Answered: 26: What can be used to convert credit…

26: What can be used to convert credit sales into liquidity/immediate cash? 2771244349 Systematic disbursements Factoring Cash management None of the above.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 4TF

See similar textbooks

Related questions

Q: All of the following statements are True about Bank overdrafts: If no offsetting allowed, should be…

A: Bank Overdraft: A bank overdraft occurs when there is not enough money to do the transaction but…

Q: For the following two situations, select the statement that would be most helpful in managing cash…

A: Cash management is an essential task to be performed by each enterprise so that the business can…

Q: 1. The statement of cash flows classifies cash receipts and cash payments into two categories:…

A: Cash flow statement is a statement showing the inflow and outflow of cash in an organization. It is…

Q: Which is false concerning measurement of cash and cash equivalents? a. Cash is measured at face…

A: Cash and cash equivalent are important source of current assets banks have.

Q: 9- 11. Which of the following is incorrect about the statement of cash flows? (ANt provides…

A: Cash Flow Statement(CFS) shows receipts and appropriation of cash flows in systematic manner that…

Q: With regard restricted cash, all the following statement are correct except OA It is a cash set…

A: 1. Restricted Cash is is the cash held for some specific purpose. It is an asset for the company but…

Q: Which of the following is/are reasons for differences in cash book and bank statements? a. All the…

A: Introduction: Bank Reconciliation statement: To reconcile the difference between bank book and cash…

Q: How should significant noncash transactions be reported in the statement of cash flows? They…

A: Solution Noncash transactions commonly recognized in financial statements such as income statement,…

Q: 1. A company makes a sale to a customer on credit and borrows cash (70-90% of the amount of sales)…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Calculate the missing figure using the basic accounting equation Petty Cash Cash at bank 500 Capital…

A: This question deals with the balance sheet equation. As per balance sheet equation, asset is always…

Q: List two items often encountered in reconciling a bank state-ment that may cause cash per the bank…

A: Firm records every transaction in its cash book. Bank also open ledger account for that firm. The…

Q: Bank overdrafts that are repayable on demand

A: Bank overdraft account is a current liability repayable within one year.

Q: (a) How are cash equivalents reported in the financial statements? (b) What are some examples of…

Q: Are any time lags in recording economic events typically experienced in cash disbursements systems?…

A: Payroll System: A payroll system is a system within an organization that is responsible for…

Q: The bank erroneously deducted $340.47 from the company's account when the actual amount of a check…

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…

Q: Which of the following is considered as cash equivalents? Bank overdraft Trade AR Money orders All…

A: Cash and cash equivalents are those short term assets which can be converted into cash in short…

Q: Which one of the following assets is not considered as cash equivalent? Guaranteed investment…

A: Cash equivalents are form of liquid and current assets which can be converted into cash into short…

Q: 1. Discussed in this chapter is the Imprest System. What is it and how does it help in managing…

A: Financial management involves planning and controlling the financial activities of the organization…

Q: Define restricted cash and indicate how it should bereported on the balance sheet

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Explain with figures why your company’s cash book balance will not agree with the bank statement…

A: Explain with figures why your company’s cash book balance will not agree with the bank statement…

Q: 30.Which of the following statements relating to cash is INCORRECT? a. The presentation of the cash…

A: Cash and cash equivalents: Cash and cash equivalents are those term assets that are either in cash…

Q: QUESTION 1 a) Explain the reasons for the difference between the cash book and bank statement. b)…

A: Cash book is the book in which all the transactions of the business which involves cash is recorded.…

Q: Effective cash management and control includes all of the following excepta. the use of a petty cash…

A: The correct answer is c. purchase of stocks and bonds. Explanation for correct answers:…

Q: Assume that Arkan Majan International LLC sold goods to its customer on credit for OMR 2500 and…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: I woud like to know what is the formula for accumulated deficit and cash and cash equivalents (the…

A: In this question we write formula for accumulated deficit and cash and cash equivalents.

Q: 1) Explain the meaning of Restricted Cash, and provide an example. 2) Describe what challenges are…

A: Cash is the liquid asset for running the day to day activities. Cash is generated through profits,…

Q: 9. is an example of the first line defense against customer demand on deposit O trading account…

A: Banks are financial institutes that deal in activities like lending, deposits, investments of funds…

Q: Which of the following is not considered cash for financial reporting purposes? a. Petty cash and…

A: according to the rule, because you have posted multiple questions, we will answer the first question…

Q: Identify transaction NOT belonging to Cash Equivalents O a. Bank Balance O b. Bank Overdraft O c.…

A: Cash equivalents are the items that are equivalent to cash means either thise are cash ready or…

Q: Which of the following transactions involve the movement of cash? O A provision for obsolete stocks.…

A: Cash is a current asset which is having the highest liquidity. It is readily available means mostly…

Q: Which of the following is a cash inflow from financing activities? Receipt from collections on notes…

A: The cash flow statement is prepared to find the net cash inflow or outflow from the business.

Q: State and explain the reasons for the difference between cash book and bank statement

A: Definition: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own…

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

KIRTI RANJAN PANDA : switch on ur camera
26: What can be used to convert credit sales into
liquidity/ immediate cash?
2771244349
Systematic disbursements
Factoring
Cash management
None of the above.
Save & Next
Save & Back
Skip/Mark For Re

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Account receivable

VIEW

Answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following is true of EFT? It is easy to document purchase and sale transactions. It means Effective Funds Transfer. It cost more than receiving cash payments through the mail. It can process certain cash transactions at less cost than by using the mail.
ME8Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Crb) AR Dr, Revenue Crc) Fees Earned, debit; Cash creditd) Cash, debit; Bank Cr
Explain the primary goal of maintaining a cash book. Use a case study company of your own choice to demonstrate how such a goal (Your arguments must only relate to the main goal of a cash book) can be attained. Provide examples as approperiate Clearly explain how a cash book can be integrated in the extraction/development of the Trial Balance. Are trade discounts included in the cash book? If not or if yes, explain why Are credit transactions included in the cash book? If not or if yes, explain why Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With examples explain the nature and differences between revenue and capital ledgers Using two revenue and capital ledgers, explain how you will treat them in the trial balance. Explain the treatment of the proprietor’s additional contribution to an already existing business. In addition, explain the underlying accounting principle you will apply in answering this question. Thames Cotton Mills…
Prepare a Three Column Cash Book from the following transactions Explain the primary goal of maintaining a cash book. Use a case study company of your own choice to demonstrate how such a goal (Your arguments must only relate to the main goal of a cash book) can be attained. Provide examples as approperiate Clearly explain how a cash book can be integrated in the extraction/development of the Trial Balance Are trade discounts included in the cash book? If not or if yes, explain why Are credit transactions included in the cash book? If not or if yes, explain why following are the transactions of Taki traders for the month of June 2020: June 01: The business owner paid €40,000 into the business account. June 01: Bought goods for resale €7,000 paying by cheque. June 01: Bought a vehicle for €15,000 paying by cheque. June 02: Paid rent €3,000 paying by cheque. June 03: Paid insurance €2,200 paying by cheque. June 04: Bought goods for resale €6,000 paying by cheque. June 05: Sold goods…
Clearly explain the advantages and disadvantages of cash on delivery transactions and credit sales. Relate your answers to the management of accounts receivable. b. What steps should be taken by a business to reduce/eliminate excessive inventory? Explain your answer clearly.
With respect to disbursements, a company can manage their cash more efficiently by __________. a.) paying with cash b.) using lockbox banking c.) minimizing float time d. making use of credit
Question: What is the source documents for cash collection by business X. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. J) credit note issued by business X. Reqiured: please answer this question by choosing the correct answer.
you need to use the 10-k form of the Apple inc. in order to be able to answer the question link to form:https://www.sec.gov/ix?doc=/Archives/edgar/data/320193/000032019320000096/aapl-20200926.htm#ief781ab58e4f4fcaa872ddbd30da40e1_163 Question: On what financial statement(s) do you find "Cash and cash equivalents" (or similarly-named account)? Please include the specific name of the statement(s) directly from the 10-K. Each company may call the statement(s) slightly different names. On what page number are these financial statements?
Question: What is the source documents for Business X sold goods for cash. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. I) Cheque butt. j) credit note issued by business X. reqiured: please answer this question by choosing the right option.
What are the step(s) when using the Sales with Payment customer workflow? A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit B. Create Sales Receipt deposited to the checking account C. Create Bank Deposit D. Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank Deposit
Saifi halwa shop sold RO 200 worth of halwa to customers for cash. Which of the following statement is Correct to record the above transaction? a. Debit Cash Credit Accounts receivable in cash receipt journal b. Debit Cash Credit Sales in cash receipt journal c. Debit Accounts receivable Credit Cash in cash disbursement journal d. Debit Accounts receivable Credit Sales revenue in Sales journal
When recording credit card or debit card sales using the net method, Cash received equals sales. cash received equals sales minus the fee assessed by the card processing company. cash received equals sales plus the fee assessed by the card processing company. cash isn’t received by the seller until the customer pays his or her credit card statement.