Accounting Terms
Accounting Terms
Vocab/Concepts
Concepts/True/False
True/False
100
An endorsement restricting further transfer of a check's ownership.
What is Restrictive Endorsement
100
A report of deposits, withdrawals and bank balances sent to a depoitor by a bank.
What is Bank Statement?
100
An endorsement indicating a new owner of a check
What is Special Endorsement?
100
If any kind of error is made in preparing a check, a. a new check is prepared b. VOID should be written on the check stub c. VOID should be written on the check. d. All of the above
What is All of the above
100
Voided checks should be recorded in the journal.
What is True
200
A bank account from which payments can be ordered by a depositor.
What is checking account?
200
A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the card holder.
What is Debit Card?
200
A computerized cash payments system that transfers funds without the use of checks, currency or other paper docuement.
What is Electronic Funds Transfer (EFT)
200
The journal entry to establish a $200.00 petty cash fund is
What is Debit Petty Cash and Credit Cash?
200
Using a memorandum as the sourced document for a dishonored check is an application of the accounting concept Objective Evidence.
What is True
300
A check that a bank refuses to pay
What is Dishonored Check?
300
A form showing proof of a petty cash payment.
What is Petty Cash Slip?
300
A statment that guides the ethical behavior of a company and its employees.
What is Code of Coduct?
300
A petty cash fund is always replenished
What is at the end of the month?
300
The petty cash fund is a liability with a normal debit balance.
What is False
400
An amount of cash kept on hand and used for making small payments
What is Petty Cash
400
A signature or stamp on the back of a check transfering ownership.
What is Endorsement?
400
Each time cash or checks are placed in a bank account, the customer perepares a
What is deposit slip?
400
The bank statement shows a checking account balance of $5,500. There are outsanding checks totaling $600, outstanding deposits of $400 and a bank fee of $15. The cash account balance should be
What is $5,300 (5,500-600+400) The fee is not deducted until the end we need to know the check stub balance in cash.
400
A bank requires that the signature of the person authorized to sign checks be on the signature card.
What is True
500
An endorsement consisting only of the endorser's signature.
What is Blank Endorsement?
500
A check with a future date on it
What is postdated check?
500
A lost check with a blank endorsement on it can be cashed by
What is anyone who has the check?
500
Ownership of a check cannot be transferred.
What is False
500
The source doc for EFT and a debit card is a memorandum.
What is True
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