Accounting 1 Chapter 5 and 6

Front

A check with a future date on it

Back

postdated check

Front

A bank account from which payments can be ordered by a depositer

Back

checking account

Front

A signature or stamp on the back of a check, transferring ownership

Back

endorsement

Front

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

Back

electronic funds transfer

Front

An amount of cash kept on hand and used for making small payments.

Back

petty cash

Front

A check dishonored by the bank because of insufficient funds in the account of the maker of the check.

Back

non-sufficient funds check

Front

Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.

Back

adjustments

Front

The difference between total revenue and total expenses when total revenue is greater.

Back

net income

Front

Reporting income when the cash is received and expenses when the cash is paid.

Back

cash basis of accounting

Front

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

Back

work sheet