Podcast
Questions and Answers
What is a check register used for?
What is a check register used for?
- To record all transactions (correct)
- To track check clearance only
- To manage investments
- For budgeting purposes
What does the term 'date' refer to in a check register?
What does the term 'date' refer to in a check register?
The date the check was written or the day the transaction was made
What does the 'number' represent in a check register?
What does the 'number' represent in a check register?
The number of the written check; use ATM or DC if a debit card was used
What is meant by 'description of transaction'?
What is meant by 'description of transaction'?
What is Payment/Debit in the context of a check register?
What is Payment/Debit in the context of a check register?
What does Deposit/Credit refer to?
What does Deposit/Credit refer to?
A box marked '√ T' in a check register indicates that the check has cleared.
A box marked '√ T' in a check register indicates that the check has cleared.
What is a fee in the context of a check register?
What is a fee in the context of a check register?
What does balance signify in a check register?
What does balance signify in a check register?
Study Notes
Check Register Overview
- A check register is essential for tracking all transactions in a bank account.
- It records diverse activities including deposits, checks, debit card transactions, fees, and ATM withdrawals.
Key Components of Check Register
- Date: Indicates when a transaction occurred or when a check was written.
- Number: Identifies the check number; for debit transactions, utilize "ATM" or "DC".
- Description of Transaction: Specifies the recipient of the check or the merchant for debit/ATM usages.
Financial Transactions
- Payment/Debit: Represents amounts deducted from the account balance due to transactions.
- Deposit/Credit: Reflects amounts added to the account balance through deposits.
Tracking and Fees
- √ T: A checkmark or box used to confirm if a check has cleared during bank statement reconciliation.
- Fee: Any additional charges applied to the account, listed on the bank statement.
Account Management
- Balance: The account balance is dynamically adjusted by adding credits and subtracting debits. Regular updates to the balance are crucial for accurate financial management.
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Description
Test your knowledge of check register terminology with these flashcards. Each card presents a key term related to recording transactions, including checks, deposits, and debit card purchases. Perfect for mastering the basics of financial record-keeping.
