Accounting Flashcards
1
Q
Restriction Endorsement
A
Ex
For deposit only
(Signature) Sam Miller
Bank #__________
2
Q
Special/full endorsement
A
Ex
Pay to the order of (person/place) Palatine High School
(Signature) Sam Miller
-can be given to a 3rd party
Ex payed to teacher instead of PHS
3
Q
Outstanding checks
A
Checks that haven’t been payed in full or at all
4
Q
Reconcile
A
Comparing ur checkbook with the bank
5
Q
Endorse
A
To sign
6
Q
Blank endorsement
A
Just ur signature
7
Q
Accounting equation
A
A= L+ OE
8
Q
Assets
A
What u own
9
Q
Liabilities
A
What u owe
10
Q
Owners equity
A
Worth of company
Including stocks/ shares/ bonds
11
Q
Accounts payable is classified as
A
Liability
