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Accounting I Chapter 11 Vocab

AB
Internal ControlsSteps a business takes to protect cash
External ControlsThe measures and procedures provided outside the business to protect cash and other assets
Checking AccountAllows a person or business to deposit cash in a bank and to write checks against the account balance
CheckA written order from a depositor telling the bank to pay a stand amount of cash to the person or business named on the check
DepositorA person or business that has cash on deposit in a bank
Signature CardA card containing the signature(s) of the person(s) authorized to write checks on a checking account
Deposit SlipA bank form listing the cash and checks to be deposited
EndorsementAn authorized signature written or stamped on the back of a check representing receipt and deposit or payment of check
Restrictive EndorsementA check endorsement that restricts or limits how a check may be handled
PayeeThe person or business to whom a check is written or a note is payable
DrawerThe person who signs a check
DraweeThe bank on which a check is written
Voiding a CheckCanceling a check by writing the work "void" across the front in ink
Bank StatementAn itemized record of all the transactions in a depositor's account over a given period, usually a month
Canceled ChecksChecks paid by the bank and deducted from the depositor's account
Reconciling the Bank StatementThe process of determining any differences between a bank statement balance and a checkbook balance
Outstanding ChecksChecks that have been written but have not yet been presented to the bank for payment
Outstanding DepositsDeposits that have been made and recorded in the checkbook but do not appear on the bank statement
Bank Service ChargeA fee the bank charges for maintaining bank records and processing bank statement items for the depositor
Stop Payment OrderA demand by the drawer that the bank not honor a certain check
NSF CheckA check returned to the depositor by the bank because there are not sufficient funds in the drawer's checking account to cover the check
Electronic Funds Transder SystemAllows banks to transfer funds among accounts quickly and accurately without the exchange of checks



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