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Chapter 7 Vocab - Chapter 7 Vocab 1 Bank Reconciliation The...

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Chapter 7 Vocab 1) Bank Reconciliation: The process of comparing the bank’s balance of an account with the company’s balance and explaining any differences to make them agree. 2) Bank Service Charge: A fee charged by a bank for the use of its services. 3) Bank Statement: A monthly statement from the bank that shows the depositor’s bank transactions and balances. 4) Bonding: Obtaining insurance protection against mis-appropriation of assets by employees. 5) Cash: Resources that consist of coins, currency, checks, money orders, and money on hand or on deposit in a bank or similar depository. 6) Cash Equivalents: Short-term, highly liquid investments that can be converted to a specific amount of cash. 7) Check: A written order signed by a bank depositor, directing the bank to pay a specified sum of money to a designated recipient. 8) Compensating Balances: Minimum cash balances required by a bank in support of bank loans.
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