Money Market Deposit Accounts
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- Funds in a ____ must remain on deposit for a stated time period in order to avoid an interest penalty. Group of answer choices checking account passbook savings certificate of deposit mutual fund U.S. Treasury billWhich one of the following is classified as a cash or cash equivalent? Select one: a. Prepaid insurance b. Restricted bank account that cannot be used for operations c. Bank overdraft d. Government debt investment with 30 days to maturity e. Post-dated chequeBank rates on credit card balances are usually similar to the rate charged on business loans. Group of answer choices: True False
- How will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.On a 32 day notice deposit account, if you opt to withdraw funds sooner than the 32 day notice period, there is a fee involved. How are these fees reflected in the GL of the bank?In a bank reconciliation, outstanding checks are recorded by the __________, but not yet by the __________. Multiple Choice vendor; bank bank; vendor bank; company company; bank
- Note the following information. A line of credit is an agreement between a bank and a borrower by which the borrower can borrow any amount of money (up to a mutually agreed-upon maximum) at any time, simply by writing a check. Typically, monthly simple interest payments are required, and the borrower is free to make principal payments as frequently or infrequently as he or she wants. Usually, a line of credit is secured by the title to the borrower's house, and the interest paid to the bank by the borrower is deductible from the borrower's income taxes.James and Danna Wright did not have sufficient cash to pay their income taxes. However, they had previously set up a line of credit with their bank. On April 15, they wrote a check to the Internal Revenue Service on their line of credit for $10,352. The line's interest rate is 4.125%. (Round your answers to the nearest cent.) (a) Find the size of the required monthly interest payment.$ (b) The Wrights decided that it would be in their…A ____ is an interest-bearing checking account. Group of answer choices NOW account certificate of deposit Treasury bill regular checking account Series EE US savings bondReconciling Items per Bank - Outstanding Cheques For a bank reconciliation, how would one account for canceled/returned cheques with the bank statement? Please explain.
- Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections already forwarded to the bank for deposit but too late to appear in the bank statement c.matured time deposits transferred by bank to the current account d.notes receivable collected by the bank in favor of the depositor e.charges for penaltyReconciliation Items per Bank - Deposits in Transit Question; What does it mean when it says to compare individual deposits on the bank statement with: 1) the deposits in transit from the preceding bank reconciliation. AND 2) the current month's deposits recorded in the company's books. Please explain e.g's would be helpful as well.From the following particulars of Al Zahra LLC, prepare bank reconciliation statement as on Oct 31, 2020 a-Bank charges debited by Bank RO 2,500. b-Cheques issued but not presented for payment RO 10,125. c-Bank credited RO 2,000 for receiving interest through Electronic Clearing System. d-Cheques deposited RO 6500 into bank of which cheques for Ro 4200 was credited on 15 Nov 2020 e-Bank balance as per passbook on 31 Oct is RO 55,500