A payment system that uses computerized electronic impulses to affect a cash transaction is called electronic funds transfer (EFT).TrueFalseA remittance advice is the notification accompanying the check issued to a creditor that states the specific invoice being paid.TrueFalseThe party signing a check is called the drawee.TrueFalsethe bank often informs the depositor f bank service charges by including a credit memorandum with the monthly bank statement.TrueFalseA signature card shows the signature of only the person who authorizes others in the company to sign checks.TrueFalseThe payor is the party to whom payment us made.TrueFalseBank customers are considered creditors of the bank, so the bank shows their accounts with credit balances on the bank’s records.TrueFalseDepositing all cash, checks, etc, in a bank and paying with checks is an internal control procedure over cashTrueFalse

A payment system that uses computerized electronic impulses to affect a cash transaction is called…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A payment system that uses computerized electronic impulses to affect a cash transaction is called electronic funds transfer (EFT).
1. True
2. False
A remittance advice is the notification accompanying the check issued to a creditor that states the specific invoice being paid.
1. True
2. False
The party signing a check is called the drawee.
1. True
2. False
the bank often informs the depositor f bank service charges by including a credit memorandum with the monthly bank statement.
1. True
2. False
A signature card shows the signature of only the person who authorizes others in the company to sign checks.
1. True
2. False
The payor is the party to whom payment us made.
1. True
2. False
Bank customers are considered creditors of the bank, so the bank shows their accounts with credit balances on the bank’s records.
1. True
2. False
Depositing all cash, checks, etc, in a bank and paying with checks is an internal control procedure over cash
1. True
2. False

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