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The account itself is not an asset, but any money credited to the account is.
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∙ 6y ago
Jannah Villena
Yes
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How do you translate 'cheque account' into Afrikaans?
'Cheque account' in Afrikaans is 'tjekrekening'.
How do you cash a crossed cheque with no account?
You cannot. A Crossed Cheque is also called an Account Payee Only Cheque which means that, this cheque cannot be cashed directly. It can only be deposited into the bank account of the person to whom this cheque is issued. So, the only way you can cash the cheque is by opening a bank account (or using your existing bank account) and deposit this cheque.
Is a cheque an asset or liability?
It comes under liability
What is account payee check?
A Crossed Cheque is also called an Account Payee Only Cheque which means that, this cheque cannot be cashed directly. It can only be deposited into the bank account of the person to whom this cheque is issued. So, the only way you can cash the cheque is by opening a bank account (or using your existing bank account) and deposit this cheque.
How do you cash a cheque?
Submit it to the Teller in a bank where you have a bank account. If it is a bearer cheque and you have an account in the same bank as that of the cheque, you will be paid cash immediately. If it is an account payee cheque, money will get credited to your account in the next 2-3 days
Is a positive balance in your cheque account a asset or liability to you and the bank?
For Bank: Liability For You: Asset
Is a cheque account an asset or liability?
It comes under liability
How do you translate 'cheque account' into Afrikaans?
'Cheque account' in Afrikaans is 'tjekrekening'.
What is the difference between A current account and a cheque account?
what is difference between a current account and a cheque account
How do you cash a crossed cheque with no account?
You cannot. A Crossed Cheque is also called an Account Payee Only Cheque which means that, this cheque cannot be cashed directly. It can only be deposited into the bank account of the person to whom this cheque is issued. So, the only way you can cash the cheque is by opening a bank account (or using your existing bank account) and deposit this cheque.
Is a cheque an asset or liability?
It comes under liability
What is account payee check?
A Crossed Cheque is also called an Account Payee Only Cheque which means that, this cheque cannot be cashed directly. It can only be deposited into the bank account of the person to whom this cheque is issued. So, the only way you can cash the cheque is by opening a bank account (or using your existing bank account) and deposit this cheque.
How do you cash a cheque?
Submit it to the Teller in a bank where you have a bank account. If it is a bearer cheque and you have an account in the same bank as that of the cheque, you will be paid cash immediately. If it is an account payee cheque, money will get credited to your account in the next 2-3 days
How do you realize the crossed check with out having any account?
You cannot. A Crossed Cheque is also called an Account Payee Only Cheque which means that, this cheque cannot be cashed directly. It can only be deposited into the bank account of the person to whom this cheque is issued. So, the only way you can cash the cheque is by opening a bank account (or using your existing bank account) and deposit this cheque
How do cheques work?
Basically, a cheque is a written promise to pay the receiver the sum on the cheque. For example, if a workman has finished work on your property, you would write a cheque to allow the workman to put the cheque into his bank account, and the amount would be taken out of your account. It is important to ensure the amount on the cheque is in your account, otherwise the cheque would be returned (a bounced cheque).
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Do the words account payee only exclude the transferability of the cheque?
No. It actually means that the cheque can be paid out only to a bank account and will not be paid out as cash to the person who has the cheque
