38911915
Description
Flashcards by Taylor Mach, updated more than 1 year ago
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Created by Taylor Mach
over 1 year ago
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| Question | Answer |
| Check/Draft | Written Orderto be paid to a designated party |
| Signature Card | A space for company name and address |
| Deposit Slip | A document that shows the date, name, account number, and items making up a deposit, |
| Check Stubs | Provides a record of checks written. It is attached to the check |
| Check Register | Record-keeping device that records checks paid and deposits made by companies using a checking account |
| Endorse | Signing the back of the check; thus ownership is transferred to another party |
| Blank endorsement | Current owner of check signs name on back. Whoever presents checks for payment receives the money |
| Full endorsement | This endorsement identifies the next person or company to whom the check is to be transferred |
| Restrictive endorsement | Check must be deposited to the payee’s account. This restricts one from cashing it |
| Bank statement | Report sent by the bank to the owner of the checking account indicating checks processed, deposits made, and so on, along with beginning and ending balances |
| Electronic funds transfer (EFT) | A computerized operation that electronically transfers funds among parties without the use of paper checks |
| Bank reconciliation | Process of comparing the bank balance to the checkbook balance so adjustments can be made regarding checks outstanding, deposits in transit, and the like |
| Outstanding checks | Checks written but not yet processed by the bank before bank statement preparation |
| Deposits in transit | Deposits not received or processed by bank at the time the bank statement is prepared |
| Credit memo (CM) | Bank transactions that increase customer’s account |
| Debit memo (DM) | A debit transaction bank does for customers |
| Nonsufficient funds (NSF) | Drawer’s account lacked sufficient funds to pay written amount of check |
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