Deposits Only)
payee the person or business to which a check is written or note is payable
drawer the person who signs a check
drawee the bank on which the check is written
voiding a check making a check unusable by writing the word void in ink across the front of the check
bank statement an itemized record of all the transactions in a depositor's account over a given period, usually a month
canceled checks a check paid by the bank, deducted from the depositor's account, and returned with the bank statement to the account holder
imaged checks a copy of a canceled check; it is sent with the bank statement in place of the original canceled check
reconciling the bank statement the process of determining any difference between a bank statement balance and a checkbook balance
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
bank service charge a fee the bank charges for maintaining bank records and processing bank statement items for the depositor
stop payment order a demand by the drawer, usually in writing, that the bank not honor a specific 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; also called dishonored check
Check 21 the check clearing the 21st century act, it allows the conversion of a paper check to an electronic image that can be quickly processed between banks
postdated check a check that has a future date instead of the actual date; it should not be deposited until the date on the check
electronic funds transfer system (EFTS) a system that allows banks to transfer funds among accounts quickly and accurately without the exchange of checks
bankcard a bank issued card honored by many business 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
automated teller machine (ATM) computer terminal where account holders can conduct various banking activities
Created by: 308918