it important to keep a record of credit card numbers separate from the cards?

Q: Which of the following are unique identifiers associated with checking accounts? account number O…

A: Account number: An account number is a unique identifier for your personal bank account. It tells…

Q: What are the steps taken to ensure control over purchases and payments by check?

A: Internal Control: Internal control is a process which ensures continuous reliability of…

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: What is the difference between a credit card and a debit card? O A credit card is loaned money, plus…

A: Debit card is the facility given by the banks to their customers so that they can withdraw cash from…

Q: What are the advantages and disadvantages of using a credit card?

A: There are various advantages when using a credit card as a method for purchasing goods. Following…

Q: On a bank reconciliation. Deposit in transit is.....?

A: Bank reconciliation is a method of reconciliation of balance in bank book with the total of balance…

Q: Explain the treatment of certified check for bank reconciliation purposes

A: Solution A certified check is a check for which issuing bank guarantees the availability of cash in…

Q: Critically discuss the effect of deposit insurance on bank stability.

A: The deposit insurance is an insurance product that is offered to reduce or eliminate the risk of…

Q: How is a credit check in the advanced technology system fundamentally different from a credit…

A: Definition:   Credit check: Credit check is defined as the process of examining the financial…

Q: Why should cash receipts from credit clients and sales to them be instantly documented and posted?

A: Introduction: Accounting focuses on recognizing, documenting, measuring, and summarizing…

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: Debit

A: Lost or stolen debit or credit both can cause problems. However the problem is more with the debit…

Q: accounts receivable

A: Account receivable refers to the process of payment that the company should receive from the…

Q: Summarize the procedures to follow when accepting credit cards, bill-to-accounts, cash, checks, and…

A: There are different methods through which the customers make the payment to the company like for the…

Q: What internal controls would you implement to help maintain control of your credit sales and…

A:

Q: Aside from a checkbook, many checking accounts nowadays come with an ATM or debit card for…

A: A checking account is a deposit account held at a financial institution that allows withdrawals and…

Q: desrcibe credit card security and why its imporant

A: Credit Card Security: A form of credit card known as a secured credit card is one that requires the…

Q: Explain book debits and book credits, bank debits, and bank credits. What is proof of cash and its…

A: In books, all the debits and credits are related to assets, liabilities, revenue, and expenses.…

Q: How can you tell whether the amount on a check was altered after it was paid by a bank?

A:

Q: What are some benefits to a business in accepting credit cards and debit cards?

A: Debit card: Debit card is an electronic card, which allows the debit card holders to pay cash…

Q: Understanding bank account controls Answer the following questions about the controls in bank…

A: 1.Signature card is used to ensure that particular person is an authorized official towards signing…

Q: What are some common controls used with a bank account?

A: Internal controls are implemented with the objective to ensure the reliability of financial…

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: Why should the person in charge of cash receipts not also be in charge of keeping accounts…

A: Here is the answer :

Q: Why it can be dangerous to provide credit card information over the internet? Does it stop the risk…

A: Credit card : In simple words, credit card refers to a modern currency medium under which the…

Q: Investigate the procedures in your a bank of your choice, in granting credit cards and the possible…

A: Financial institution: A financial institution exists to offer a wide range of deposit, lending, and…

Q: What is the objective of having a control system and what is the key points of a credit control…

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

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: How a credit check in advanced technology system different from a credit check in basic technology…

A: Credit Check:   Credit check is defined as the process of examining the financial behavior of a…

Q: Which field typically appears in the Bank Register but not usually in reports?

A: QuickBooks is accounting software used by small and medium-sized businesses to get good accounting…

Q: Explain why the money listed under assets on a bank balance sheet may not actually be in the bank?

A: Balance sheet of the bank used to operate under an assets, where the net worth of bank used to…

Q: Why is it important to pay off a credit card on time

A: A credit card helps to borrow a certain amount for a definite period. Credit cards grants loan to…

Q: What is a credit memo? When is it used?

A: Credit memo also known as credit memorandum or credit note  Credit memo is issued by the seller of…

Q: What are credit memos and discuss the treatment in the preparation of bank reconciliation.

A: Bank reconciliation statement is a statement in which closing balances of bank & cash book(bank…

Q: Why is it necessary to record journal entries after the bank reconciliation has been prepared? Which…

A: Bank reconciliation statement: A bank reconciliation statement (BRS) is a statement which is used to…

Q: For the merchant, bank credit card sales are treated in a manner similar to? Cash Sales?

A: Cash Sales means sales made in return for consideration in the form of cash and cash equivalents…

Q: How to entre a credit cards

A: How to entre a credit cards

Q: Describe methods of calculating Interests on Your Credit Cards?

A: A card that is generally issued by the banks that helps the person to borrow the money up to the…

Q: ould be recorded using the Bank Deposit form?

A: Transaction types should be recorded using the Bank Deposit form are :  A. Cash received from loans.…

Q: Describe situations in which you might use a certified check, cashiers check or money order.

A: Certified Check A certified check is a personal check that issued by a drawer in which the payer’s…