Give a detailed answer to the theoretical question:  Display graphically the mechanism of settlements by cheques.

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: Show your financial calculator inputs for the payment calculation.

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

Q: Explain how does the trade credit is offered on open account.

A: Trade credit is the easiest and most important source of short-term finance available to businesses.…

Q: Record the sale of receivable.

A: Sometimes companies require funds and they too have the assets like the accounts receivables for…

Q: In bill of exchange the payment is received by

A: Option (d) is the correct answer

Q: Describe Deposits and Advances from Customers.

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

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

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: Match the following form (transaction type) with the appropriate transaction description: Рayment…

A: Transactions: A business transaction is a financial transaction that takes place between two or more…

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: Match the following paper payment types with the correct description.

A: Payment types means various modes of payment which are used for the purpose of making payment to…

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: In what way are sales to MasterCard and VISA customers recorded?

A: The Answer:

Q: Review each event below and determine what would likely be the type of items exchanged in the…

A: Every transaction has dual effect on the books of account. Assets = Liabilities + Stockholders'…

Q: Show the deposit slip of

A: Case -1 Deposit of Cash amounting to P 55000     Deposit Date ____July 8,20X1 Cash    Name…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Which one of the following documents is used to record notes receivable? Register Voucher Promissory…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

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: Briefly explain the methods used for valuing accounts receivables.

A: In the given question, we need to briefly explain the methods used for valuing accounts receivables.…

Q: Explain how to record note payable transaction.

A:

Q: Explain the term Transfers of Notes Receivable.

A: Note receivable: Note receivable refers to a written promise for the amounts to be received within a…

Q: What are age of receivables and how do you calculate them? Please explain

A: Accounts receivable form a part of assets of the entity and represents the amount due from the…

Q: What is an invoice?

A:

Q: Give an explanation  - and use an example - of why we may need to convert an Account Receivable to a…

A: Accounts receivable: Accounts receivable is the amount owed by the customers to the company for the…

Q: Define the characteristics of Notes Payable?

A: A notes payable is described as the written promissory notes. By issuing notes payable, the debtor…

Q: Give a detailed answer to the theoretical question Display graphically and explain the mechanism of…

A: Bills of exchange indicate a written agreement stating the obligation of one party to pay the due…

Q: Explain the concept of American depositary receipts (ADRs).

A: Answer: Meaning of American depositary receipts (ADRs): American negotiable securities that signify…

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: Display graphically the mechanism of settlements by transfers upon request of a payee (direct…

A: Direct Debit is a payment method in which a third party is granted permission to take payments from…

Q: When you collected Accounts Receivables, your entry would include?

A: Accounts Receivable is shown as an asset in the books of accounts and has a debit balance. When the…

Q: Does the sender (maker) of a debit memorandum record a debit or a credit in the recipient’s account?…

A: Debit memorandum or debit note is a type of document used by the customer or buyer of goods to…

Q: Discuss the sanctions associated with issue of dud cheques

A: Dud cheque is the cheque which is worth nothing because the person who wrote the cheque it does not…

Q: What are two common methods used when accepting deposits for credit card and debit card…

A: Two common methods for deposits of proceeds from credit card sales are: Gross method Net method

Q: Identify differenttypes of paymentsystems

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

Q: Endorsement

A: Introduction: The process of signing at the back of a check when it is received from someone before…

Q: What are the criteria for determining whether a sale of receivables has occurred?

A: Receivables: Receivables refer to an amount to be received in future. General classifications of…

Q: What are the methods of payment in international trade? Please Explain and use a diagram in order to…

A: International trade means the transfer of capital, goods, and services across international borders…

Q: If a cheque has a general crossing on it, this means that

A: General crossing  means that two parallel lines are drawn in the cheque. It is drawn at the top…

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…