Lesson 8-10 Flashcards

1
Q

important asset

A

cash

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2
Q

The simplest bank account

A

savings account

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3
Q

booklet used to record bank transactions on a savings account. It contains a chronological record of deposits, withdrawals, and interest earnings.

A

passbook

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4
Q

for making transactions in Automated Teller Machines (ATM).

A

ATM cards

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5
Q

linked with the VISA or Mastercard networks that allow depositors to use their cards to make payments in various establishments.

A

Debit cards

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6
Q

like a savings account with an added feature - the depositor can issue bank checks.

A

checking account

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7
Q

acceptable form of payment. It allows depositors to pay large sums using one sheet of paper instead of carrying currencies.

A

bank check

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8
Q

These funds are managed by professional fund managers and are invested in various financial instruments such as money market securities, bonds, and equities

A

unit investment trust funds (UITF)

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9
Q

There is a corresponding bank form for almost every transaction with the bank

A

Bank Forms

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10
Q

documents the deposit transaction. It is a bank form filled out by the depositor

A

Deposit Slip

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11
Q

There are two kinds of deposit slip:

A

cash deposit slip and check deposit slip

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12
Q

validated by the teller that accepts the deposit

A

bank deposit slip

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13
Q

receipt printed on the deposit slip to signify that the deposit was received by the bank

A

Validation

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14
Q

documents the withdrawal from a passbook account. It is a bank form filled out by the account holder

A

Withdrawal slip

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15
Q

indicates the account name as well as the account number from which account he/she wants to make a withdrawal.

A

account holder

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16
Q

It is a bank form filled out by the account holder that instructs the bank to pay the designated payee indicated on the check

A

Bank Check

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17
Q

detailed transaction history of the account over the reporting period

It is a report prepared by the bank for those accounts that do not have passbooks.

A

bank statement

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18
Q

It is therefore essential for us to know how much cash the company can use for its operations

A

Bank Reconciliation

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19
Q

refer to checks received and deposited by the account holder that are dishonored by the issuing bank because the issuer does not have enough funds on his checking account to cover the check.

A

Non-sufficient fund (NSF

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20
Q

It is one that is easily misappropriated if not properly safeguarded.

A

Cash

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21
Q

should be made through bank checks and processed through the voucher system.

A

Cash payment

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22
Q

It earns minimal interest and may have a minimum balance requirement. Some savings account come with passbooks, ATM, or debit cards.

A

simplest bank account

23
Q

like a savings account that allows withdrawals through the issuance of bank checks.

A

A checking account

24
Q

Investment placements wherein the depositor agrees not to withdraw the funds over the contracted period in exchange for fixed interest rates which are higher than deposit rates.

A

Time deposit accounts

25
bank form filled out by the depositor to document a deposit transaction.
Deposit slip
26
the procedure to reconcile the unadjusted bank and book balances to the correct cash balance.
Bank reconciliation
27
detailed transaction history of the bank account over the reporting period.
bank statement
28
bank form filled out by the account holder that instructs the bank to pay the specific amount to the designated payee on the date as indicated on the check.
bank check
29
documents the withdrawal from a passbook account
Withdrawal slip
30
refers to additions and deductions from the account that were not initiated by the depositor.
Debit and credit memo
31
refer to checks issued and delivered to the designated payee but have not yet cleared the bank. The correct adjustment is to deduct the amount of the outstanding checks from the unadjusted bank balance.
Outstanding checks
32
unintentional mistakes. It should be carefully analyzed to determine the proper adjustment to the bank reconciliation.
Errors
33
used to document business transactions.
Business forms
34
very important in a business
Documentation
35
a picture of a business transaction. It is evidence of the occurrence of a transaction. It also describes the details of the transaction.
A business form
36
internal report prepared by the buyer's personnel in charge of receiving deliveries (Figure 1). It is used to document the quality and quantity of items received by the personne from the suppliers.
Receiving report (RR)
37
prepared for each check. It documents the process for the preparation, verification, and authorization of check payments.
check voucher
38
to document the preparation, verification, and authorization of journal entries to be recorded in the general journal.
journal voucher
39
used both inside and outside the company.
External business forms
40
form used by the buyer to communicate his exact orders to the seller
Purchase Order
41
evidence of delivery. It is issued by the seller. The form contains Information on the quality and quantity of items delivered.
Delivery receipt
42
a communication from the seller to the buyer, It documents the amount of payment that the seller is claiming.
sales invoice
43
evidence of payment. Therefore, a buyer who claims that an account has been settled must be able to show an
Official receipts
44
lists down the seller's transactions with the buyer over a specific period, normally one month
billing statement
45
used to document business transactions classified into internal and external forms
Business forms
46
used only within the company.
Internal business forms
47
used to document the quality and quantity of items received by the personnel from the suppliers.
Receiving report
48
documents the process for the preparation and authorization of check payments of the company's bills.
Check voucher
49
used both inside and outside the company
External business forms
50
form used by the buyer to communicate his exact orders to the seller
Purchase order
51
issued by the seller and contains information on the quality and quantity of items delivered.
Delivery receipt
52
documents the amount of payment that the seller is claiming based on items delivered and agreed upon price.
Sales invoice
53
issued when the bank honors the check evidence of payment
official receipt