Overdraft Study guides, Class notes & Summaries

NOTE : All Chapters Available via Email Only At : Intermediate Accounting, Vol. 2, 5e (Lo/Fisher) Chapter 11 Current Liabilities and Contingencies Learning Objective 1 1) Which of the following characteristic is required for a liability under IFRS Framework? A) A past obligation. B) A present obligation. C) An unknown obligation. D) A future obligation. Answer: B Diff: 1 Type: MC Skill: Concept Objective: 11.1 Describe the nature of liabilities and differentiate between financial an...

FAC1503 Assignment 2 Calculations/Explanations 1. 4 A trust bank account should never be in overdraft. A debit on a trust creditor account would mean the account is overdrawn which is not permitted In terms of the Rules for the Attorneys’ Profession (the Rules) with regard to the transfer of trust funds from the trust bank account to the business bank account, a legal practice shall ensure that the balance on its trust bank account shall at any date be equal to or ex...

BTEC BUSINESS UNIT 3: FORMULAS Exam 36 Questions with Answers Net Cash Flow (Cash Flow Forecast) - CORRECT ANSWER = Total Income (inflows) - Total Expenses (Outflows) Closing Balance (Cash Flow Forecast) - CORRECT ANSWER = Opening Balance + Net Cash Flow Total Cost - CORRECT ANSWER = Fixed Costs + Variable Costs Cost per Unit (Average Total Cost) - CORRECT ANSWER = Total Cost / Output Variable Cost per Unit - CORRECT ANSWER = Total Variable Cost / Output Total Variable Cost -...

FAC1601 ASSIGNMENT 1 Semester 2 2023 (ANSWERS) Question 1 Answer saved Marked out of 1.00 Question 2 Answer saved Marked out of 1.00 Question 3 Answer saved Marked out of 1.00 QUIZ The definition of a liability is: A. A future economic resource controlled by a reporting entity as a result of a past event. B. A future economic resource controlled by a reporting entity as a result of a future event. C. A present economic resource controlled by a reporting entity as a result of a pa...

1) Please answer correctly, as it will be graded. The subject of this course is _______. A) Environmental Science B) Horticulture and Landscaping C) Advanced Biometrics D) Chemical Thermodynamics - A 2) A nuclear fusion reaction, such as that on the sun, uses what element as its primary fuel source? A) Uranium B) Hydrogen C) Plutonium D) Thorium - B 3) Mobile sources of pollution come from _______. A) Agriculture B) Transportation C) Forestry D) Sailing - B 4) What circumstance wo...

BTEC Business Finance Level 3 Unit 3 Exam Questions & Answers 2024/2025 what are the 6 types of personal borrowing? - ANSWERSmortgages, hire purchase, payday loans, overdraft, personal loans, credit cards personal loan - ANSWERSgives you the ability to borrow a set amount of money, normally for a specific purpose, to be repaid in regular instalments. payday loan - ANSWERSshort term source of finance used to bridge the gaps between now and next receiving a wage credit card - ANSWER...

Wise Questions and Answers with Complete Solutions Question: What could cause a stock’s value to fluctuate on a given day? - A: The company’s board of directors adjusts the stock’s value quarterly - B: Stock prices are fixed once the stock is initially offered to the market - C: The company president announces a change in the stock’s value - D: The company reveals plans to launch a new product D: The company reveals plans to launch a new product Question: Who is most ad...

Which of the items listed below could appear in a company’s statement of cash flows? (i) Dividends received. (ii) Bonus issue. (iii) Irrecoverable debts written off. (iv) Profit on sale of a fixed asset. (v) Repayment of loan A (i), (ii) and (iv) B (i), (ii) and (iii) C (i) and (iv) D (i) and (v) (2 marks) QUESTION 2 The following bank reconciliation has been prepared by the company’s bookkeeper as at 31 July 2008: $ Overdraft per bank statement 12,700 Add: Unpre...

Telephone Customer Services: correct answerAssistance provided by the financial institution over the phone to help customers with banking complications. Mobile Banking: correct answerAllows clients to utilize banking services with mobile technology. Services often included in mobile banking include a view of up-to-date transactions, fund transfers, or remote check deposits. Overdraft Fee correct answerFee charged when an account does not have enough money to cover a purchase and the financ...

Capital - The money provided by the owners in a business Capital expenditure - Spending on business resources that can be used repeatedly over a period of time Internal finance - Money generated by the business or its current owners Retained profit - Profit after tax that is 'ploughed back' into the business Revenue expenditure - Spending on business resources that have already been consumed or will be very shortly Sale and leaseback - The practice of selling a...