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Definition
| a statement that guides the eithical behavior of a company and its employees |
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| a bank account from which payments can be ordered by a depositor |
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Definition
| a signature or stamp on the back of a check, transferring ownership |
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Definition
| an endorsement consisting only of the endorser's signature |
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Definition
| an endorsement indicating a new owner of a check |
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Definition
| an endorsement resticting further transfer of a check's ownership |
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Term
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Definition
| a check with a future date on it |
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Definition
| a report of deposits, withdrawals, and bank balances sent to a depositor by a bank |
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Definition
| a check that abank refuses to pay |
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Term
| electric funds transfer (eft) |
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Definition
| a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents |
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Term
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Definition
| a bank card that automatically deducts that amount of a purchase from the checking account of the carholder |
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Definition
| an amount of cash kept on hand and used for making small payments |
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Definition
| a form showing proof of a petty cash payment |
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| because cash transactions occur more frequently than other transactions, the chances for making recording errors affecting cash are less. true or false? |
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Definition
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| when a deposit is made in a bank account, the bank issues a receipt. true or false? |
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Definition
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| there are four types of endorsements commonly used: blank, special, original, and restrictive. true or false? |
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Definition
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Term
| a check with a blank endorsement can be cashed by anyone who has possession of the check. true or false? |
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Definition
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Term
| when writing a check, the first step is to prepare the check stub. true or false? |
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Definition
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Term
| most banks do not look at the date the check is written and will withdraw money from the depositor's account anytime. true or false? |
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Definition
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Term
| the amount of a check is written twice on each check. true or false? |
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Definition
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| a check that contains errors must be marked with the word VOID and another check must be written. true or false? |
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Definition
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| an important aspect of cash control is verifying that the information on a bank statement and a checkbook are in agreement. true or false? |
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Definition
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Term
| an outstanding check is one that has been issued but not yet reported on a bank statement by the bank. true or false? |
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Definition
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| banks deduct service charges from customers checking accounts without requiring customers to write a check for the amount. true or false? |
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Definition
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Term
| not only do banks charge a fee for handling a dishonored check, but they also deduct the amount of the check from the account as well. true or false? |
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Definition
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| the journal entry for a payment on account using electronic funds transfer is exactly the same as when the payment is made by check. true or false? |
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Definition
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| the source document for an electronic funds transfer is a memorandum. true or false? |
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Definition
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| the source document for a debit card purchase is a memorandum. true or false? |
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Definition
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Term
| techknow consulting maintains a petty cash fund for making large cash payments without writing checks. true or false? |
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Definition
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Term
| businesses use petty cash when writing a check is not time or cost effective. true or false? |
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Definition
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Term
| a memorandum is the source document for the entry to record establishing a petty cash fund. true or false? |
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Definition
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Term
| anytime a payment is made from the petty cash fund, a petty cash slip is prepared showing proof of a petty cash payment. true or false? |
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Definition
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Term
| when the petty cash fund is replenished, the balance of the petty cash account increases. true or false? |
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Definition
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