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Published byClaribel Nichols Modified over 9 years ago
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DEFINITION A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
BANK STATEMENT
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DEFINITION An endorsement consisting only of the endorser’s signature.
BLANK
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DEFINITION A bank account from which payments can be ordered by a depositor.
CHECKING ACCOUNT
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DEFINITION A statement that guides the ethical behavior of a company and its employees.
CODE OF CONDUCT
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DEFINITION A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder. DEBIT CARD
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DEFINITION A check that a bank refuses to pay.
DISHONORED CHECK
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ELECTRONIC FUNDS TRANSFER
DEFINITION A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents. ELECTRONIC FUNDS TRANSFER
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DEFINITION A signature or stamp on the back of a check transferring ownership.
ENDORSEMENT
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DEFINITION An amount of cash kept on hand and used for making small payments.
PETTY CASH
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DEFINITION A form showing proof of a petty cash payment.
PETTY CASH SLIP
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DEFINITION A check with a future date on it.
POST DATED CHECK
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RESTRICTIVE ENDORSEMENT
DEFINITION An endorsement restricting further transfer of a check’s ownership. RESTRICTIVE ENDORSEMENT
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DEFINITION An endorsement indicating a new owner of a check.
SPECIAL ENDORSEMENT
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Ownership of a check can or can not be transferred.
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Voided checks should be recorded in the _______.
JOURNAL
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Using a memorandum as the source document for a dishonored check is an application of the accounting concept _______ _______. OBJECTIVE EVIDENCE
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The petty cash fund is a/an _______ (account classification) with a normal ______ balance.
ASSET DEBIT
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When petty cash is replenished, _____ is debited and Cash is credited.
EACH ACCOUNT THAT IS BEING REPLENISHED
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A check with a _____ endorsement can be cashed by anyone who has the check.
BLANK
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An _______ check is one that has been issued but not yet reported on a bank statement by the bank.
OUTSTANDING
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A bank requires that the signature of the person authorized to sign checks be on the ________ card.
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The source document for an electronic funds transfer is a ____________.
MEMORANDUM
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The source document for a debit card purchase is a _______.
MEMORANDUM
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Each time cash or checks are placed in a bank account, the customer prepares a _______.
DEPOSIT SLIP
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An endorsement on the back of a check consisting only of a signature is a ________ endorsement.
BLANK
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A lost check with a blank endorsement on it can be cashed by ________.
ANYONE WHO HAS THE CHECK
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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 _________ endorsement. SPECIAL
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An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a _______ endorsement. RESTRICTIVE
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What do you do if any kind of error is made in preparing a check?
PREPARE A NEW CHECK WRITE “VOID” ON THE CHECK STUB WRITE “VOID” ON THE CHECK ALL OF THE ABOVE
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The entry to establish a $200 Petty Cash fund is: Debit _______ for $200 Credit _______ for $200
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A petty cash fund is always replenished _______.
AT THE END OF THE MONTH
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The bank statement shows a checking account balance of $5,500
The bank statement shows a checking account balance of $5,500. There are outstanding checks totaling $600, and outstanding deposit of $400, and a bank service charge of $15. The Cash account balance should be ________.
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$5,300 $5,500 – = $5,300 Service Charge is already on bank statement so no math is calculated. You record that amount in your register.
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