Businesses will keep a small amount of cash on hand, but they will put the rest in this.
What is the bank!
100
These are the three major credit card companies used today.
What is Visa, Mastercard and American Express?
100
These items represent the funds taken in from business operations.
What are daily cash receipts?
100
An accounting system that promotes employee honesty, accuracy, and efficiency is considered to have good "__________ ___________".
What is internal control?
100
This term is used to describe a small quantity of cash that is kept in the office for small expenditures.
What is the petty cash fund?
200
This is the biggest and most important reason that businesses use a place like RBC or TD...
What is to keep money safe!
200
A small business would prefer to accept cash or debit because credit cards have this disadvantage.
What is they charge the business a service fee!
200
Business that sell good right out of their store make sales called these. (you could buy some medicine in this fashion)
What are over the counter sales.
200
This type of funds must be controlled specifically because it is the most vulnerable to embezzlement.
What is cash?
200
This system fro handling small expenditures in which a certain amount of cash is entrusted to one individual is called this.
What is the imprest method?
300
NSF stands for this.
What is "Not Sufficient Funds"?
300
These are two of the ways banks make money off of credit cards.
What is transaction fees, annual fees, a cut taken from merchants!
300
Mail Receipts represent payment that has been made in this way.
What is a mailed cheque?
300
This routine is a procedure to determine why the balance on deposit in the bank does not agree with the balance on deposit as shown by the books of the company.
What is a bank reconciliation?
300
This system is a common method for processing expenditure transactions.
What is the voucher system?
400
This type of cheque provides guaranteed money. (It will not bounce!)
What is a Certified Cheque?
400
With the growing use of CCs, we are becoming a "____________" society. Sorry, no spare change!
What is a cashless society?
400
A POS stands for this. It's in control of receiving money from debit and credit cards.
What is Point of Sale Terminal?
400
Aside from businesses, these people should also reconcile their accounts regularly to check accuracy of the bank.
What is you, me and Dupree!
400
If you mix red and blue, it makes this color.
What is purple?
500
To pay for rent, a business can provide the landlord with 12 of these types of cheques to be deposited each month.
What are "Post Dated Cheques"?
500
Name one store that offers their own credit card.
What is the bay! others?
500
At the end of the day, an employee should count the till and make sure the transactions of the day balance with the cash at hand. This process is called this.
What is proving the cash?
500
Internal control is a great method to keep a company safe, but not all companies need it. This type of company is safe without internal control.