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Acct. Ch 5 review

QuestionAnswer
Bank statement A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
Special endorsement An endorsement indicating a new owner of a check.
Checking account A bank account from which payments can be ordered by a depositor.
Blank endorsement An endorsement consisting only of the endorser’s signature.
Petty cash An amount of cash kept on hand and used for making small payments.
Debit card A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder.
Code of conduct A statement that guides the ethical behavior of a company and its employees.
Electronic funds transfer A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
Endorsement A signature or stamp on the back of a check transferring ownership.
Postdated check A check with a future date on it.
Dishonored check A check that a bank refuses to pay.
Petty cash slip A form showing proof of a petty cash payment.
Restrictive endorsement An endorsement restricting further transfer of a check’s ownership.
Each time cash or checks are placed in a bank account, the customer prepares a deposit slip
A lost check with a blank endorsement on it can be cashed by anyone who has the check
An endorsement on the back of a check consisting only of a signature is a blank endorsement
An endorsement on the back of a check consisting of the words “Pay to the order of” and a new check owner’s name is a special endorsement
If any kind of error is made in preparing a check, a new check should be prepared, VOID should be written on the check stub, VOID should be written on the check
An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a restrictive endorsement
A petty cash fund is always replenished at the end of the month
The entry to establish a $200.00 petty cash fund is debit Petty Cash, $200.00; credit Cash, $200.00
Created by: thanser