Q31) Fahim is a businessman and wants to start a business in another country. What type of bank account should he open to get overdraft facility and cheque facility?

Q: Anna wires money from her bank account to her brother Garin in Australia for a fee of $35. The role…

A: Financial intermediaries perform key functions to promote and protect the economy. Example: Banks,…

Q: Ms Laila is running a small electronic shop at Qurm Heights and as at 31* August 2020 she is…

A: Cheques drawn but not yet presented means cheques which has been issued by the company but they are…

Q: Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the…

A: Cheque means an instrument where is payable to bearer or order. Bearer cheque means the amount is…

Q: Which of the following is not an example of financial institutions? a. HSBC mutual Funds b. Muscat…

A: Financial Institutions help to supply funds from surplus units to deficit units.

Q: LORO account will involve a   O a. Mediator   O b. New bank account   O c. Correspondent Bank…

A: With globalisation, trading with a foreign country has never been easier, however foreign trade…

Q: Ms Laila is running a small electronic shop at Qurm Heights and as at 31* August 2020 she is…

A: Cash book is a record containing the cash receipts and payments including all the bank deposits and…

Q: Mr. Ahmed has purchased goods from Khalid for OMR 1000. Mr. Khalid requested that instead of paying…

A: In the given case, Mr.Khalid lost the cheque for OMR 1,000 and as per details the cheque is drawer…

Q: Suppose the central bank decides to lend $2million to a particular bank (Kangaroo Bank) on the…

A: Central bank or other monetary authority is charged with issuing domestic currency. That is an…

Q: 1. What is the role of Financial Institution in the development of business and trade in Oman?…

A: History of Financial Institution in Oman Oman was generally late to join the local financial blast…

Q: Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to…

A: Ans. When two parallel lines are drawn at the corner of a cheque it is called a cross cheque. A…

Q: Pol?e??er i? a direc?or of S??le P??? Limi?ed in?ol?ed in making ?omen?? clo?hing?Situation 1. She…

A: Yes, she has infringed the contract. Being the company's director, she transferred the money from…

Q: How much would she receive from the bank when she converts the currency back Canadian dollars FESU…

A: Currency exchange rate is the rate offered by banks, these rates are used to exchange the one…

Q: Q19: Mr. Saqlain opened a saving account in MCB Bank on 1 April 2003 and initially he deposited Rs.…

A: Assumptions: It is assumed that the bank pays interest annually at the end of the year and on the…

Q: 1. Adrian is a bank manager. A customer Neo has come into the bank. Neo has a mortgage loan with the…

A:

Q: When do businesses seek foreign exchange from banks? a. If the businesses are operating locally. b.…

A: Foreign exchange refers to the currency from the different countries that is another than the local…

Q: Mr. Ahmed is working as an accounts officer in Akbar & Akhtar Industries LLC which is a building…

A: There are different types of threats on the part of employees  Self interest threat on the part of…

Q: Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B…

A: Joint account which are operated by both jointly.

Q: X and Y holds joint account in Bank in which the mode of operation is jointly one fine  day Y…

A: A joint account is a bank or brokerage account that is shared by two or more people. Joint account…

Q: Mr. Salim has started a Biscuit Manufacturing Company and opened a Business bank account in National…

A: Bank reconciliation statement : Bank Reconciliation Statement is a statement that accounts for…

Q: Ms. Sara has started a Furniture Manufacturing Company and opened a Business bank account in Bank…

A: Bank Reconciliation Statment is the statement which shows the differences between the bank balance…

Q: Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B…

A: A joint account is a frank statement that has been opened by at least two people or substances.…

Q: In their attempt to capture Despereaux, Shawn Spencer and Bruton Gaster travel to Canada. There they…

A: Partner's Current Account: When the capital of the partners is fixed, a current account is created.…

Q: Mr. Khalid has a current account in a bank with a credit balance of RO 97,000. He has withdrawn cash…

A: Introduction:- Basic information as follows under: Credit balance in Current Account RO 97,000 Cash…

Q: If you look, usually at the door as well as maybe the teller stands, when you go into your bank, you…

A: The question is based on regulation of banking insurance.

Q: Suppose a friend of yours asks you about Islamic banking and he does not believe in Islamic banking…

A: Islamic banks should ideally have their own benchmark system for determination of profit. Since, the…

Q: Ali is a businessman who started a business and in one stage due to the shortage of money he planned…

A: Introduction: Banks: Banks accepts deposits from general public and lends money to the needed. Banks…

Q: in his book Banking Law? a. A banker is one who in the additional course of his business, discounts…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: How much did the company actually pay in interest to its bank during Year 2? Show your work.

A: Actual Interest paid is the amount of cash paid in the form of interest expense by adjusting the…

Q: 4. Cristian Punzalan has the following deposit accounts in a closed bank: Cristian Punzalan's…

A: Since 1933, the FDIC seal has symbolized the safety and security of our nation's financial…

Q: Which of the following holds deposits, makes loans and provides other financial services to…

A: There are many types of banks available which provide different types of services to customers.

Q: a. How much interest did Jo pay the bank for the use of its money? b. How much did he receive from…

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: Write an essay on any one of the Banking Institution based in Oman and explain the different…

A: Objectives of the Banking Law of Oman are : The primary objective is to carry out developmental…

Q: Different banks in a country offers high interest rate on Negotiable certificate of deposits. It a.…

A: Banks offers higher interest rate for various reasons

Q: QUESTION 4 Which of the following statements are correct? Pick two correct answers. Deposits are…

A: Deposits normally created by the bank when some one new customer open account with in the bank and…

Q: PRINCIPAL is money paid to you by the bank for letting them use your money. Your answer: O Yes O No

A: A bank is a financial institution made to receive deposits and make loans.

Q: 3. Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed…

A: Crossed cheque means a two parallel lines drawn on the left corner side of the cheque with or with…

Q: Abdullah issued a cheque in favor of Khalid for OMR 1,500/- and left abroad. Khalid presented the…

A: If the cheque issuer fails to make a fresh payment within 30 days of receiving the notice, the payee…

Q: What is the role of Financial Institution in the development of business and trade in Oman? Explain…

A: Financial institutions are very important for business and without support of financial institutions…

Q: Frank forges the signature of his father on a cheque and draws $5,000 from the account. Examine the…

A: Drawer: the person or entity whose transaction account is to be drawn. Usually, the drawer's name…

Q: Abdullah has applied for a loan to start his business. Bank has checked the profile of Abdullah.…

A: Loans are of various types depending on the time period of loan and the security required for the…

Q: write a cheque for RO 2000 in favour of Ms. Naseera on 10-02-2019 and gave it to Ms. Naseera the…

A: Non-Sufficient Funds-: The term non-sufficient funds are also known as insufficient funds, Which…

Q: Mr. Raid is new businessman in Muscat. When dealing with the local suppliers, he was not given…

A: Being a new businessman, Mr Raid requires additional help from the bank so that the suppliers can…

Q: What are the different types of deposit accounts and loans offered to customers Bank Nizwa in Oman?…

A: About Bank Nizwa: Bank Nizwa is Oman's first dedicated Islamic bank. Bank offers entire portfolio…

Q: 6) If a commercial bank decides to compete more aggressively to expand its share of the lending…

A: Commercial banks are work as a intermediary between the person who park deposits or the person who…

Q: How do the three (3) functions of money make it as an important financial tool in the economy?

A: Note: I am solving the very first question. Please repost the remaining questions separately.…

Q: A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived…

A: Joint account is the kind of bank account that is shared among two or more than two individuals and…