BUSI 100-Final Exam

This is for the final exam. STUDY!

15 cards   |   Total Attempts: 184
  

Cards In This Set

Front Back
Audit
Periodic examination of a company’s financial statements and the accounting systems, controls, and records that produce them
Bank Collections
Collection of money by the bank on behalf of a depositor
Bank Reconciliation
Document explaining the reasons for the difference between a depositor’s records and the bank’s records about the depositor’s cash
Bank Statement
Document showing the beginning and ending balances of a particular bank account listing the month’s transactions that affected the account
Budget
Quantitative expression of a plan that helps managers coordinate the entry’s activities
Check
Document instructing a bank to pay the designated person or business the specified amount of money
Controller
Chief accounting officer of a business
Deposits in Transit
Deposit recorded by the company but not yet by its bank
Electronic Fund Transfer (ESF)
System that transfer cash by electronic communication rather than by paper documents
Imprest System
Way to account for petty cash by maintaining a constant balance in the petty cash account, supported by the fund totaling the same amount
Internal Control
Organizational plan and related measures adopted by an entity to safeguard assets, encourage adherence to company policies, promote operational efficiency, and ensure accurate and reliable accounting records
Nonsufficient Funds (NSF) Check
A “hot” check, one for which the payer’s bank account has insufficient money to pay the check; cash receipts that turn out to be worthless
Outstanding Checks
Check issued by the company and recorded on its books but not yet paid by its bank
Petty Cash
Fund containing a small amount of cash that is used to pay minor amounts
Treasurer
In a large company, the person in charge of writing checks