Differentiate savings account from a current or checking account.

Q: Which of the following have high return and low Liquidity? a. demand deposit account b. saving…

A: Account is referred as the record or an arrangement through which a customer’s financial assets are…

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: How might clustering be used to describe customers who owe money (accounts receivable)

A: Accounts Receivable account shows the list of customers of the business who have amount due to the…

Q: Which is better to have? Accounts receivable or notes receivable? And why?

A: Accounts receivable are current assets which represent amounts to be collected from customers for…

Q: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What type of function models a savings account

A: The saving accounts contain compound interest charge on their balances which indicates the…

Q: Why is it important to choose checking and savings account that suits you best?

A: A checking account is that account which is for day to day spending. This is the account where the…

Q: Which is better to have? Accounts receivable or notes receivable? And why?

A: Accounting is the process of recording financial transactions that are material to the business. It…

Q: Define the following concepts? a. Petty cash funds. b. Escrow payment. c. Chart of accounts.

A: a. Petty cash funds:A petty cash fund is a special fund operated by a petty cash custodian to pay…

Q: accounts receivable,

A: Account receivable :- When Company Goods sold or tendered service on Credit to customer and Company…

Q: describe the difeference between an account receivable and an account payable

A: Account Receivable: Account Receivable is the account in which a organization records the amount…

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: Accounts receivable can be classified as ____

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Calculate the cash discount and the net amount due the transaction (in $).

A: A reduction in the amount of invoice price that a company provides to its customer to motivate them…

Q: Define Accounts payable.

A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: АCTIVITIES 1. Differentiate Checking account from savings Account.

A: A checking account is an account that gives the facility of deposit and withdrawal. A checking…

Q: What is accounts receivable management?

A: Accounts receivable management is method for ensuring that whether the customers are paying their…

Q: Define cash discounts (in credit terms)

A: Cash discounts shall not be reduced to the negotiated selling rate at the time of the purchase they…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Define Accounts receivable.

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: How did you get Accounts Receivable and Sales?

A: Account receivable is the amount which is to be received from the customers or the customers who…

Q: What are some of the assets and liabilities associated with credit cards?

A: Introduction: A credit card can be defined as a small piece of card which is offered by banks or any…

Q: For each of the following accounts, select the correct financial statement where reported. Accounts…

A: Answer : Classification of given accounts in appropriate financial statement : Income statement = It…

Q: Interest on bank savings accounts is calculated

A: Interest refers to the cost of money borrowed from a lender. It can be simple or compound. It is…

Q: Explain what is meant by the term real accounts(also known as permanent accounts).

A: Accounting involves recording business transactions in books of accounts.  The first steps of…

Q: What types of conveniences should you look for in a savings account?

A: Saving Account: A savings account is a basic type of bank account that permits you to deposit cash,…

Q: Determine the process to create an bank account?

A: The bank is the financial institution which accepts deposits from the customer and provides credit.…

Q: Debit telephone bill, credit ACcounts payable is

A: Correct Answer :- C Business Received telephone bill and it will be paid later.

Q: When you collected Accounts Receivables, your entry would include?

A: Accounts Receivable is shown as an asset in the books of accounts and has a debit balance. When the…

Q: Discuss what is a bank statement.

A: Bank is a financial institution which performs various functions for its customers like providing…

Q: Define the term accounts receivable?

A:

Q: How is a line of credit issued by a bank similar to a credit card?

A: Line of credit is the amount that bank or any other financial institution has allowed to lend to the…

Q: Identify which types of accounts have a normal debit balance and which types of accounts have a…

A: Financial accounting is the process of recording, summarizing, and reporting all the transactions in…

Q: What is the basic information to recognize an account receivable?

A: Account receivable is a customer who has purchased the goods or has availed the services of a…

Q: Describe about the Cash rebates obligation.

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: Define Cashbook and also explain their types.

A: Cash book is a form of record keeping book which shows all cash receipts and cash payments of the…

Q: What kinds  of fees and penalties can be levied on savings accounts?

A: Bank: It is a financial institution that accept deposits from and provide loan to public. This…

Q: Lending money for a bank it will be considered as an:

A: The Importance of Character   Chief on the rundown is character. doesn't believe you or believe…

Q: Discuss the different types of banks deposits in respect to features, interest, cost, withdrawals,…

A: The question is based on the concept of different accounts offered by a bank. Bank accepts deposits…

Q: List some common examples of other receivables, besides accounts receivable and notes receivable.

A: Accounting for Receivables:   Receivables are defined as the amounts that are due to a firm by its…

Q: of bank account

A: Answer: Bank accounts are mainly opened to make easier payments and receipts worldwide. Types of…

Q: What is a credit note

A: Step 1 Credit note as the name depicts it generates some beneficiary status to some third party.