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Acct. Chapter 11
| Term | Definition |
|---|---|
| Internal Controls | procedures within the business that are designed to protect cash and other assets to keep reliable resources |
| External Controls | the measures and procedures provided outside the business to protect cash and other assets |
| Checking Account | allows a person or business 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 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 | contains the signatures of the person authorized to write checks on the account |
| Deposit Slip | gives both the depositor and the bank a detailed record of the deposit |
| Endorsement | an 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 of the check to a specific individual or business |
| Restrictive Endorsement | transfers ownership to a specific owner and then limits, or restricts, how a check may be handled even after ownership is transferred |
| Payee | the person or business to which a check is written |
| Drawer | the person who signs a check |
| Drawee | the bank on which the check is written |
| Voiding a check | if an error is made while writing a check, the check is marked "void" in large letters across the front |
| Bank Statement | an itemized record of all transactions in a depositors account over a given period, usually a month |
| Canceled Checks | a document stating a check was paid and deducted from the depositor's account. |
| Imaged Checks | copies of original checks |
| Reconciling the bank Statements | the process of determining any differences between the bank statement and the checkbook |
| Outstanding checks | checks that have been written but have not yet been presented to the bank for payment |
| Outstanding Deposits | deposits that have been made and recorded in the checkbook but do not appear on the bank statement |
| Bank Service Charge | a fee for maintaining records |
| Stop Payment order | a demand by the drawer that the bank not honor a specific check |
| NSF check | a check that is returned to the depositor by the bank because the drawer's checking account does not have enough funds to cover the amount |
| Check 21 | allows he conversion of a paper check to an electronic image that can be processed quickly |
| Postdated Check | a check that can't be deposited until the date on the check |
| Electronic Funds transfer System | allows banks to transfer funds among accounts quickly and accurately without the exchange of checks |
| Bankcard | a bank-issued card that can be used at an ATM |
| Automated teller machine | (ATM) a computer terminal outside a bank |
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