ACG 2021 Chapter 7 Review Questions and Correct Answers
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Course
ACG 2021
Institution
ACG 2021
Bank Statement a document the bank prepares to report the changes in the depositor's cash account for a period of time. It shows the beginning bank account balance, lists the month's cash transactions, and shows the ending bank account balance.
Bank Collection Collection of money by the bank on be...
ACG 2021 Chapter 7 Review Questions
and Correct Answers
Bank Statement ✅a document the bank prepares to report the changes in the
depositor's cash account for a period of time. It shows the beginning bank account
balance, lists the month's cash transactions, and shows the ending bank account
balance.
Bank Collection ✅Collection of money by the bank on behalf of a depositor.
Bank Balance ✅The balance in the company's bank account according to the bank.
Deposits in Transit ✅Deposits that have been recorded by a company but not yet by
its bank
Controller ✅The individual in an organization responsible for the accounting system
and financial statements.
Purchase Order ✅A document showing details of merchandise being ordered from a
supplier.
Treasurer ✅The individual in an organization responsible for the custody of assets,
such as cash
Outstanding Checks ✅Checks that have been issued by a company and recorded in
its books but have not yet been paid by its bank.
Electronic Date Interchange (EDI) ✅Direct electronic communication between
suppliers and retailers.
Nonsufficient Funds (NSF) Check ✅A check drawn against a bank account that has
insufficient money to pay the check.
Bank Reconciliation ✅A document that identifies and explains the differences between
a depositor's record of a cash account and a bank' record of the same cash account.
Purchasing Agent ✅The individual in an organization responsible for placing orders to
purchase foods for that organization.
Electronic Funds Transfer (EFT) ✅System that transfers cash by electronic
communication rather than by paper documents.
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