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Exam 4
ACC 117
| Term | Definition |
|---|---|
| ABA (American Bankers Association) Number | the small fraction printed in the upper right hand corner of each check |
| automated teller machine (ATM) | a machine used by depositors to make withdrawals or deposits at any time |
| bank reconciliation | a report used to bring the book and bank balances into agreement |
| bank statement | a statement of account issued by a bank to each depositor once a month |
| blank endorsement | an endorsement where the payee simply signs the back of the check payable to any bearer |
| concealed check | a depositors check paid by the bank during the bank statement period |
| cash | to a business, includes bills, coins, checks received from customers, money, orders, and bank cashiers checks |
| change fund | a supply of bills and coins kept in a cash register or cash drawer for use in handling cash sales |
| check | a special journal used to record all checks written in a voucher system |
| check stub | in some checkbooks, a document attached to a check that contains space for relevant information about the check |
| collections | collections of promissory notes or charge accounts made by the bank on the behalf of the depositor |
| credit memo | an item that the bank adds to the account |
| Customer Identification Program (CIP) | a program every bank is required to maintain that provides clear identification of every account holder |
| debit memo | an item that the bank deducts from the account |
| deposit ticket | a form showing a detailed listing of items being deposited |
| deposits in transit | deposits that have not reached or been recorded by the bank before the bank statement is prepared |
| drawee | the bank on which the check is drawn |
| drawer | the depositor who orders the bank to pay cash |
| electronic funds transfer (EFT) | a process using a computer rather than paper checks to complete transactions with the bank |
| endorsement | stamping or writing the payees name and sometimes other information on the back of the check |
| errors | errors made by the bank or the depositor in recording cash transactions |
| internal control | a set of procedures designed to ensure proper accounting for transactions |
| magnetic ink character recognition (MICR) code | the character code used to print identifying information on the lower left front side of each check |
| not sufficient funds (NSF) check | a check deposited by the depositor that is not paid because the drawer did not have sufficient funds |
| outstanding checks | a check issued that has not been presented to the bank for payment before the statement is prepared |
| payee | the person being paid the cash |
| petty cash fund | a fund established to pay for small items with cash |
| petty cash payments record | a special multi-column record that supplements the regular accounting records |
| petty cash voucher | a receipt that is prepared for every payment from the petty cash fund |
| restrictive endorsement | an endorsement where the payee adds words such as "Pay to the order of (specific) bank" or " For deposit only" to restrict the payment of the check |
| service charge | a bank charge for services such as check printing and processing |
| signature card | a card that is complicated and signed by each person authorized to sign checks |
Created by:
anichols23
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