Endorsements
What is an endorsement?
A signature or stamp on the back of a check transferring ownership
Twice
What were the ancient romans obsessed with?
Counting
When a deposit is made in a bank account, the bank issues a receipt
True
What were the first "counters" for keeping account of goods?
Small clay coins
If you somehow lose a check endorsed with just a signature, what is the first thing you should do?
Cancel that specific check at your bank
What is an NSF check?
A check dishonored by the bank due to insufficient funds in the account of the check's maker
Which famous celebrity was involved in the accounting field?
Mick Jagger
The source document for an electronic funds transfer is a memorandum
True
What replaced the "counters" over the years?
Imprints of these markers onto parchment
What are the three most commonly used endorsements?
Blank, special, and restrictive
How do you write $138.45 on a check in word form
One hundred thirty eight and 45/100
what world famous product was created by an accountant?
Bubble gum
Most banks do not look at the date the check is written and will withdrawal money from the depositor's account anytime
False
What were some of the things these "counters" kept track of?
Quantities of clothing, food, and even labor
If a check is endorsed with just a signature gets lost and a stranger picks it up, what can they do with it?
They can endorse their own account number and deposit it into their account
Void
Luca Pacioli, the "father of accounting", taught which famous artist?
Leonardo Da Vinci
The journal entry for a payment on account using electronic funds transfer is exactly the same as when the payment is made by check
False
What progressed the keeping of records holding trade?
Affluental members of society wanted to keep track of how much money they had, how much they owed, and who owed what
What is the least most used type of endorsement?
Qualified
Who pays for a cancelled check?
The bank
The words "debit" and "credit" come from which latin words?
Debitum and Creditum
Not only do banks charge a fee for handling a dishonored check, but they also deduct the amount of the check from the account as well
True
What did the rise of royal families and governments bring a concern over?
Finding more consistent ways to record and demand tax