What is a bank account?

Q: What is the purpose of the cash receipts journal?

A: MEANING : PURPOSE: It is used to track the sales of items while cash is being received, by…

Q: What are the types of accounts receivable?

A: Account receivable is an asset account that represent amount due to the company from debtors…

Q: How might clustering be used to describe customers who owe money (accounts receivable)

A: Accounts Receivable account shows the list of customers of the business who have amount due to the…

Q: Recognize the link between money and credit? Explain

A: Money is defined as the financial medium used to facilitate transactions between parties. Money…

Q: Cash in bank account balance Bank statement balance Bank debits Bank credits Peol dehit

A: Reconciliation Statements-:A Reconciliation Statement is a statement that commences with a firm's…

Q: What is contra entry in cash book? How is it recorded?

A: Meaning of Contra-EntryIn the dual entry accounting system, a contra entry is an entry which is…

Q: Which is better to have? Accounts receivable or notes receivable? And why?

A: Accounting is the process of recording financial transactions that are material to the business. It…

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: What is credit history? A record of a person's borrowing and repayment activity used to calculate…

A: Credit history checks if the borrower has been responsible with the debt payments or not. It checks…

Q: 1. During the reconciliation of the company’s cash account with its bank statement, what should the…

A: Answer: Bank reconciliation is the action performed to match cash balance as per books and cash…

Q: what is the basics of banking and discuss the various type of deposits

A: A bank is a sort of financial entity that may accept deposits and lend money. Banks may provide…

Q: Write in your own words which type of bank account would you like to open and explain why .

A: A Bank generally offers either time deposit accounts or a demand deposit account, Time deposit…

Q: What are the account receivables?

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: What is the DEAR of the bank's

A: DEAR(Daily Earning at Risk) measures the potential loss in portfolio's value over a one-day period…

Q: How did you get Accounts Receivable and Sales?

A: Account receivable is the amount which is to be received from the customers or the customers who…

Q: When does Accounts receivable are created?

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: What is the:  Accounts Receivable   =                                     =     Accounts…

A: Accounts Receivable Accounts receivable which is treated as one of the main source of liquidity…

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: WHAT ARE THE TYPES OF BANK MANAGEMENT?

A: Bank management is used to govern the different concerns that are associated with the bank to…

Q: Interest on bank savings accounts is calculated

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

Q: A person is called a customer of a bank when he/she

A: The bank institution is a financial institution helps to keep our money safe.

Q: What types of conveniences should you look for in a savings account?

A: Saving Account: A savings account is a basic type of bank account that permits you to deposit cash,…

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: 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: What is bank resolution?

A: Resolution takes place on the identical time whilst the authorities decides that the economic…

Q: Why does a bank credit a customer's account when the customer makes a deposit and debit the account…

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

Q: A" borrowed money from bank; this transaction involves which one of the * ?following accounts Cash &…

A: Solution: Borrowing money represents cash has been taken for a loan. It involves cash inflow and…

Q: Distinguish between cash book and bank balance.

A:

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: What is the basic information to recognize an account receivable?

A: Account receivable is a customer who has purchased the goods or has availed the services of a…

Q: What is a bank statement and discuss the importance of a bank statement to a depositor.

A: solution bank statement                 Bank statement is a statement generated by the bank which…

Q: Banking relates Banks provides The Banks heln

A: Explanation : The fact that banks are the backbone of every economy and provide high level of…

Q: What kinds  of fees and penalties can be levied on savings accounts?

A: Bank: It is a financial institution that accept deposits from and provide loan to public. This…

Q: Explain briefly how proof cash affect the balance in book and bank balances?

A: Bank reconciliation is the statement showing the balances of cash as per company’s books and as per…

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: Lending money for a bank it will be considered as an:

A: The Importance of Character   Chief on the rundown is character. doesn't believe you or believe…

Q: Differentiate savings account from a current or checking account.

A: A bank is an institution that deals with money and credit. It accepts deposits from the public,…

Q: Identify and explain the duties of collecting banks.

A: Collecting bank: Collecting banks are defined as those banks which collects money in favor of its…

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: of bank account

A: Answer: Bank accounts are mainly opened to make easier payments and receipts worldwide. Types of…

Q: What are cash receipts?

A:

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.