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chp. 11
| Term | Definition |
|---|---|
| Internal controls | refer to the procedures within the business that are designed to protect cash and other assets and keep reliable records |
| External Controls | are the measures and procedures provided outside the business to protect cash etc. |
| Checking account | allows a person or business to deposit cash into a bank and to write checks against the account balance. |
| Check | written order from a depositor telling the bank to pay a stated amount of cash |
| Depostior | A person or business that has cash on deposit in a bank |
| Signature Card | A card with the person(s) signature to authorize to write checks. |
| Deposit slip | A banklisting the cash and checks to be depostied |
| Endorsement | a authorized legal term that refers to the signing of a document that allows for the legal transfer of a negotiable from one party to another |
| Blank endorsement | signature by the creator of an instrument, such as a check, which enables any holder of the instrument to assert a claim for payment. |
| Special endorsement | consists of a signature and a statement identifying the entity to which the check should be paid. |
| restrictive endorsement | transfer ownership to a specific owner then limits or restricts how a check may be handled even after ownership |
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