Ch 11 Review

Chapter 11 Packet:

• Work to learn the chapter 11 material
• Don't just DO the packet

What do all these things mean:

• The person who signs a check.
• The process of determining any differences between the balance shown on the bank statement and the checkbook balance.
• Checks that are paid by the bank, deducted from the depositor’s account, and returned with the bank statement.
• The bank on which a check is written.
• The person or business to whom a check is written.
• A bank form on which the currency and checks to be deposited are listed.
• Used to limit how a check may be handled and guarantees that a check will be honored.
• A written order from a depositor telling the bank to pay cash to a person or business.
• A demand by the depositor that the bank not honor a certain check.
• A bank account that allows a bank customer to deposit cash and to write checks against the balance.
• A fee charged to the depositor by the bank for maintaining bank records and for processing bank statement items.
• Deposits that have been made and recorded in the checkbook but that do not appear on the bank statement.
• A person or business that has cash on deposit in a bank.
• The card containing the signatures of the persons authorized to write checks on the bank account.
• Those controls on cash from outside the business.
• A check returned by the bank because there are not enough funds in the drawer’s checking account to cover the amount of the check.
• Those steps the business takes to protect cash.
• Writing the word “VOID” across the front of a check.
• An itemized record of all the transactions occurring in a depositor’s account over a given period, usually a month.
• Checks that have been written but not yet presented to the bank for payment.
• What one characteristic of cash makes it so important for a business to protect it?
• Which internal control insures that different people collect, record, and deposit the daily receipts?
• Using a safe or cash register to hold cash are examples of which internal control?
• What is another word for insuring against certain employees embezzling a business’s cash?
• Which type of endorsement makes a check “like cash”?
• Which type of endorsement prevents an unauthorized person from cashing your check?