Aside from a checkbook, many checking accounts nowadays come with an ATM or debit card for withdrawals, point-of-sale (POS) transactions, and off-line payments. True False
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Aside from a checkbook, many checking accounts nowadays come with an ATM or debit card for withdrawals, point-of-sale (POS) transactions, and off-line payments.
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- Describe situations in which you might use a certified check, cashiers check or money order.Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
- As a helpful amenity for customers making electronic payments, certain credit card issuers provide credit card numbers that can only be used once. Users are required to visit the website of their credit card provider in order to get a number with a single usage. In comparison to the more conventional methods of doing online credit card transactions, what are the benefits of using this technology? In terms of the benefits and drawbacks, how does it contrast with verification via an electronic payment gateway?Summarize the procedures to follow when accepting credit cards, bill-to-accounts, cash, checks, and traveler’s checks as methods of payment.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
- Which one of the following is true of a signature card? A. It is the same as a deposit receipt and acts as a proof of the deposit transaction. B. It can be used as a debit card. C. It can only be used for bank accounts of individuals, not for the bank accounts of businesses. D. It shows each authorized person's signature for a bank account.What is the relationship between an account and item? What is the Chart of Accounts? What happens if you click on the Home icon? Which transactions in QuickBooks are considered Non-posting? How do you record a payment from a client that is paying multiple invoices? How does the “Enter Bills & Pay Bills” feature differ from the “write check” feature? How do you determine if a check has been reconciled in QuickBooks? How do you export QuickBooks Reports into excel? How do you switch to Multi-User Mode? What is the purpose of having a Single-User Mode? How does Accrual Basis of Accounting differ from Cash Basis? If you want to modify the account or name filters within a specific report you have open, where do you click? What is the keyboard shortcut for the date to jump to “Today’s” Date? What account(s) does an Inventory item post to when it’s purchased? What about when it’s sold? What account(s) does an Inventory item post to when it’s sold? What are some of the different types of…Name the four basic components of an AIS.When special journals are used, where are all the cash payments by cheque recorded?How do debits and credits remain equal when credit sales to customers are posted twice (once to the Accounts Receivable controlling account and once to the customer’s account in the sub-ledger)?How do we identify the journal from which an amount in a ledger account was posted?What is the normal recording and posting procedure when using special journals and controlling accounts with sub-ledgers?7. Why does a company need a general journal when using special journals for sale, purchases, cash receipts, and cash disbursements?
- What is the relationship between data, information and an information system? How is a credit check in the advanced technology system fundamentally different from a credit check in the basic technology system? You are a consultant who has been hired to design a point of sales (POS) system for a restaurant that accepts cash and credit cards. The restaurant also issues coupons through local newspapers, which it accepts as cash from customers.The system will employ computer terminals with cash drawers that are connected to a central computer. Servers take orders and receive payments from customers. At the end of the shift, servers reconcile their cash drawers with the manager. The system automatically updates the journals and General Ledger accounts. Describe the risks inherent in the system and the physical and computer controls needed to mitigate the risks.What is the adjusting entry for Bank Reconciliation: Debit Memo- Cost of CheckbookWhere should you go to set up a new bank feed or link to a bank account in a client's QuickBooks Online company? A. Expenses Center B. Accounting Center C. Sales Center D. Banking Center
