Purpose: (L.O. 1 thru 8) This exercise will quiz you about terminology used in this chapter.
A list of accounting terms with which you should be familiar appears below:
|Bank service charge
||Petty cash fund
|Deposits in transit
|Electronic funds transfer (EFT)
For each item below, enter in the blank the term that is described.
- _____________________Resources that consist of coins, currency, checks, money orders, and money on hand or on deposit in a bank or similar depository.
- ____________________Short-term, highly liquid investments that can be converted to a specific amount of cash.
- ____________________A cash fund used to pay relatively small amounts.
- ____________________All of the related methods and measures adopted within an organization to safeguard its assets and enhance the accuracy and reliability of its accounting records.
- ____________________A fee charged by a bank for the use of its services.
- ____________________A monthly statement from the bank that shows the depositor's bank transactions and balances.
- ____________________A written order signed by a bank depositor directing the bank to pay a specified sum of money to a designated recipient.
- ____________________Minimum cash balances required ...