Identify differenttypes of paymentsystems

Q: DEFINE credit policy

A: Credit policy is the set of policies governing a company’s credit sales, outstanding amounts;…

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: Define the term Approval of payment requests?

A: The payment is an amount of money paid by the customer to the seller in exchange of goods and…

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: What are the special forms of payment? Give examples for each.

A: Unless otherwise stated, the obligation to deliver begins when the contract is signed. The creditor…

Q: explain two functions of the credit uniom

A: A credit union is established as a not-for-profit organization (NPO). It consists of members who…

Q: Describe Deposits and Advances from Customers.

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

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: What is the invoice total (in $)?

A: Insurance on the invoice is $32.99

Q: Describe the relationship between debit balances and credit balances when it comes to “t graphs”?

A: T-graph or T-accounts: T-account is the form of the ledger account, where the journal entries are…

Q: Define stretching accounts payable

A: Accounts Payable are the money owed by the company, wherein this comprises short-term loans from…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: Define credit enhancement

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Display graphically and explain the mechanism of settlements by payment orders

A: Settlement by payment order is a process in which the bank transfer funds immediately with no…

Q: Display graphically and explain the mechanism of settlements by collection orders

A: There are mechanism of company working for the settlements of collection orders where the sender of…

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: Define automated trading platform

A: The automated trading system as the name indicates requires some computer software & linked…

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: Explain payment date

A: Whenever firms have the excess cash, either they can distribute it as dividend or can retain that…

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: What is an internal exchange transaction, and how is it reported?

A: Internal exchange transactions are those reciprocal exchange transactions that occur between funds…

Q: Define transactions balance

A: Definition: Working capital: The measure which evaluates the ability of a company to pay off the…

Q: Explain the advantages of an electronic billing cycle

A: The electronic billing cycle is the use of of technology. it is the process in which the bills are…

Q: Define Advance payments.

A: Advance Payment : Advance Payment is a payment made before goods or services are provided. Advance…

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: Define account receivable

A: The formula to compute accounts receivable turnover ratio as follows: Accounts receivable turnover…

Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: What is the purpose of Transaction Tagging?

A: Tagging and tracking transaction: In tagging and tracking transaction technique, the auditor puts a…

Q: What is off-exchange transaction?

A: The answer is provided in the next step.

Q: When dealing with receivables, give an example of a subsidiary account.

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

Q: List the steps we use to measure external transactions.

A: Measurement process of external transactions: