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OM Unit 4

Office Mgt Unit 4 vocabulary

QuestionAnswer
Bank reconciliation bringing into agreement a bank statement with a party’s cash account records
Cash refers both to actual cash (coins and bills), checks, money orders, and funds in checking accounts in a banking institution
Deduction an item that reduces gross pay earned by an employee
Deposit the placement of cash (coins, bills, checks) into an account
Electronic Funds Transfer (EFT) the use of a computer and a telecommunications network to transfer funds from one party to another
Employee earnings record a business form used to record details affecting payments made to an individual employee
Gross pay the salary paid to an employee before any deductions are withheld
Hourly wage the amount of money an employee earns for each hour of work
Net pay the total earnings paid to an employee after payroll taxes and other deductions are withheld
Payroll register a business form used to record payroll information on all employees for a pay period
Petty cash record a form used in a petty cash system to record all disbursements and receipts
Petty cash system a system established by a business that keeps a small amount of cash on hand for making small payments
Regular pay an amount paid to an employee for performing work excluding overtime pay and commission earned
Restrictive endorsement an endorsement found on the back of a check restricting further transfer of a check’s ownership
Time card a card that is required of employees to record their arrival and departure times for payroll purposes
Created by: judyshipp
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