Key Terms Instructions: Please Define the Following Key Terms

question 30

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Manchester

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Definitions:

Credit Memorandum

A document issued by a seller to acknowledge a reduction in the amount that a buyer owes, often due to a return or refund.

Cash Account

An account reflecting the amount of cash available, including all receipts and payments of cash.

Bank Statement

A report sent by a bank to a customer indicating the previous balance, ATM transactions, nonsufficient funds, individual checks processed, individual deposits received, service charges, and ending bank balance.

Outstanding Checks

Checks written by a company or person that were not received or not processed by the bank before the preparation of the bank statement.