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An application of good internal control over cash disbursements is...?
following payment, the approved invoice should be stamped "paid"
Can someone cash a check that a stop payment was placed over a year ago?
yes a stop payment on a check will remain permanently once the bank places it
What is the difference between a cash payment and a payment made to a vendor or contractor through AP and why is one better than the other?
The difference between a cash payment and a payment made to a vendor or contractor through accounts payable is as follows: In a cash payment, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and hand over the cash to the vendor (by decreasing the cash asset account). For the vendor, they recognize the revenue upon completion (by increasing the revenue account) and move the cash onto their balance sheet (by increasing the cash asset account). In an accounts payable transaction, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and acknowledges the debt (by increasing the accounts payable liability). For the vendor, they recognize the sale (by increasing the revenue account) and acknowledges that the company using their services owes them for the work that they did (by increasing the accounts receivable account). Time eventually passes for the accounts payable transaction and the company that used the services of the vendor sends payment to the vendor (by decreasing the cash account) and acknowledges that the debt is paid (by reducing the accounts payable liability). The vendor receives payment in the mail (by increasing the cash asset account) and acknowledges that the debt is paid (by reducing the accounts receivable asset). The key difference is which party is providing the cash flow. For a cash payment, the transaction is best for the vendor because they are receiving cash immediately. For an AP transaction, the service user is better because they held onto cash for some period of time.
What are the 3 controls over petty cash?
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
Which of these focuses on how much cash is on hand and where cash has come from and gone over a specific period?
cash flow statement
An application of good internal control over cash disbursements is...?
following payment, the approved invoice should be stamped "paid"
Can you make a payment on line for life insurance?
Payment of life insurance premia is allowed on line, along with payment over counter whether payment by cash or cheque.
What are the differences between physical payment method and e payment method?
Physical payment means you hand over the cash/cheque in person: epayment (short for electronic payment) means you pay over the phone or internet.
What is part-cash sale?
Part of the payment is in cash Example: someone may turn up at a store and have a cheque ready in payment, only to find at checkout that someone forgot to add tax; so person collecting hands over some of their own money to complete payment. For the store it is part-cash sale i.e. they received cheque and cash.
Can someone cash a check that a stop payment was placed over a year ago?
yes a stop payment on a check will remain permanently once the bank places it
Is cash payment over Rs. 20000 for advance against Reimbursement of expenses Allowable as per Income tax Act or Rules?
yes
What is the difference between a cash payment and a payment made to a vendor or contractor through AP and why is one better than the other?
The difference between a cash payment and a payment made to a vendor or contractor through accounts payable is as follows: In a cash payment, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and hand over the cash to the vendor (by decreasing the cash asset account). For the vendor, they recognize the revenue upon completion (by increasing the revenue account) and move the cash onto their balance sheet (by increasing the cash asset account). In an accounts payable transaction, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and acknowledges the debt (by increasing the accounts payable liability). For the vendor, they recognize the sale (by increasing the revenue account) and acknowledges that the company using their services owes them for the work that they did (by increasing the accounts receivable account). Time eventually passes for the accounts payable transaction and the company that used the services of the vendor sends payment to the vendor (by decreasing the cash account) and acknowledges that the debt is paid (by reducing the accounts payable liability). The vendor receives payment in the mail (by increasing the cash asset account) and acknowledges that the debt is paid (by reducing the accounts receivable asset). The key difference is which party is providing the cash flow. For a cash payment, the transaction is best for the vendor because they are receiving cash immediately. For an AP transaction, the service user is better because they held onto cash for some period of time.
What is installment cash credit?
Installment cash credit is a direct loan of money for personal purposes, home improvements, or vacation expenses. You make no down payment and make payments in specified amounts over a set period.
What are cash inflows?
Cash inflow is the money flowing in and out of a business within a given period of time. this can be predicted using a spreadsheet which will indicate the effects of changing fifures. Example of Cash inflow is: ■ Sales - amount to be received from selling good or service. ■ Cash from debtors. ■ Capital. ■ Lone from bank.
What do you call left over cash?
left over cash
How will using a cash flow note benefit you in buying a car?
You can get a lump sum of money from an investor when you have a regular payment of some amount coming in from real estate or a trust. You get a cash note and that gives you enough to make a larger purchase, like a car, although you won't make as much as you would if you continued to receive the regular payment over time.
Do I Need To Provide Security To Get The Business Cash Advance?
No. The cash advance lenders examine your cash advance application based totally on your previous card receipts and do not take collateral, i.e. a charge on property or over every other assets of your business enterprise. However, if you are a limited company, a personal guarantee will be required.
