What is the use of payment request forms?

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

Q: What is Balanace of Payment

A: Balance of Payment is a statement of monetary transactions made and records  between residents of a…

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: 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: benefits and risks

A: There are many benefits in using digital payment to the customers, some major benefits are mentioned…

Q: What do accounts do?

A: Accounts of a business are used to record for all the transactions of the business. All relevant…

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: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: What document initiates the billing process?

A:

Q: What is the definition of a general ledger account?

A: A company's double-entry accounting system is built around the general ledger.

Q: What is Remittances, use information in the text to support your claim.

A: Remittances derives from the word remit which means " to send back " . It is a sum of money sent by…

Q: What is the invoice total (in $)?

A: Insurance on the invoice is $32.99

Q: What is deposits in transit?

A: Definition: Bank reconciliation: Bank statement is prepared by the bank. The company maintains its…

Q: Distinguish between an accounts payable file and a vouchers payable file.

A: Accounts Payable system:   The accounts payable system looks over the due payments to be processed…

Q: WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

A: A payday loan is a high-cost unsecured loan that can be availed at the time of a short-term…

Q: Define receivables and explain issues related to their recognition.

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

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

Q: What is Receipt and Payment Account? How is it different from Income and Expenditure Account?

A: Receipts and payment account is a real account. This account is a summarised cash book which…

Q: What is Form of payments

A: Payments are the consideration paid for buying goods or for receiving services. Goods include…

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: Explain payment (PMT)

A: Payment is the transfer of money, goods, or services in exchange for goods and services in…

Q: Explain how to record note payable transaction.

A:

Q: What can you do to ensure that all payments are accurately coded and allocated to accounts?

A: SOLUTION- Coding in accounting is the process of assigning numbers or letters to data to create a…

Q: What is an invoice?

A:

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 the posting process of the cash payments journal.

A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…

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: What is invoice discounting and what are the advantages

A: Introduction: Discounting is nothing but financial process in which in exchange for a fee, a debtor…

Q: How does the Genral Ledger work?

A: General ledger is the account prepared by the company for each transactions made by the company. It…

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: What is a general ledger account?

A: Ledger: Ledger is a master account document which records all the transactions of an account at one…

Q: authorization payment

A: Authorization of payment means allow subordinates to make payment after approval of top executives…

Q: What are note payables? How they are recorded?

A: Solution:- Notes payable meaning as follows under:-

Q: Identify differenttypes of paymentsystems

A: A payment system is used to settle financial transactions by transferring the monetary value. The…

Q: How should I record transactions?

A: Recording of transactions is the first step in the accounting process.

Q: What are the revenue credits? Give an example?

A: Meaning of Revenue Credit:Revenue Credit refers to the payments received in advance for services…

Q: what is the Credit for partial payment knowing that information?

A: Trade discount: Trade discount can be defined as the deduction provided by the manufacturer or the…

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: Define clearing (payment process)

A: Checks: Checks refer to the written document which is dated and signed which directs a bank to pay a…

Q: What is a contra account?

A: