Bank overdraft refers to: Select one: a. Financial institution’s extension of credit to fulfill businesses long-term...
Bank overdraft refers to:
Select one:
a. Financial institution’s extension of credit to fulfill businesses long-term needs
b. Business borrowing money from shareholders
c. Financial institution’s extension of credit to fulfill businesses short-term needs
d. Business lending money to shareholders
Homework Answers
Answer: c. Financial institution’s extension of credit to fulfill businesses short-term needs
Explanation:
Overdraft means the bank allows customers/ businesses to borrow a limited amount of money. Bank overdraft is a flexible form of finance, when there are insufficient funds in the account. Due to which a business / only pay interest on the amount of the overdraft facility used.
Add Answer to:
Bank overdraft refers to:
Select one:
a. Financial institution’s extension of credit to fulfill
businesses long-term...
Per IFRS, a Bank Overdraft may be netted with Cash if: Select one: O a. The...
Per IFRS, a Bank Overdraft may be netted with Cash if: Select one: O a. The overdraft is part of normal cash management O b. The overdraft is greater than the total cash owned O c. Cash less than the overdraft amount is held at the same bank O d. The overdraft will be eliminated during the next accounting period
Question 3 A secondary objective of financial management is Not yet answered Marked out of 2.00...
Question 3 A secondary objective of financial management is Not yet answered Marked out of 2.00 P Flag question Select one: A. To declare dividends to satisfy shareholder needs B. To adopt socially responsible attitude in financial decisions which will ensure the long-term future of the company C. To make long-term investment decisions for shareholders D. To generate short-term funds to finance projects Question 4 Not yet answered The term "money market' refers to .......... Marked out of 2.00 Select...
Drop-down options: (accruals, trade credit, commercial paper, bank loans) 12. Sources of short-term financing Short-term credit,...
Drop-down options: (accruals, trade credit, commercial paper,
bank loans)
12. Sources of short-term financing Short-term credit, or short-term financing, is any liability that is scheduled for repayment within one year. Among the sources of short-term funds are banks, suppliers, securities firms, and insurance companies. Their securities (or obligations) can take the form of bank loans, trade credit, commercial paper, and accruals. Some types of short-term financing are easier to obtain and manage than others. Financial managers should consider the costs...
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7) To develop financial goals, one should A) Set several general goals for the short-term B)...
7) To develop financial goals, one should A) Set several general goals for the short-term B) Not worry about whether or not the goals can be achieved based on one's income and life situation C) Identify specific, realistic goals that are measurable, and articulate a time frame and an action plan D) Only set long-term goals after short-term goals have been accomplished E) Focus on intermediate goals first 8) Opportunity cost refers to A) Evaluating different alternatives for financial decisions....
1. Information provided by financial accounting is Select one: A. Only applicable to business entities, not...
1. Information provided by financial accounting is Select one: A. Only applicable to business entities, not individuals. B. Only applicable to corporations. C. Intended to help creditors and investors. D. Primarily designed to assist internal users in managing the business. Question 2 Which of the following statement is not a description of accounting? Select one: A. The purpose of accounting is to record financial transactions of a business entity. B. Accounting is the language of business. C. Accounting is used...
When reconciling the bank ledger account and the bank statement, if both are in overdraft, unpresented...
When reconciling the bank ledger account and the bank statement, if both are in overdraft, unpresented cheques will be: Select one: a. deducted from the bank statement balance in the reconciliation. b. added to the bank statement balance in the reconciliation c. added to the general ledger bank balance. d. deducted from the general ledger bank balance.
The statement of financial position of a business at the start of the week is as...
The statement of financial position of a business at the start of the week is as follows: £ ASSETS Property 145,000 Furniture and fittings 63,000 Inventories 28,000 Trade receivables 33,000 Total assets 269,000 EQUITY AND LIABILITIES Equity 203,000 Short-term borrowing (bank overdraft) 43,000 Trade payables 23,000 Total equity and liabilities 269,000 During the week the following transactions take place: Sold inventories for £11,000 cash; these inventories had cost £8,000. Sold inventories for £23,000 on credit; these inventories had cost £17,000....
The bank statement of a business shows an overdraft of $10 000 at 31 March. In...
The bank statement of a business shows an overdraft of $10 000 at 31 March. In reconciling the account at that date indicate the treatment you would give to Cheque No. 461 for $30 that was drawn on 25 March but had not yet been presented for payment. Select one: O a. Record in the cash payments journal O b. Record in the cash receipts journal O c. Subtract from the bank statement balance in the bank reconciliation O d....
A bank's largest liability is: O its short term borrowing from other financial institutions. its long-term...
A bank's largest liability is: O its short term borrowing from other financial institutions. its long-term debt. O the deposits it received from depositors O the securities that it holds. Liquidity is defined as the ease with which a given asset can be converted to a: store of value O unit of account. medium of exchange. O standard of deferred payment Suppose you have deposited $5000 currency into your savings account at a branch of MBC bank. If the reserve...
Per IFRS, a Bank Overdraft may be netted with Cash if: Select one: O a. The overdraft is part of normal cash management O b. The overdraft is greater than the total cash owned O c. Cash less than the overdraft amount is held at the same bank O d. The overdraft will be eliminated during the next accounting period
Question 3 A secondary objective of financial management is Not yet answered Marked out of 2.00 P Flag question Select one: A. To declare dividends to satisfy shareholder needs B. To adopt socially responsible attitude in financial decisions which will ensure the long-term future of the company C. To make long-term investment decisions for shareholders D. To generate short-term funds to finance projects Question 4 Not yet answered The term "money market' refers to .......... Marked out of 2.00 Select...
Drop-down options: (accruals, trade credit, commercial paper,
bank loans)
12. Sources of short-term financing Short-term credit, or short-term financing, is any liability that is scheduled for repayment within one year. Among the sources of short-term funds are banks, suppliers, securities firms, and insurance companies. Their securities (or obligations) can take the form of bank loans, trade credit, commercial paper, and accruals. Some types of short-term financing are easier to obtain and manage than others. Financial managers should consider the costs...
7) To develop financial goals, one should A) Set several general goals for the short-term B) Not worry about whether or not the goals can be achieved based on one's income and life situation C) Identify specific, realistic goals that are measurable, and articulate a time frame and an action plan D) Only set long-term goals after short-term goals have been accomplished E) Focus on intermediate goals first 8) Opportunity cost refers to A) Evaluating different alternatives for financial decisions....
When reconciling the bank ledger account and the bank statement, if both are in overdraft, unpresented cheques will be: Select one: a. deducted from the bank statement balance in the reconciliation. b. added to the bank statement balance in the reconciliation c. added to the general ledger bank balance. d. deducted from the general ledger bank balance.
The bank statement of a business shows an overdraft of $10 000 at 31 March. In reconciling the account at that date indicate the treatment you would give to Cheque No. 461 for $30 that was drawn on 25 March but had not yet been presented for payment. Select one: O a. Record in the cash payments journal O b. Record in the cash receipts journal O c. Subtract from the bank statement balance in the bank reconciliation O d....
A bank's largest liability is: O its short term borrowing from other financial institutions. its long-term debt. O the deposits it received from depositors O the securities that it holds. Liquidity is defined as the ease with which a given asset can be converted to a: store of value O unit of account. medium of exchange. O standard of deferred payment Suppose you have deposited $5000 currency into your savings account at a branch of MBC bank. If the reserve...
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