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Chapter 8


Audit An examination of a company's financial statements and the accounting system.
Bank Collection Collection of money by the bank on behalf of a depositor.
Bank Reconciliation Document explaining the reasons for the difference between a depositor's cash records and the depositor's cash balance in its bank account.
Bank Statement Document the bank uses to report what it did with the depositor's cash. Shows the bank account's beginning and ending balances and lists the month's cash transactions conducted through the bank.
Check Document that instructs a bank to pay the designated person or business a specified amount of money.
Computer Virus A malicious program that (a) reproduces itself, (b)enters program code without consent, and (c) performs destructive actions.
Controller The chief accounting officer of a company.
Deposit in Transit A deposit recorded by the company but not yet by its bank.
Electronic Funds Transfer System that transfers cash by electronic communication rather than by paper documents.
Encryption Rearranging plain-text messages by a mathematical process; the primary method of achieving confidentiality in e-commerce.
Firewalls Devices that enable members of a local network to access the Internet but keep nonmembers out of the network.
Imprest System A way to account for petty cash by maintaining a constant balance in the petty cash account, supported by the fund (cash plus payment tickets)totaling the same amount.
Internal Control Organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records.
Nonsufficient Funds Check A "hot" check, one for which the maker's bank account has insufficient money to pay the check.
Outstanding Check A check issued by the company and recorded on its books but not yet paid by its bank.
Petty Cash Fund containing a small amount of cash that is used to pay for minor expenditures.
Trojan Horse A malicious program that works like a virus but does not reproduce.
Voucher Instrument authorizing a cash payment.
Created by: mattschultice



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