Accounting Ch.4-5 Vocab

Front

The number assigned to an account.

Back

Account Number

Answer explanation

The term 'Account Number' specifically refers to the unique identifier assigned to a bank account, making it the correct choice. Other options do not represent an account's unique identifier.

Front

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

Back

Bank Statement

Answer explanation

A bank statement is a report detailing deposits, withdrawals, and balances for an account, making it the correct choice. Other options do not represent this specific financial document.

Front

An endorsement consisting only of the endorser's signature.

Back

Blank Endorsement

Answer explanation

A blank endorsement is an endorsement that consists solely of the endorser's signature, allowing the instrument to be transferred to anyone. This matches the definition provided in the question.

Front

An additional journal entry used to fix an error.

Back

Correcting Entry

Answer explanation

A correcting entry is specifically used to fix errors in accounting records. It adjusts the accounts affected by the mistake, making it the correct choice for the given question.

Front

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

Back

Checking account

Answer explanation

A checking account is specifically designed for everyday transactions, allowing the depositor to order payments and withdraw funds easily. Other options like bank statements and debit cards do not serve this purpose.

Front

A statement that guides the ethical behavior of a company and its employees.

Back

Code of Conduct

Answer explanation

The Code of Conduct is a statement that outlines the ethical standards and expectations for behavior within a company, guiding employees in their decision-making and actions.

Front

A check that the bank refuses to pay.

Back

Dishonored Check

Answer explanation

A dishonored check is one that the bank refuses to pay, often due to insufficient funds or other issues. This term directly describes the situation in the question, making it the correct choice.

Front

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.

Back

Debit card

Answer explanation

A debit card directly withdraws funds from the cardholder's checking account for purchases, making it the correct choice. Other options do not describe a card that performs this function.

Front

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

Back

Electronic funds transfer

Answer explanation

The correct answer is 'Electronic funds transfer' as it describes a computerized system for transferring funds without checks or paper documents, aligning perfectly with the question's definition.

Front

A signature or stamp on back of a check transferring ownership.

Back

Endorsement

Answer explanation

An endorsement is a signature or stamp on the back of a check that transfers ownership. It allows the check to be cashed or deposited by another party, making it the correct choice.