Accounting Chapter 5

Front

The source document for an electronic funds transfer is a memorandum?

Back

True

Front

In order to control cash, one common method is to ensure that cash payments are paid by pre-numbered checks.

Back

True

Front

A blank account from which payments can be ordered by a depositor.

Back

Checking Account

Front

A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.

Back

Electronic Funds Transfer (EFT)

Front

A check with a future date on it.

Back

Postdated check

Front

An endorsement consisting only of the endorser's signature.

Back

Blank Endorsement

Front

A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

Back

Bank Statement

Front

When a deposit is made in a bank account, the bank issues a receipt.

Back

True

Front

Most banks do not look at the date the check is written and will withdraw money from the depositor's account anytime.

Back

False

Front

A check that contains errors must be marked with the word VOID and another check must be written.

Back

True