Accounting Terms
A report of deposits, withdrawals and bank balances sent to a depositor by a bank.
What is Bank Statement?
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?
In preparing a bank reconciliation, a service charge shown on the bank statement should be:
What is deducted from the balance per the company's records?
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?
A computerized cash payments system that transfers funds without the use of checks, currency or other paper document.
What is Electronic Funds Transfer (EFT)
In reconciling a bank statement, which of the following items could cause the cash per the bank statement to be greater than the balance of cash shown in the company's accounting records?
What is an outstanding check?
A check that a bank refuses to pay
What is an NSF Check?
The person who signs a check is the _____.
What is Drawer?
A lost check with a blank endorsement on it can be cashed by
What is anyone who has the check?
DAILY DOUBLE:
A(n) is a demand by the depositor that the bank not honor a certain check.
What is stop payment order?
Those steps the business takes to protect cash are called
What is Internal controls?
The person or business to whom a check is written is the ____.
What is Payee?
Each time cash or checks are placed in a bank account, the customer prepares a
What is deposit slip?
The bank statement shows a checking account balance of $5,500. There are outstanding 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.
An endorsement consisting only of the endorser's signature.
What is Blank Endorsement?
An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:
What is accounts receivable?
Bank service charges should be journalized before the reconciliation process.
What is False