if you issued a cheque to the customer who supplied you goods for sale and the bank manager declines to cash it, what justification would you accept for his decision?
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if you issued a cheque to the customer who supplied you goods for sale and the bank manager declines to cash it, what justification would you accept for his decision?
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- What if the drawee bank failed to determine right away that the CHECK is supposed to be dishonored and yet made payment to the holder of the CHECK, what is the remedy of the bank in this case? Can it go after the drawer or check issuer?A Letter of Credit (LC) is a document that guarantees the buyer's payment to the sellers. It is issued by a bank and ensures timely and full payment to the seller. If the buyer is unable to make such a payment, the bank covers the full or the remaining amount on behalf of the buyer. Why would the bank pay the remaining amount on behalf of the buyer, and what would be the risk exposed to the bank? Please explain thoroughly.Why does a bank credit a customer's account when the customer makes a deposit and debit the account when the customer makes a withdrawal? O Because banks use a different method of accounting O Because the customer's account is a liability for the bank. Because the customer's account is an asset to the bank
- 1. What do you think are conditions that must be met if the banker is to honor the customer's cheques? 2. Can you describe any circumstances where it might be in the interest of the bank to divulge information about the affairs of one of its customers? 3. What duties does a customer have to his or her bank?When a business endorses a note and transfers it to a bank, the process is called a discounting a note receivable. b. dishonoring a note receivable e cosigning a note receivable d. collecting a note receivableDoes the sale of accounts receivable to generate immediate cash harm or mislead anyone? Would you consider it an ethical business activity?
- What documentation should an auditor inspect when a client has paid off a bank note? How could an employee defraud the company if the bank note has no indication of being paid?Advantages and disadvantages of accepting debit and credit card transactions as opposed to accepting personal Cheques from customers? (Consider both internal control and business reasons)Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented? Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented?
- A drawer, knowing that he has insufficient credit in the bank, issues a check, which was eventually dishonored by the drawee bank. The drawer may be held liable for: a. Violation of Bouncing Checks Law b. Estafa c. Civilly liable d. All of the aboveIf an accountant mistakenly uses the General journal to record a payment of cash for a bill that is due, instead of the Cash Payments journal, will this mistake cause the corresponding accounts in the General ledger to be off?Which of the following statements about a forged drawer's signature on a check is true? a.) A payor bank that pays on a forged signature of the drawer can charge the drawer's account b.) A payor bank paying on the forged signature of an endorser does not need to return the instrument to the party whose name was forged c.) In the event of the forged signature of the drawer, the bank can collect from the party receiving the payment unless the party is the forger or the party dealt with the forger negligently d.) A payor bank that pays on a forged endorsement can collect from the person to whom payment was made