Chapter 8 Flashcards
Copy of the customer’s account as shown in the books of the bank
Bank statement
Facility to transfer money from one bank account to another electronically via the internet
Electronic direct payment
Process that explains the difference between the bank balance as shown in the bank statement, supplied by the business’ bank on a particular date, and the corresponding amount shown in the business’ cash book
Bank reconciliation
Person or company who writes a cheque
Drawer
Person or company who is paid when a cheque is cleared
Payee
Bank where the drawer has an account from which a cheque is to be paid
Drawee
Cheques issued by the business but not presented by the payee to the bank
Unpresented cheques