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ACC-Chapter 8
| Question | Answer |
|---|---|
| Bank Reconciliation | The process of comparing the bank’s balance of an account with the company’s balance and explaining and 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 in a similar depository |
| Cash Equivalents | Short-term, highly liquid investments that can be converted to a specific amount of cash |
| Check | A written signed by a bank depositor, directing the bank to pay a specific 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 recorded by the depositor but not yet been recorded by the bank |
| Electronic Fund 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 safeguards 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 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 a specific purpose |
| 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 |
Created by:
JJACCOUNTING
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