Explain promissory notes?

Q: What is the principal of a note?

A: A note is a promise to pay a specific amount of money to the payee on a future date. It is a…

Q: Define letter of credit.

A: Credit refers to the concept, is defined as the financial agreement where the borrowers receive…

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: Define the term Approval of payment requests?

A: The payment is an amount of money paid by the customer to the seller in exchange of goods and…

Q: What is a registration statement?

A: Statement: It can be defined as any sentence or a line that provides information in a definite or a…

Q: How are journal vouchers used as a control mechanism?

A: Journal Voucher: Journal voucher are used in providing the inputs for the general ledger. The…

Q: Describe a note receivable, the computation of its maturity date, and the recording of its…

A: The cumulative sums owed to a client for products or services sold are trade receivables that are…

Q: What is the definition of a general ledger account?

A: A company's double-entry accounting system is built around the general ledger.

Q: Match the following paper payment types with the correct description.

A: Payment types means various modes of payment which are used for the purpose of making payment to…

Q: Define receivables and explain issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: Define receivables and understand issues related to their recognition.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What information is contained in the general ledger master file?

A: General Ledger:  The financial information required for the preparation of financial reports of…

Q: Write the main aims of the regulations of the Depository Institution

A: Depository institutions- There are mainly three types of depository institutions. These are namely-…

Q: What is the importance of date of declaration, date of record, and date of payment?

A: Following are the importance of declaration date, record date and payment date in accordance with…

Q: Explain promissory note

A: A promissory note is a financial instrument that contains a written promise by one party (the note's…

Q: Explain certificate of deposit (CD).

A: Money Market Instruments are short term financial instruments which helps in increasing financial…

Q: Explain how to record note payable transaction.

A:

Q: Determine due date and interest on notes

A: Interest:- Interest(In accounting terms) is the excess amount that is paid for taking a certain…

Q: Define the term accounts.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is an invoice?

A:

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: What is the purpose of a bookkeeping system?

A: This question explains about the purpose of a bookkeeping system

Q: Account for notesreceivable and interestrevenue

A: Notes Receivables: This records the promissory note’s value that is a promise in writing that one…

Q: How does the Genral Ledger work?

A: General ledger is the account prepared by the company for each transactions made by the company. It…

Q: What is the purpose of the general ledger history file?

A: General Ledger:   The financial information required for the preparation of financial report; of…

Q: Explain how to record accrued interest.

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: what are checks and balances ?

A: Checks and Balances:-It is a system where each branch of government has power and helps in…

Q: Explain Counting and Record Keeping?

A: Although counting is the process of adding up numbers or marking a succession of numerals from…

Q: What are note payables? How they are recorded?

A: Solution:- Notes payable meaning as follows under:-

Q: How should I record transactions?

A: Recording of transactions is the first step in the accounting process.

Q: Indicate how to present and analyze liabilities and contingencies.

A: The liabilities are the amount of money which a business has to pay to the outside parties. The…

Q: What additional issues are involved with miscellaneous, other, and clearing accounts?

A: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing,…

Q: Define Notes Receivable.

A: Notes receivable: Its a current asset having a life of less than one year. Notes receivable should…

Q: Define Warrants.

A: Definition:   Equity financing: Equity financing is the larger amount of long-term financing that…

Q: Define clearing (payment process)

A: Checks: Checks refer to the written document which is dated and signed which directs a bank to pay a…

Types of Money Market Instruments