Match the following paper payment types with the correct description. Match the following paper payment types with the correct description.Cash[Choose ]Checks[Choose ]Cashier's check[Choose ]Money Orders[Choose ]Choose ]Becoming less common. Not all places accept them. Writing a note to say it's okay for the amount of money you wrote down tIn the past, this was the only way to pay for things.Bank guarantees not to bounce. Will require a fee for purchasing. Required for making large payments.Can be purchased from the bank, post office, retail stores, or online.

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

Answered: Match the following paper payment types…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

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.) 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…
Your friend, Gerald, has asked you to help him with his bank statement. He is sure there are some errors and some things just do not make sense to him. Study the bank statement shown below and answer the questions that follow. • The fee for deposits is R2,00 plus R1,00 for every R100,00. • Stop order payments cost R2,50 regardless of the amount. • Card purchases cost R1,00 regardless of the amount • Gerald's biggest expense is his accommodation, he pays rent to S. Yusuf. Questions 3.4 Use the information regarding the banking fee to find a mistake in the fee column. Identify the mistake and correct it. 3.5 How much rent does Gerald pay each month? 3.6 The tax of R2 440 has already been deducted from Gerald’s salary. What tax rate (percentage of his total salary) is he paying towards tax? Round off your answer to two decimal values.
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.
Which of the following is true about credit cards? A) when you use one, the money is taken directly from your bank account B) they usually charge a lower interest rate than debit cards C) they are issued by networks such as visa D) you can run up huge debt if you don’t pay the balance off quickly
Companies sometimes convert receivables to cash before they are due by selling them or using them as security for a loan. The reasons that a company may convert receivables before their due date include: (Check all that apply.) to quickly increase profit. the company needs cash. the company does not want to deal with collecting receivables. to satisfy customer's needs.
Revolving lines of credit generally do not involve the use of credit cards and often offer borrowers more credit at lower interest rates than credit cards. Borrowers use checks to pay their bills, purchase goods and services, or even to take cash advances. Banks, brokerage houses, and other financial institutions offer open account credit to qualified borrowers. Revolving Credit Lines Overdraft protection is linked to your established overdraft provision can signal that you're You receive funds from an unsecured personal line of credit credit be in case you overdraw your account. It draws on a line of credit that is usually . You should use your overdraft provision . Frequent use of your going through the formality of setting up a new loan. It draws on a line of credit that can . Remember, even though acquiring the funds is as simple as writing a check, the funds still represent a loan. Payments are usually structured to be due Home equity lines of credit enable you to acquire cash…
Which statement about credit cards is true? a) A credit card company charges high interest rates on balances not paid off each month. b) A credit card company allows you to use money from your savings account. c) A credit card company allows you to payback money when you can d) A credit card takes money directly out of your checking account
You have recently started your training with National Bank of Oman. A customer approaches you to get information about different types of deposit accounts. Which of the following do you think is not true for demand deposit account? a. Can withdraw amount before the maturity b. No interest given on deposit c. Is suitable for firms and companies d. Deposit accepted many times in a day
Matching Question Match the banking term on the left with its definition on the right. Drag and drop application. Deposit ticket Deposit ticket drop zone empty. Check Check drop zone empty. Bank account Bank account drop zone empty. Remittance advice Remittance advice drop zone empty. Electronic funds transfer Electronic funds transfer drop zone empty. Lists currency, coins and checks deposited into an account Explains the reason for payment Used to deposit money for safekeeping and help control withdrawals. A document signed by the depositor instructing the bank to pay a specified amount of money Electronic transfer of cash from one party to another
is a short term loan against your credit card. Instead of using the credit card to make purchases or pay for a service, you bring it to the bank or ATM and receive cash to be used for whatever purpose you need.
Fill in the missing amounts in the table below. Hint: set up t-accounts for Accounts Receivable and the allowance and plug in the appropriate balances and changes. For example, Bad debt expense causes the Allowance balance to increase, while Collections from customers cause the Accounts receivable balance to decrease. Year 0 Year 1 Year 2 Year 3 Credit Sales 65,000 [d] 69,500 Collections from Customers [a] 58,300 60,700 Bad Debt Expense 4,200 3,500 [g] Write-offs 3,500 [e] 4,300 End. Accounts Receivable 25,000 32,000 36,000 [h] End. Allowance for DA 5,000 [b] [f] 7,000 End. Net Accounts Receivable 20,000 [c] 29,400 [i]
A payment system that uses computerized electronic impulses to affect a cash transaction is called electronic funds transfer (EFT). True False A remittance advice is the notification accompanying the check issued to a creditor that states the specific invoice being paid. True False The party signing a check is called the drawee. True False the bank often informs the depositor f bank service charges by including a credit memorandum with the monthly bank statement. True False A signature card shows the signature of only the person who authorizes others in the company to sign checks. True False The payor is the party to whom payment us made. True False Bank customers are considered creditors of the bank, so the bank shows their accounts with credit balances on the bank’s records. True False Depositing all cash, checks, etc, in a bank and paying with checks is an internal control procedure over cash True False

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