Procedures within a business that are designed to protect cash and other assets and to keep reliable records.

measures and prosedures provided outside the business to protect cash and other assets

allows person or business to deposit cash in a bank and to write checks against the account balance.

written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the check

a person or business that has cash on deposit in a bank.

Business owner fills this out to open a checking account

bank form listing the cash and checks to be deposited.

an authorized signature written or stamped on the back of a check that transfers ownership of check

Includes only the signature or stamp of depositer

transfers ownership of check to a specific individual or business

Restrictive Endorsement

Transfers ownership to a specific owner then limits, or restricts, how a check may be handled even after ownership is transfered.

person or business to which a check is written

The bank on which the check is written

If error was made while writting the check, the check is marked "Void" in large letters across the front.

an itemized record of all transactions in a depositor's account over a given period

Checks paid and deducted from the depositors account.

reconciling the bank statement

Process of determinating any differences between the bank statement and the checkbook.

Checks that have been written but have not yet been presented to bank for payment.

deposits that have been made and recorded in the checkbook but do not appear in the bank statement

a fee for maintaining bank records and processing bank statement items for the depositors

check returned to the depositor by the bank because the drawer's checking account does not have enough funds to cover the amount.

The check clearing for the 21st century act

check that has a future date instead of the actual date

Electronic Funds transfer system (EFTS)

allows banks to transfer funds among accounts quickly and accurately without the exchange of checks.

bank issued card that can be used at an ATM

Automated teller machine (ATM)

computer terminal outside a bank or different location.

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Acct 11

Term	Definition
Internal Controls	Procedures within a business that are designed to protect cash and other assets and to keep reliable records.
External controls	measures and prosedures provided outside the business to protect cash and other assets
Checking account	allows 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	Business owner fills this out to open a checking account
Deposit Slip	bank form listing the cash and checks to be deposited.
Endorsement	an authorized signature written or stamped on the back of a check that transfers ownership of check
Blank indorsement	Includes only the signature or stamp of depositer
Special Endorsment	transfers ownership of check to a specific individual or business
Restrictive Endorsement	Transfers ownership to a specific owner then limits, or restricts, how a check may be handled even after ownership is transfered.
Payee	person or business to which a check is written
Drawer	person who signs a check
Drawee	The bank on which the check is written
Voiding a check	If error was made while writting the check, the check is marked "Void" in large letters across the front.
Bank Statement	an itemized record of all transactions in a depositor's account over a given period
canceled checks	Checks paid and deducted from the depositors account.
imaged check	copies of origional.
reconciling the bank statement	Process of determinating any differences between the bank statement and the checkbook.
Outstanding checks	Checks that have been written but have not yet been presented to bank for payment.
Outstanding Deposits	deposits that have been made and recorded in the checkbook but do not appear in the bank statement
Bank service charge	a fee for maintaining bank records and processing bank statement items for the depositors
Stop payment order	demand by drawer
NSF Check	check returned to the depositor by the bank because the drawer's checking account does not have enough funds to cover the amount.
Check 21	The check clearing for the 21st century act
Postdated check	check that has a future date instead of the actual date
Electronic Funds transfer system (EFTS)	allows banks to transfer funds among accounts quickly and accurately without the exchange of checks.
Bankcard	bank issued card that can be used at an ATM
Automated teller machine (ATM)	computer terminal outside a bank or different location.

Created by: 390621

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