On a 32 day notice deposit account, if you opt to withdraw funds sooner than the 32 day notice period, there is a fee involved. How are these fees reflected in the GL of the bank?
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On a 32 day notice deposit account, if you opt to withdraw funds sooner than the 32 day notice period, there is a fee involved. How are these fees reflected in the GL of the bank?
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- When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?A debit order of R1500 for payment of rates will appear in ____________during the bank reconciliation processDirection: 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 A bank account which cannot be withdrawn until the contract period has ended.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…
- How will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.The interest rate that banks provide to the customers for the savings deposit account is more than current deposit account but less than: a. Overdraft account b. Savings deposit account c. Flexible account d. Fixed deposit accountWhich one of the following is classified as a cash or cash equivalent? Select one: a. Prepaid insurance b. Restricted bank account that cannot be used for operations c. Bank overdraft d. Government debt investment with 30 days to maturity e. Post-dated cheque
- When a bank grants a consumer loan to someone, it leads to: a. an indirect flow of funds O b. a rise in the bank's liabilities Oc a direct flow of funds Od. a rise in the bank's interest expenseWhen a depositor can take out more than the amount of funds, he/she has within an account is known as: O a. Discounted Bill of Exchange O b. Overdraft Facility OC. Term Loan O d. Money at callIn which of the following withdrawal of funds by a person from a bank can be made on maturity date as agreed with the bank a. Loans b. Fixed Deposit c. Current deposit d. Saving Deposit
- The fee banks pay to the FDIC for deposit insurance is now: a fixed dollar amount for all banks. O a fixed percentage of the bank's deposit level for all banks. O a fixed percentage of the bank's loan volume for all banks. O based on the risk of the bank.In some banks the interest on the deposit depends on the amount on the account. Derive the difference equation describing the growth of your deposit in this situation taking the conversion period a and interest rate p(N).Which is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to Book Balance OD) Deduct from Bank Balance OB) Deduct from Book Balance OC) Add to Bank Balance
