Terms
A bank account from which payments can be ordered by a depositor.
What is a Checking Account
What is a receipt.
Definition -
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank is called:
What is a bank statement?
A check that a bank refuses to pay is known as a:
What is a dishonored check?
Identify the purpose of having a petty cash fund.
For a business to use when making small cash payments without writing checks.
What is petty cash?
Identify the 3 types of endorsements commonly used on checks.
What are blank, special, and restrictive endorsements?
When banks handle a _______ check, a fee is imposed upon the maker and the amount of the check is deducted from the makers account.
What is a dishonored check.
What is the account Petty Cash classified as?
An Asset
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.
What is a debit card?
A check with a blank endorsement can be cashed by ________ who has possession of the check.
For each canceled check listed on the bank statement, what identifying mark is placed on the corresponding check stub?
What is a check mark?
Definition -
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents is called:
What is an Electronic Funds Transfer?
Who is allowed to access the Petty Cash fund. **Hint** - starts with a "C"
The custodian of the account.
What is a canceled check?
How many times is the amount of the check written on each check?
What is 2?
Once a bank deducts a service charge from a business checking account, the transaction must be recorded on a ________ and deducted from the account balance.
What is a check stub?
The journal entry for a payment on account using electronic funds transfer is exactly the same as when the payment is made by cash or a _____ _____.
Debit Card
How often do you journalize when using Petty Cash?
At the end of the month when you replenish the petty cash fund.
An endorsement indicating a new owner of a check.
What is a special endorsement?
When writing a check, the first step is to ____ ___ ___ ____ ____.
What is - to fill in the check stub.
Verifying that the information on a bank statement and a checkbook are in agreement is known as:
What is Cash Control?
Identify the source document used for an electronic funds transfer.
What is a memorandum?
When is the Petty Cash fund always replenished?
What is at the end of the month so that the expenses are recorded in the month they are incurred?