Display graphically and explain the mechanism of settlements by payment orders

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

Q: Identify the following users as either external users (E) or internal users (I): _______ Share…

A: Users of financial information:   Users of financial information are broadly classified into two…

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: Show your financial calculator inputs for the payment calculation.

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

Q: Describe Deposits and Advances from Customers.

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

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: What is a credit memo? Why it is used? Give an example?

A: Credit Memorandum: This is a document by the seller for the reduction in the amount owed by the…

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: Discuss any two features of digicash that fulfill the requirements of the electronic payment system.

A: Electronic payment system is the system which has been established within the system of the money…

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: Match the following paper payment types with the correct description.

A: Payment types means various modes of payment which are used for the purpose of making payment to…

Q: Identify the following users as either an internal (I) or an external (E) user. Creditor

A:

Q: Define Accounts payable.

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

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system:   The accounts payable system looks over the due payments to be processed…

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

Q: Define receivables and understand issues related to their recognition.

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

Q: Explain how suppliers and creditors evaluate the liquidity of a client based on the customer's…

A: Introduction: The capacity of a corporation to satisfy its immediate or short-term financial…

Q: Show the deposit slip of

A: Case -1 Deposit of Cash amounting to P 55000     Deposit Date ____July 8,20X1 Cash    Name…

Q: What is Form of payments

A: Payments are the consideration paid for buying goods or for receiving services. Goods include…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Explain payment (PMT)

A: Payment is the transfer of money, goods, or services in exchange for goods and services in…

Q: Explain how to record note payable transaction.

A:

Q: What can you do to ensure that all payments are accurately coded and allocated to accounts?

A: SOLUTION- Coding in accounting is the process of assigning numbers or letters to data to create a…

Q: What are the feature of Receipt and Payment Account?

A: Receipt and Payment Account is a summary of cash Receipts and payments in an accounting period. Not…

Q: What is an invoice?

A:

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: Give a detailed answer to the theoretical question Display graphically and explain the mechanism of…

A: Bills of exchange indicate a written agreement stating the obligation of one party to pay the due…

Q: Where does the client initiate the setup of QuickBooks Payments

A: QuickBooks seems to be an accounting software company whose services include desktop, internet, and…

Q: payment

A: Time value of money is the concept widely used by the management and individuals to determine the…

Q: The chart that gives data about payments and payment schedule is called what?

A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…

Q: Display graphically the mechanism of settlements by transfers upon request of a payee (direct…

A: Direct Debit is a payment method in which a third party is granted permission to take payments from…

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: Does the sender (maker) of a debit memorandum record a debit or a credit in the recipient’s account?…

A: Debit memorandum or debit note is a type of document used by the customer or buyer of goods to…

Q: Identify differenttypes of paymentsystems

A: A payment system is used to settle financial transactions by transferring the monetary value. The…

Q: What additional issues are involved with miscellaneous, other, and clearing accounts?

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

Q: Give a detailed answer to the theoretical question:  Display graphically the mechanism of…

A: Cheque is a written  instruction issued by the bank to its customers. These piece of paper have the…

Q: Explain and define deeply the three (3) types of electronic payment. Cite some situational examples.

A: An electronic payment is that payment which is made digitally and in which there is no involvement…

Q: explain mechanism of settlements by collection orders

A: Profits or losses used to be computed as difference between the settlement price of the previous day…

Q: ware to analyze the customer and vendor’s Payments and Receipts? Justify the figures using

A: Software used:  QuickBooks Premier Plus Contractor Edition 2019-Desktop   Needed:  A report showing…

Q: What is receipt and payment account

A: The answer is provided as follows: