Which of the following methods is (are) used to transfer surplus funds from local (collection) bank accounts to concentration (disbursement) bank accounts?
|
|||
|
|||
|
|||
|
The correct answer is 4th that is , "All of these are correct",
All of the following methods are used to transfer surplus funds from local (collection) bank accounts to concentration (disbursement) bank accounts.
1. wire Transfer
2. Electronic depository transfer checks
3. (mail) depository transfer.
Which of the following methods is (are) used to transfer surplus funds from local (collection) bank...
7. Money market securities have which of the following characteristics? I. long maturities II. low default risk III. high degree of liquidity IV. low rates of return a) I and III only b) II and IIl only c II, III, and IV only d) I, II, III, and IV 8. A lockbox system: a) entails the use of a bank which is centrally located to collect payments on a nationwide basis. b) is designed to deposit a customer's check into...
Which of the following is a correct statement regarding the check collection process? O A. The depository bank must present a check to the payer bank for collection, OB. A bank cannot have more than one role during the check collection process O C. Depository banks are called intermediary banks. O D. Banks in the collection process that are not the depository or payer bank are called transitory banks. O E. The Federal Reserve System may not be used in...
Which of the following is an INCORRECT statement regarding commercial wire transfers? O A. Consumer electronic funds transfers are not subject to Article 4A OB. A customer of a bank may request the bank to pay another party by wiring funds to the other party's bank account. O C . Article 4A applies only to commercial electronic funds transfers OD. Uniform Contracts Code Article 2 governs commercial wire transfers OE. The customer is liable to pay the bank for any...
< Question 1 of 1 receivable collection has not been recorded Wildhorse Company. Your answer is correct. Prepare a bank reconciliation at August 31, 2022. (List items that increase balance as per bank & books first.) WILDHORSE COMPANY Bank Reconciliation August 31, 2022 Cash balance per bank statement $ 7338 Add : Deposits in transit 3210 10548 Less : Outstanding checks 698 Adjusted cash balance per bank $ 9850 Cash balance per books $ 7374 Add : Collection on electronic...
Knowledge Check 01 Item #1 Item #2 Item #3 Item 4 Used by bank employees to verify signatures on checks Lists items such as currency and checks along with their dollar amounts A transfer of cash from one party to another that does not involve a paper document Signed by the depositor instructing the bank to pay a specified amount of money to a designated recipient Show All Items cipient Check Deposit ticket Electronic funds transfer Signature card Next >
1) Which of the following is true regarding the transfer of checkable deposits in the U.S. payments mechanism? Select one: A. Checkable deposits can only be transferred by writing a check. B. Electronic funds transfers can no longer be used to transfer checkable deposits. C. A financial intermediary is generally unnecessary when tranferring checkable deposits. D. None of the above. 2) Which of the following sectors is always a net borrower of funds from the U.S. financial markets? Select one:...
The following information pertains to Sunland Company. 1. Cash balance per books, August 31, $7,424. 2. Cash balance per bank, August 31, $7,388. 3. Outstanding checks, August 31, $695. 4. August bank service charge not recorded by the depositor $47. 5. Deposits in transit, August 31, $3,060. In addition, $2,376 collected for Sunland Company in August by the bank through electronic funds transfer. The accounts receivable collection has not been recorded Sunland Company. Prepare a bank reconciliation at August 31,...
Overdraft protection plans prevent you from experiencing an insufficient funds, or overdraft, situation. In general, they do this by providing an inflow of money into your account that is at least sufficient to cover your: O Bad checks or similar withdrawals Insufficient funds (NSF) fees and penalties There are three principal arrangements that may be used to provide overdraft protection to a checking account holder: an automatic funds transfer agreement, an automatic overdraft loan agreement, and courtesy, or "opt-in" overdraft/bounce...
The following information pertains to Wildhorse Company. 1. Cash balance per bank, July 31, $10,788. 2. July bank service charge not recorded by the depositor $62. 3. Cash balance per books, July 31, $10,912. 4. Deposits in transit, July 31, $4,402. 5. $2,480 collected for Wildhorse Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Wildhorse Company. 6. Outstanding checks, July 31, $1,860.
The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $7,388. 2. July bank service charge not recorded by the depositor $41. 3. Cash balance per books, July 31, $7,424. 4. Deposits in transit, July 31, $2,760. 5. $2,076 collected for Crane Company in July by the bank through electronic funds transfer. The collection has not been recorded by Crane Company. 6. Outstanding checks, July 31, $689. Date Account Titles and Explanation Debit Credit July 31...