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22 Cards in this Set
- Front
- Back
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The first step to opening up a checking account is the
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signature card
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A form showing a detailed listing of items being deposited is called a
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deposit slip
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An ___ consist of stamping or writing the depositor's name and sometimes other information on the back of a check
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endorsement
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When the depositor simply signs their name on the back of a check with no other words, this is known as a ___ endorsement
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blank
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When the depositor adds such words as "for deposit only" to their endorsement, they have used a ___ endorsement
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restrictive
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A ___ is a document ordering a bank to pay cash from a depositor's account
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check
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On a check, the depositor who orders the bank to pay the cash is called the
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drawer
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The bank on which a check is drawn is called
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drawee
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The person being paid the cash in a check is called
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payee
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In a checkbook, the ___ is used to record the relevant information about a particular check
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check stub
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A statement of account issued by a bank to each depositor once a month is called a
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bank statement
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What are some of the reasons why there is always a difference between the check book balance and the bank balance
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outstanding c&s, deposits in transit, NSF, errors, stop payment order, atm fees, service charges
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The process of bringing the checkbook and the bank balance into agreement is called preparing a ____. (___)
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Reconciliation (proving cash)
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Checks issued during the period that have not been presented to the bank for payment before the statement is prepared are called ___ ___
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outstanding checks
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The depositor's checks paid by the bank during a period covered by the bank statement are called ___
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cancelled
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The abbreviation NSF stands for
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Not sufficient funds
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A fund established by a business to pay for small items with cash is called a
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petty cash
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What is the journal entry required to record the establishment of a petty cash fund
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DR petty cash, CR cash
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What is the journal entry required to record the replenishment of the petty cash fund
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DR expenses, credit cash
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A receipt called a ___ ___ ___ should be prepared for every payment from the petty cash fund
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petty cash vouchure
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What is the name of the account that's purpose is to account for mistakes made when counting change to a customer
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cash short and over
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At the end of an accounting period, a debit balance in the cash short and over account would be treated as a(n) ___; a credit balance would be treated as ___
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expense and revenue
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