Preparing and Identifying Checks Flashcards
A document that orders a bank to pay a specific amount of money from a person’s account to the person in whose name the cheque has been issued.
Check
The person writing the check.
Drawer
Checks are a type of bill of exchange and were developed as a way to?
Make payments without the need to carry large amounts of money.
Where is the check number usually indicated?
Upper right portion of the check.
The bank or other financial institution where the check can be presented for payment.
Drawee
The drawer writes various details including?
The monetary amount, date, and a payee on the check, and signs it.
The person or entity who makes the check, is primarily liable with the cheque.
Drawer
The recipient of the money is called?
Payee
State the nine (9) parts of a checks.
- Your account number
- Account name
- Check number
- Date line
- Payee line
- The peso box
- The amount of your check
- Signature line
- Your bank’s contact information/logo
What part of a check appears in two places?
Check number
Who the check is payable to.
Payee line
The amount of the check in numerical form.
The peso box
Is written out using words instead of numbers.
The amount of your check
Who is primarily liable on a check?
Drawer
The recipient of the money.
Payee
