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Accounting ch 7
College Accounting Ch 7
| Question | Answer |
|---|---|
| ABA (American Bankers Association) Number | The small fraction printed in the upper right-handed corner of each check. |
| Automated Teller Machine | A machine used by depositors to make withdrawals or deposits at any time. |
| Bank Reconciliation | A report used to bring the book and the bank balances into agreement. |
| Bank Statement | A statement of account issued by a bank to each depositor once a month. |
| Bank Endorsement | An endorsement where the depositor simply signs the back of the check, making the check payable to any bearer. |
| Canceled Check | A depositor's check paid by the bank during the bank statement. |
| Cash | To a business, cash includes. Currency, coins, checks received form customers, money orders, and bank cashier's checks. |
| Change Fund | A supply of currency and coins kept in a cash register or cash drawer for the use in handling cash sales. |
| Check | A document ordering a bank to pay cash from a depositor’s account. |
| Check Stub | In some checkbooks, a document attached to a check that contains space for relevant information about the check. |
| Credit Memo | An item that bank adds to the account. |
| Debit Memo | An item 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 the 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 depositor's name and sometimes other information on the back of the check. |
| 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 Check | 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. |
| Restrictive Endorsement | An endorsement where the depositor adds words such as "For deposit" 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 completed and signed by each person authorized to sign checks. |
Created by:
dengler
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