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What is an account with a financial institution used to pay taxes and insurance called?
Wiki User
∙ 11y ago
An Escrow Account.
Wiki User
∙ 11y ago
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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.
The accounting system that reveals the financial position of a business is?
The accounting system that reveals the financial position of a business is financial accounting. Financial accounting produces statements called the balance sheet, and profit statement. These two statements allow for further calculations to see how the business is handling cash flows, account receivables, financial leverage, etc.
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 is an account book?
An account book is a book in which financial accounts are kept - also called a ledger.
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 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 Federal Deposit Insurance Corporation FDIC?
FDIC is a Federal Government provided insurance program provided through Federally regulated banks. It provides insurance protection for depositors so that they will not have to worry about the security of their money deposited in these insured banks. There is a similar program called the FSLIC that provides the same coverage for Savings and Loans. Other programs are provided for Credit Unions and for Brokerage Accounts. It is not insurance in the customary sense of the term. Instead, it is in the nature of a bail-out program in the event that a financial institution becomes insolvent. There exist limitations on the amount that each depositor can recover per account from the program.
Is there still a Company called Harvest Life Insurance Company?
I believe it was bought out by GE Financial, now called Genworth.
Bringing account balances up to date before preparing financial reports is called?
Adjusting
Which financial company is called CNI?
There are a few financial organizations with the initials/reference to CNI including the following: * Century National Insurance (insurance) * Clarendon National Insurance (insurance) * Columbia National Insurance (insurance) * Consolidated National Insurers (insurance and reinsurance) * CNI Charter Funds (funds) * City National Investments (various) * Capital Network Incorporated (corporate fund management)
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.
Who owns the Transamerica Pyramid in San Francisco California?
it was acquired by a Dutch insurance company called "Aegon"
