Q25 A promise to pay the face amount of the draftto whomever presents it for payment madeby banks to finance specific import & exporttransaction is known asSelect one:A. Commercial PaperB. Certificate of DepositC. Banker's AcceptanceO D. Treasury Bill

Commercial paper is a form of unsecured short term debt to finance the short term needs of the…

Answered: A promise to pay the face amount of the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 16MC: Which of the following are found on the bank side of the bank reconciliation? A. NSF check B....

See similar textbooks

Similar questions

Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?
Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.
Complete the follow table to ensure the difference between the three instruments.(According to the hint) Items Draft Promissory note Check Character Unconditional promise Main party 3(Drawer, Drawee, Payee) Principal debtor Drawer Creditor Holder(Payee or Endorsee) Liability of the drawer Guarantee acceptance and payment Identity of the payer Must be a bank Due time At sight and at time Number of bills One
Incorporate the following data into Bank X's revenue statement. Each item should be labelled and placed in the proper category and order. Commission ,exchange and brokerage received.Income on InvestmentsInterest paid on depositsPayments to and provisions for employeesInterest paid on BBI/ interbank borrowingsInterest/discount received on advances/billsIncome from leasing/hire purchaseInterest paid-othersProfit on exchange transactionsRent, taxes, lightingInsuranceLaw chargesProfit on sale of land, buildings and other assetsMiscellaneous incomeAuditor’s fees and expensesPrinting and stationaryProfit on sale of investmentsDepreciation on bank’s propertyIncome by way of dividends and subsidiariesAdvertisement and PublicityInterest earned – othersDirector’s fees, allowances and expensesMiscellaneous incomeRepairs and maintenanceOther expensesPostage, telegram, telephone and other communication expensesInterest received on balances with RBI and interbank funds.
A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandum
The bank or other financial institution where the cheque can be presented for payment. a. BDO b. Drawee c. Metrobank
Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections already forwarded to the bank for deposit but too late to appear in the bank statement c.matured time deposits transferred by bank to the current account d.notes receivable collected by the bank in favor of the depositor e.charges for penalty
In 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
Describe the structure of a bank accepted bill/ bank endorsed bill/bill of exchange. In your explanation, clearly distinguish the roles of the parties associated with the bill issue.
A company repays its bank borrowings. The entry to record that transaction should be Group of answer choices A debit to bank borrowings and a credit to cash A debit to cash and a credit to bank borrowings.
Question: What is the source documents for Payment made by the business X. option: a) invoice received by the business X. b) invoice issued by the business X. c) Receipts received by the business X. d) Receipts issued by the 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.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

A promise to pay the face amount of the draft to whomever presents it for payment made by banks to finance specific import & export transaction is known as