Accounting Ch. 5

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Accounting Ch. 5
2011-11-13 15:53:37

vocab and stuff
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  1. a business form ordering a bank to pay cash from a bank account
  2. a bank account from which payments can be ordered by a depositor
    checking account
  3. When a check account is opened?
    the bank customer must provide a signature on a signature card for the bank's records
  4. a bank customer prepares a ______ ____ each time cash or checks are placed in a bank account
    deposit slip
  5. what differs from bank to bank?
    deposit slips
  6. All bank slips contain?
    • identity of bank
    • amount
    • date
  7. endorsing a check?
    signing a check
  8. a signature or stamp on the back of a check transferring ownership
  9. an endorsement consisting only of the endorser's signature
    blank endorsement
  10. an endorsement indicating a new owner of a check
    special endorsement
  11. example of special endorsement?
    pay to the order of and name of the new check owner
  12. restricts further transfer of a check ownership
    restrictive endorsement
  13. a report of deposits, withdrawals, and bank balances sent to a depositor by a bank
    bank statement
  14. When a bank receives a check, the amount of each check is?
    deducted from the depositer's account
  15. Canceled checks?
    are returned to a depositer with a bank statement
  16. A service charge is a ?
    miscellaneous expense
  17. dishonored checks?
    a check that a bank refuses to pay
  18. Why would a bank dishonor a check?
    • check was altered
    • signature doesn't match
    • amts dont agree
    • check is postdated
    • stop payment
    • insufficient funds
  19. When money cant be recovered, it becomes an?
  20. Petty cash is an ?
    • asset
    • goes up on debit
    • down on credit
  21. an amount kept on ahnd for small payments
    petty cash
  22. proof of petty cash payment and kept in box until fund is replinished
    petty cash slip
  23. To establish a petty cash fund?
    debit petty cash, credit cash
  24. The only time you use the words "petty cash" in the general journal is when you?
    establish a petty cash fund
  25. to replenish petty cash?
    • debit 2 expenses
    • credit cash