Abdullah has applied for a loan to start his business. Bank has checked the profile of Abdullah. Bank is ready to give him a loan but they are asking for a collateral. Which type of loan, bank is advancing to Abdullah? a. Cash credit b. Secured loan c. Personal loan d. Unsecured loan
Q: To obtain financing for her hair salon, Valeri asked you toprepare a balance sheet for her business.…
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: As a CEO of Gempak Gempur Sdn Bhd, Datuk Ikhwan would like to apply a line of credit for home…
A: Mr. Datuk Ikwan's want to some line of credit from the bank which are needed for the renovation of…
Q: Stein and his son owned a television appliance store. However there were having severe financial…
A: ANSWER The case has conflicting a line of business, conflict of inters, torts of negligence and…
Q: Kofi Ansah, who maintains an account with KYZ bank ltd has presented a cheque he received from one…
A: i) Following are the parties in the given scenario:
Q: 1-Bank Overdraft is an example of a. Current asset b. Current liability c. Non-current asset d.…
A: As per the Guidelines, only first question should be answered. Since you have asked multiple…
Q: You open a deposit with capital. The bank uses most of your money to make a loan to jungle Jim’s…
A: Bank deposits consist of money placed into banking institutions for safekeeping. These deposits are…
Q: Suppose you go to your local bank, intending to buya certificate of deposit with your savings.…
A: The risk of credit can arise from the failures of a borrower to pay back the creditor to comply with…
Q: 1.) A credit card is which of the following? All of the answers are correct Is one part of a…
A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…
Q: Mr. Ahmed has purchased goods from Khalid for OMR 1000. Mr. Khalid requested that instead of paying…
A: In the given case, Mr.Khalid lost the cheque for OMR 1,000 and as per details the cheque is drawer…
Q: You decide to start a business selling covers for smart phones in a mall kiosk. To buy inventory,…
A: A bond is an instrument that represents the loan that is made by the investor to the company and…
Q: Suppose the central bank decides to lend $2million to a particular bank (Kangaroo Bank) on the…
A: Central bank or other monetary authority is charged with issuing domestic currency. That is an…
Q: Ayesha recently started a grocery store and wanted to deposit the daily business transaction in the…
A: Recurring account is an account in which periodic deposits are made which are usually related to…
Q: Indicate the accounts that might need to be adjusted before an accurate set of finan- cial…
A: There are various indication in the income statement and balance sheet for which the loan officer…
Q: Khalid is working in a bank. He is confused with regard to ledgers and registers. From the below…
A: Loan is a source of financing provided by the bank to its customers. It can be short term or long…
Q: The Pizza and Coffee Company is owned and operated by Patty Patterson who commenced the business…
A: All amounts are in dollar ($).
Q: You have recently started your training with National Bank of Oman. A customer approaches you to get…
A: A demand deposit account is a bank account from which deposited funds can be withdrawn at any time
Q: On June 1, 2021, Alan Harper buys a copier machine for his business and finances this purchase with…
A: Compound journal entry is that entry in which more than one account is debited or credited to record…
Q: 1. Adrian is a bank manager. A customer Neo has come into the bank. Neo has a mortgage loan with the…
A:
Q: You have recently been hired by Davis & Company, a small public accounting firm. One of the…
A: 1. The difference between a cash basis and an accrual basis measure of performance is as follows:…
Q: The Pizza and Coffee Company is owned and operated by Patty Patterson who commenced the business…
A:
Q: A. Determine the maximum amount of new loans that this bank can make. Present in columns 1 and 1'…
A: Loan refers to the borrowed amount or the amount given by one party to another for repayment till a…
Q: Show how each of the following would initially affect a bank’s assets liabilities. Someone makes…
A:
Q: Frustrated at the treatment he received by the bank appointed receiver; Heath is angry with Pestwac.…
A: The individuals can take certain actions against the bank regarding the irregularities they are…
Q: Simone Smith, Trading as Scents of Jamaica, is applying for a small business loan. She provides the…
A: Introduction: The statement of affairs method, like your company's balance sheet, shows your net…
Q: If you look, usually at the door as well as maybe the teller stands, when you go into your bank, you…
A: The question is based on regulation of banking insurance.
Q: Identify the following whether the following illustrates a business loan or a consumer loan. _1. Mr.…
A: Business Loans: Business loans are the types of loan that are undertaken for commercial or business…
Q: Several years ago, your brother opened Magna Appliance Repairs. He made a small initial investment…
A: The financial statements of a company include the statement of balance sheet and income statement of…
Q: You have recently been hired by Davis & Company, a small public accounting firm. One of the…
A: 1.
Q: Ali is a businessman who started a business and in one stage due to the shortage of money he planned…
A: Introduction: Banks: Banks accepts deposits from general public and lends money to the needed. Banks…
Q: in his book Banking Law? a. A banker is one who in the additional course of his business, discounts…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: One of your best friends has just started an accounting course at university. After his first lesson…
A: As per accounting rules, the assets have debit balance and liabilities have credit balance.
Q: Eric Song has set up as a sole trader and introduced his savings worth £8,000 to his business, Song…
A: Solution: When an owner introduced cash in business, it means he has invested capital in the…
Q: a) Prepare the necessary adjusting journal entries on Dec 31, 2020. [Narrations are not required]…
A:
Q: 4. Martha Higgins is currently trying to borrow some money from the bank. She has listed her…
A: The GAAP or Generally Accepted Accounting Principles are the accounting standards which…
Q: PRINCIPAL is money paid to you by the bank for letting them use your money. Your answer: O Yes O No
A: A bank is a financial institution made to receive deposits and make loans.
Q: Your friend, Gerald, has asked you to help him with his bank statement. He is sure there are some…
A: Bank reconciliation statement: The bank reconciliation statement (BRS) is prepared to reconcile the…
Q: Match up the following statements and answers. An answer may be used more than once. Whose…
A: An asset is classified in two parts current and non current. Current part is realizable within a…
Q: Lawyer Lemon, a Jacksonville lawyer, specializes in what he calls credit management law. That is, he…
A: While having an Advertisement there are some rules and regulations which need to adhere while…
Q: You are an auditor in public accounting firm and you are auditing the client's financial statements.…
A: Misstatement basically means errors in the financial statements.
Q: How will you deal with the below mentioned situation if you are branch manager of the Bank. A…
A: Fixed Deposit is a saving instrument service provided by banks for both short and long terms. The…
Q: Mr. Raid is new businessman in Muscat. When dealing with the local suppliers, he was not given…
A: Being a new businessman, Mr Raid requires additional help from the bank so that the suppliers can…
Q: Please answer both parts, a. The qualities you look for in a friend are the same qualities a lending…
A: Banking industry is an industry that handles the transactions that are financial in nature and…
Q: Abdul borrowed money from a company that keeps money for people. This source of credit is called…
A: Money is usually given at a cost that is called interest.
Step by step
Solved in 3 steps
- Please answer both parts, a. The qualities you look for in a friend are the same qualities a lending institution hopes to find in you. Do you agree or disagree with this statement? Explain. b. Suppose you are a loans officer in a bank. List three questions you would want to ask a customer who has come in to borrow $15 000 to buy a new boat?d) QBank makes a personal loan of £10,000 to Mr A, and credits his current account with the amount of the loan. Describe the initial impact on QBank’s balance sheet, the money supply, and the net worth of both QBank and Mr A. e) Mr A then withdraws £10,000 in cash with which he pays Ms B for building work. She immediately deposits it in her current account with another bank, RBank. What is the impact on QBank’s balance sheet, and on the aggregate money supply? f) Financial media report that QBank has made “significant” capital losses on some of its financial investments, as well as suffering high default rates on its loans to households. Discuss the possible consequences, using the information in your earlier answers.You open a deposit with capital. The bank uses most of your money to make a loan to jungle Jim’s gym. Which of the following is correct? Choose two. A) the deposit is your asset B) The Loan is your asset C) the loan is the bank’s liability D) the loan is the bank’s asset E) the deposit is your liability
- Identify which one of the following is the definition of banker given by Dr. H.L. Hart defined in his book Banking Law? a. A banker is one who in the additional course of his business, discounts bill drawn upon him by persons from and for whom he pays on accounts b. A banker is one who in the ordinary course of his business, honors cheques drawn upon him by persons from and for whom he receives on accounts c. A banker is one who in the future course of his business, provides loans to persons from and for whom he receives on accounts d. A banker is one who in the special course of his business, honors demand drafts dawn upon him by persons from and for whom he pays on accountsSuppose you go to your local bank, intending to buya certificate of deposit with your savings. Explain whyyou would prefer this to offering a loan, at an interestrate that is higher than the rate the bank pays oncertificates of deposit (but lower than the rate the bankcharges for car loans), to the next individual who entersthe bank and applies for a car loanA customer of a Bank Nizwa wants to know about the accounting treatment of advancing loans to Public by the bank. The branch manager of Bank Nizwa has replied to the customer that the loans provided to public will be recorded under the: a. Debit side of the income statement b. Liability side of the statement of financial position c. Assets side of the statement of financial position d. Credit side of the income statement
- Simone Smith, Trading as Scents of Jamaica, is applying for a small business loan. She provides the bank with the following information: cash in checking account $5000, short-term investment $10,350, real estate with market value of 115,500, inventories 30,000, first mortgage on real estate 25000, home equity loan limit 70000, balance on home equity loan 10,000, value of home 200,000, automobile with market value of 19,000, automobile loan outstanding 15,000, credit card debt 1500. (A) using the information provided, construct a statement of Affairs [personal balance sheet] for Simon Smith, trading as Scents of Jamaica. The statement should be arranged to show the assets and liabilities in their various categories, for example current assets being a category. (B) The bank’s policy says that a debit ratio of 20% or less is acceptable for a small business loans . Using the debt ratio as the sole criterion , would you make a loan of (100000)hundred thousand dollars to Scents of…Suppose Mr. Ahmad and Mr. Akram are the current and saving account holders in an Islamic bank, respectively. Mr. Ahmad andMr. Akram have made payments to their vendors against credit sale through checks and they also made a gratuitous payment totheir relatives through checks separately. Please answer following considering scenario:II. Explain whether the transactions made by Mr. Ahmad and Mr. Akram are based on Hawalah. Please also specify theform of Hawalah in each situation, if any.Abdul borrowed money from a company that keeps money for people. This source of credit is called _____. a. insurancecompany b. cooperative c. commercial bank d. merchant Need answer ASAP...
- Anthony Clement is applying for a car loan. The lending institution requires a personal net worth statement. Anthony currently has $1,085.00 in cash, and his camera is worth $635.00. He also owes Vista Travel $305.00 and Kelley Electronics $83.00. Complete a net worth statement for Anthony Clement. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter? Keeping this situation in mind, comment on the following: Will she get the cash? If no, justify? Would your answer be the same, if the cheque was bearer? Discuss4) Mr. Raid is new businessman in Muscat. When dealing with the local suppliers, he was not given credit facility as he was new. He requested his bank to help him. The bank provided him with -----