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What is a depository institution with at least one type of checking and one type of saving account?
A depository institution which offers checking and savings accounts is called a bank.
Bringing account balances up to date before preparing financial reports is called?
Adjusting
An account used by mortgage lenders for the safekeeping of the funds accumulating to pay next year's property taxes and hazard insurance is called an escrow account?
True, escrow account.
ER pays 12 EE pays 12 insurance How do you book this in an journal entry?
Assuming the employee paid via payroll deduction, most companies would post the P/R deduction as a credit to Insurance Expense (or a credit to a contra-account called something like Employee's Contributions to Insurance Expense) directly from the payroll entry. However, you could also post the P/R deduction credit to a liability account called Employee Insurance Payable. Then, when the insurance invoice was posted, half would be debited to Insurance Expense and half to the liability account. This would give you more cost control if you reconciled the payable account with each invoice.
What is the person who is added to an account called?
The person added to an account is typically referred to as a "authorized user" or "account holder," depending on the context. In financial accounts, they may also be called a "co-signer" or "joint account holder." This individual usually has certain permissions, such as making transactions or accessing account information, as defined by the account owner.
What is it called when you withdraw money?
Withdrawing money is commonly referred to as making a "withdrawal." This process involves taking funds out of a bank account, ATM, or financial institution. It can also apply to transferring money from investments or other financial accounts.
When a bank or financial institution lends an person money what is it called?
a loan
What is a institution that helps channel funds from savers to borrowers called?
a financial intermediary
What are the first set of numbers at the bottom of a check called?
The first set of numbers at the bottom of a check is called the "routing number." This nine-digit number identifies the financial institution that holds the account and is used to facilitate the processing of checks and electronic transactions. Following the routing number, there is typically the account number, which specifies the individual account from which funds will be withdrawn.
What is an account book?
An account book is a book in which financial accounts are kept - also called a ledger.
Who issued the cheque is called?
The person or entity that issues a cheque is called the "drawer." The drawer is responsible for ensuring that there are sufficient funds in their account to cover the amount of the cheque. The recipient of the cheque is referred to as the "payee," while the financial institution that processes the cheque is known as the "drawee."
What is the meaning of nominal account and real account and personal account?
The account related to the individual firm , company,and institution is called personal account. THE account related to the things or properties of business organisation whose valuation can be done in terms of cash is called real account. the account related to the income , expenses,profit and gain is called nominal account. .
What is a depository institution with at least one type of checking and one type of saving account?
A depository institution which offers checking and savings accounts is called a bank.
What is difference between BIC and BEI in swift?
A BIC (Bank Identification Code) is an identifier that is assigned to all SWIFT FIN-connected financial institutions. It can also be used to identify other financial institutions, not connected to the SWIFT FIN network. When assigned to a non-financial institution the code is called a BEI (Business Entity Identifier). Like a financial institution BIC, a non-financial institution BEI can be connected to the SWIFT FIN network or not.
What is The person who receives financial protection from a life insurance plan is called a what?
The person who receives financial protection from a life insurance plan is called a "beneficiary." In the event of the policyholder's death, the beneficiary is entitled to receive the death benefit payout from the insurance company. This financial support can help cover expenses such as funeral costs, debts, and living expenses for dependents.
What is the person who receives financial protection from a life insurance plan is called?
The person who receives financial protection from a life insurance plan is called a "beneficiary." In the event of the policyholder's death, the beneficiary receives the death benefit payout from the insurance policy. This financial support can help cover expenses such as funeral costs, debts, and ongoing living expenses for dependents.
The person who receives financial protection from a life insurance plan is called a?
The person who receives financial protection from a life insurance plan is called a beneficiary. When the policyholder passes away, the beneficiary is entitled to receive the death benefit payout from the insurance policy. This payout can help cover expenses such as funeral costs, debts, and other financial obligations left behind.
