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Chapter 11

Accounting Chapter 11

TermDefinition
automatic teller machine (atm) computer terminal where account holders can conduct various banking activities
bank service charge A fee the bank charges for maintaining bank records and processing bank statement items for the depositor.
bank statement An itemized record of all the transactions in a depositor’s account over a given period, usually a month.
bankcard A bank-issued card honored by many businesses that can be used to withdraw cash and to make payments for goods and services at many businesses instead of writing checks; also called a debit card, ATM card, or check card
blank endorsement A check endorsement that includes only the signature or stamp of the depositor. It does not specify the new owner of the check.
canceled check A check paid by the bank, deducted from the depositor’s account, and returned with the bank statement to the account holder.
check A written order from a depositor telling the bank to pay a stated amount of cash to the person or business named on the check.
check 21 The Check Clearing for the 21st Century Act; it allows the conversion of a paper check to an electronic image that can be quickly processed between banks.
checking account An account that allows a person or business to deposit cash in a bank and then write checks and make ATM withdrawals and purchases against the account balance.
deposit slip A bank form used to list the cash and checks to be deposited.
depositor A person or business that has cash on deposit in a bank.
drawee The bank on which a check is written.
drawer The person who signs a check.
electronic funds transfer funds (efts) A system that allows banks to transfer funds among accounts quickly and accurately without the exchange of checks.
endorsement An authorized signature written or stamped on the back of a check that transfers ownership of the check.
external controls Measures and procedures provided outside the business to protect cash and other assets.
imaged check A copy of a canceled check; it is sent with the bank statement in place of the original canceled check.
internal controls Procedures within the business that are designed to protect cash and other assets and to keep reliable records.
NFS check A check returned to the depositor by the bank because the drawer’s checking account does not have sufficient funds to cover the amount; also called dishonored check.
outstanding checks A check that has been written but has not yet been presented to the bank for payment.
outstanding deposits A deposit that has been made and recorded in the checkbook but does not yet appear on the bank statement.
payee The person or business to whom a check is written or a note is payable.
postdated check A check that has a future date instead of the actual date; it should not be deposited until the date on the check.
reconciling the bank statement The process of determining any differences between a bank statement balance and a checkbook balance.
restrictive endorsement A check endorsement that transfers ownership to a specific owner and limits how the check may be handled (for example, For Deposit Only).
signature card A bank form containing the signature(s) of the person(s) authorized to write checks on a checking account.
special endorsement A check endorsement that transfers ownership of the check to a specific individual or business.
stop payment order A demand by the drawer, usually in writing, that the bank not honor a specific check.
voiding a check Making a check unusable by writing the word Void in ink across the front of the check.
Created by: ashipley250
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