Essay on Ch 5 Vocab

Submitted By prestonburkeen
Words: 291
Pages: 2

Preston Burkeen
Accounting 4th
Vocab Ch. 5
5.1
1. Code of Conduct- A statement that guides the ethical behaviors of a company and its employees
2. Checking Account- A bank account which payments can be ordered by a depositor
3. Endorsement- A signature or stamp on the back of a check transferring ownership
4. Blank Endorsement- An endorsement consisting only of the endorser’s signature
5. Special Endorsement- An endorsement indicating a new owner of a check
6. Restrictive Endorsement- An endorsement restricting further transfer of a check’s ownership
7. Postdated Check- A check with a future date on it
8. Bank Statement- A report of deposits, withdrawals, and bank balances sent to a depositor by a bank
Audit Your Understanding Ch. 5.2 1. List four reasons why a depositors records and banks records may differ.
A service harge may not have been recorded in the depositors business records, outstanding deposits may be recorded in the depositors records but not on a bank statement outstanding checks may be recorded in the depositors records but not on a bank statement a depositor may have made math or recording errors. 2. If a check mark is placed on the check stub of each cancelled check what does a check stub with no check mark indicate?
An outstanding check
Vocab 5.3 1. Dishonored check- a check that a bank refuses to pay 2. Electronic funds transfer- a computerized cash payments system that transfers funds without the use of checks, currency,…