If you want to ensure that your money will be secured if cheques sent are wasted in the post, you should. explanation for correct and incorrect A) Always pay by ca B) Cross your Cheques ‘Account Payee only, Not Negotiable C) Always get the money in pers D) Not use the postal service in futu reon.’sh future
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If you want to ensure that your money will be secured if cheques sent are wasted in the post, you should. explanation for correct and incorrect
A) Always pay by ca
B) Cross your Cheques ‘Account Payee only, Not Negotiable
C) Always get the money in pers
D) Not use the postal service in futu
reon.’sh future
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- The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of the payment from W’s savings account. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above The bill of exchange written by X indicates that for the payee to receive the money from the drawee bank, the payee must first sell his house and car and give the proceeds to charity. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the aboveK Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having funds in a checking account? Explain overdraft protection and stop payment orders. Are all bank fee structures the same? Checking accounts: (Select the best answer below.) O A. no longer offer a record of payment, but they often pay interest. OB. are used by people with insufficient funds in savings accounts. C. have varying fees and often pay substantial interest. O D. enable people to have a record of payment, but they often pay no interest. Overdraft protection is: (Select the best answer below.) OA. a loan, usually at high interest rates, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OB. required by law. OC. a service, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OD. a loan, usually at no charge, that a…K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having funds in a checking account? Explain overdraft protection and stop payment orders. Are all bank fee structures the same? Checking accounts: (Select the best answer below.) OA. no longer offer a record of payment, but they often pay interest. B. are used by people with insufficient funds in savings accounts. C. have varying fees and often pay substantial interest. OD. enable people to have a record of payment, but they often pay no interest. Overdraft protection is: (Select the best answer below.) O A. a loan, usually at high interest rates, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OB. required by law. O C. a service, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. D. a loan, usually at no charge, that a…
- Your customer has paid their bill, yet the Accounts Receivable balance has not changed. Which of the following could have caused this error? A Bypassing the Pay Bills window and writing a check to the vendor B Deleting the deposit before reconciliation C Running the Open Invoices report before accepting payment D Bypassing the Receive Payments window and entering the payment directly in the Bank Deposits window4. What happens when you complete the Manage Bounced Cheque form? a. The invoice will be marked unpaid, and the process ends. b. An invoice will be created for the bank fee that you pass along to the customer, and the process ends. c. The invoice total is increased by the amount of the bank fee, and the process ends. d. The invoice will be marked unpaid, the fees for the invoice and the bank charge will be deducted from the business's bank account, and an invoice will be created for the bank fee that you pass along to the customer. PLEASE KINDLY EXPLAIN YOUR CHOICE OF ANSWER.In a system like QuickBooks Online, when should you create an invoice? a. When a customer purchases goods or services and pays you in cash at the time of the sale b. When a customer purchases goods or services but does not pay you at the time of the sale c. When a customer purchases goods or services and pays you by check or credit card at the time of the sale d. When a customer purchases goods or services, but you don't want to record the sale as final
- Direction: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following Savings Account Current Account Time Deposit UITF _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9. This bank account comes with atm or passbook. ________________10. This is evidence by a…Which of the following is not a reason for the Jones Hardware Store to accept credit cards from customers? Group of answer choices A)Jones can receive its money faster than if it directly extended credit to the customer by an account receivable. b)The credit card company offers a discount to Jones so that Jones will have more money available for operations. C)Jones will not have to be concerned with nonsufficient funds checks from customers. d)Jones will not have to have extra office workers to make phone calls to customers requesting collections on accounts. E)All these are reasons to accept credit cards.In which of the following ways do Fedwire payments differ from ACH payments? 1. Fedwire payments are always credit push. 2. Fedwire is an electronic payment method. 3. Fedwire payments typically cost the payer more to send. Give typing answer with explanation and conclusion
- For the following transactions, show which Balance Sheet line items will be affected and if the effect will result in the line item increase or reduction. • Purchase a Treasury Bill for cash• Client withdraws savings• Receive a donation• A current loan becomes past due• Purchase motorcycle for staff with short-term creditIf a bookkeeper mistakenly records a payment as RO 950 instead of the correct amount of RO 180, the error should be shown on the bank reconciliation as a .RO 630 deduction from the books B.RO 770 addition to the books c.180 deduction from the books D. RO 180 addition to the books E. None of the options are correctWhich of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NES check Wire transfer by customer Deposit in transit Bank charges