Chapter 11 Flashcards Preview

Intro to Accounting > Chapter 11 > Flashcards

Flashcards in Chapter 11 Deck (18):
1

bank statement

once a month your bank sends you a statement listing all the activity in your account for a specific period of time

2

bank reconciliation

a report that accounts for the difference between the bank statement and your checkbook balance

3

cancelled check

a check that you have written that has been paid by your bank

4

certificate of deposit

a certificate issued by a bank to a person depositing money for a specific length of time

5

checkbook register

document used to record financial transactions in cash

6

deposit

sum of money placed or kept in a bank

7

deposit slip

a bank form listing the cash and checks to be deposited

8

direct deposit

the electronic transfer of a payment directly from the payer's account to the recipient

9

endorsement

your signature on the back of a check

10

payee

the person or business to whom a check is written

11

drawer

the person who signs a check

12

bounced check

a check that cannot be processed bc the writer has insufficient funds

13

overdraft privileges

Overdraft Privilege applies to checks, ACH items and check card purchases (optional) only. There is no limit to the number of fees we may charge you for overdrawing your account per day or per statement period.

14

withdrawal

taking money out of the bank

15

outstanding check

a check you have written that has not yet been paid by your bank

16

deposit in transit

a deposit you have made and recorder in your check register but has not "cleared" by the bank in time to appear on your statement

17

service charge

any charges the bank had made to your account

18

ATM

An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller.