Question : Matching Questions 86. Match the accounting terms with the description. : 1220607

 

Matching Questions

86.

Match the accounting terms with the description.  

1. Canceled check 

     A statement that accounts for all differences between the balance on the bank statement and the book balance of cash 

   

2. Blank endorsement 

     A signature of the payee written on the back of the check that transfers ownership of the check without specifying to whom or for what purpose 

   

3. Bonding 

     The process by which employees are investigated by an insurance company that will insure the business against losses through employee theft or mishandling of funds 

   

4. Full endorsement 

     A check paid by the bank on which it was drawn 

   

5. Debit memorandum 

     In accounting, currency, coins, checks, money orders, and funds on deposit in a bank 

   

6. Cash 

     A verification that the amount of currency and coins in a cash register agrees with the amount shown on the cash register audit tape 

   

7. Service charge 

     An account used to record any discrepancies between the amount of currency and coins in the cash register and the amount shown on the audit tape 

   

8. Petty cash voucher 

     A written order signed by an authorized person instructing a bank to pay a specific sum of money to a designated person or business 

   

9. Dishonored check 

     A form that explains any addition, other than a deposit, to a checking account 

   

10. Payee 

     A form that explains any deduction, other than a check, from a checking account 

   

11. Drawer 

     A deposit that is recorded in the cash receipts journal but that reaches the bank too late to be shown on the monthly bank statement 

   

12. Outstanding checks 

     A form prepared to record the deposit of cash or checks to a bank account 

   

13. Bank reconciliation statement 

     A check returned to the depositor unpaid because of insufficient funds in the drawer’s account; also called an NSF check 

   

14. Endorsement 

     The bank on which a check is written 

   

15. Check 

     The person or firm issuing a check 

   

16. Deposit slip 

     A written authorization that transfers ownership of a check 

   

17. Restrictive endorsement 

     A signature transferring a check to a specific person, firm, or bank 

   

18. Deposit in transit 

     A financial instrument whose ownership can be transferred to another person or business 

   

19. Cash register proof 

     Checks that have been recorded in the cash payments journal but have not yet been paid by the bank 

   

20. Postdated check 

     The person or firm to whom a check is payable 

   

21. Petty cash analysis sheet 

     A form used to record transactions involving petty cash 

   

22. Drawee 

     A form used to record the payments made from a petty cash fund 

   

23. Promissory note 

     A check dated some time in the future 

   

24. Credit memorandum 

     A written promise to pay a specified amount of money on a specific date 

   

25. Negotiable 

     A signature that transfers a check to a specific party for a stated purpose 

   

26. Cash Short or Over account 

     A fee charged by a bank to cover the costs of maintaining accounts and providing services 

   

27. Statement of account 

     A form sent to a firm’s customers showing transactions during the month and the balance owed 

   

 

 

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