Business Check Register Flashcards

Questions and Answers

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?

The date the check was written or the day the transaction was made

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'?

The person/business the check was written to or where the debit/ATM card was used Signup and view all the answers

What is Payment/Debit in the context of a check register?

The amount of the transaction deducted from the balance Signup and view all the answers

What does Deposit/Credit refer to?

The amount of the transaction added to the balance Signup and view all the answers

A box marked '√ T' in a check register indicates that the check has cleared.

True Signup and view all the answers

What is a fee in the context of a check register?

Any extra fees charged to the account listed on the bank statement Signup and view all the answers

What does balance signify in a check register?

Calculated by adding or subtracting each transaction Signup and view all the answers

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.

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.