Answered: Which is a disadvantage of using an ATM…

Which is a disadvantage of using an ATM in place of a bank? O limitation on withdrawal amounts O number of accessible locations O hours of operation O speed of service

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Describe two advantages of using credit cards. ..... Choose the correct answer below. OA. Relatively…

A: Credit card is referred to as an instrument for helping to make an instant credit on the basis of…

Q: Which of the following reconciling items may not result from bank side reccords of a bank account?…

A: Bank Reconciliation statement is a statement prepared to reconcile the cash book balance and bank…

Q: Cash received from loans is a deposit other than customer payments. Group of answer choices True…

A: Cash received from the loan is considered as the current liabilities with the name of deposits.

Q: What is adverse selection? Why does it predict that lenders will prefer to arrange loans through a…

A: The loan is the funds that a borrower takes from the lender at a certain rate of interest for a…

Q: The effect of a debit memo on the company’s books decreases an asset. On the bank’s records, the…

A: A debit memo is a charge made to the customer account for some debit adjustments. It reduces the…

Q: As a helpful amenity for customers making electronic payments, certain credit card issuers provide…

A: Virtual credit cards or credit card numbers that can be used only once are increasingly becoming…

Q: 16) Which of the following is a reason that financial institutions want consumers to use de cards?…

A: A debit card is a electronic card that deducts money directly from a consumer's account to pay for…

Q: Bank loans often are arranged under existing lines of credit. What is a line of credit? How does a…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having…

A: The question is asking about the purpose of checking accounts, the disadvantages of having funds in…

Q: Why it can be risky to provide credit card information over email/internet? Do you think, using a…

A: Answer: There is advancement of technology in todays world and there is scam and phishing. It can be…

Q: Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections…

A: The debit memorandum is issued by the bank to notify the depositor about the deductions made from…

Q: How do sellers benefit from allowing their customers to use credit cards? Do sellers bear any risk…

A: Credit cards A card distributed by the bank to its customers who have good financial records is…

Q: Overdrafts are a result of a. loans made against certificates of deposit b. banks paying wire…

A: Very easy and low cost convenient way of getting loan are draft loans.

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having…

A: Explanation is given below Explanation:People frequently utilise checking accounts for a variety of…

Q: What is the key advantage of using electronic payments instead of currency or checks? A. Lower…

A: Opportunity costs refers to the benefits that are foregone when a firm implements any project.

Q: it important to keep a record of credit card numbers separate from the cards?

A: Step 1 Information can be stolen, and usually, almost anywhere you do business. Most people are…

Q: effects of cash restriction regulations on management of customer banking practices

A: In evaluation to unrestricted cash, restricted cash isn't freely on hand for a company to spend or…

Q: Retail time deposits and certificates of deposit have high withdrawal risk to issuers. Select…

A: Retail time deposits refer to the deposits that are made with banking institutions that provide a…

Q: Under what conditions may a bank refuse to make payment?

A: Conditions:- - when the customer has died - customer had insane or insolvent. - customer lost the…

Q: Which of the following is a valid alternative action for an organization to take to minimize credit…

A: Accounts receivables refer to the amount that is yet to be received from the customers to whom goods…

Q: What kind of business would have a short duration of receivables collection?

A: The low collection time is typically more appealing than the long collecting period. The fact that…

Q: What bank regulation is designed to reduce adverse selection problems for deposit insurance? Will it…

A: Banks are the financial institutions that are involved in providing financial services to their…

Q: Mobile payment systems such as Square, Paypal, Venmo, Apple Wallet among others are becoming…

A: Conducting an audit in an environment that utilizes mobile payment systems involves assessing the…

Q: accounts receivable

A: Account receivable refers to the process of payment that the company should receive from the…

Q: Why might a business prefer a note receivable to an account receivable?

A: An account receivable is a simple promise to repay the seller done by customer which is due as a…

Q: Advantage and disadvantages of letters of credit and bankers acceptance.

A: Letter of credit is a letter in which the banks take the guarantee of the buyer that the buyer will…

Q: What if the drawee bank failed to determine right away that the CHECK is supposed to be dishonored…

A: Cheque bounce is a criminal offence under Section 138 of the Act, for which the payee can file a…

Q: Your customer has paid their bill, yet the Accounts Receivable balance has not changed. Which of the…

A: The amount that a business is entitled to receive from its clients for products or services offered…

Q: Which one of the following statements is true of E-commerce? a.It involves the exchange of an…

A: E-commerce, or electronic commerce, refers to the buying and selling of goods and services over the…

Q: Select the banking terms from drop down to match with the correct definition. Definitions…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Over/Under: Alpha's bookkeeper made a mistake by erroneously recording a loan from Beta Bank as a…

A: Every transaction has dual effect on the accounting equation. Total Assets = Total liabilities +…

Q: What are the advantages and disadvantages of using the following Allowance for Expected Credit…

A: Advantages: • AECL based on 3rd party credit ratings is a reliable source of information and can…

Q: A check was presented to be collected in favor of the customer. Ahmed has a savings account in the…

A: Answer: Whenever any amount has been issued to transfer between banks the entry is posted as: Bank…

Q: Why do you think businesses extend credit to customers thereby creating accounts receivable?

A: Account receivable means where goods has been sold on credit and amount has not been received.…

Q: Why is it important to review your checking account statement? What fees might this help you avoid?

A: Answer:- Account statement :- An account statement is a recurring list of transactions with a start…

Q: Why it can be dangerous to provide credit card information over the internet? Does it stop the risk…

A: Credit card : In simple words, credit card refers to a modern currency medium under which the…

Q: Nostro accounts are not similar to deposit accounts— these demand deposit accounts are held in the…

A: Nostro Account: - It refers to an account that a local bank or say domestic bank holds in a foreign…

Q: Why should a company prepare a bank reconciliation for each account every period? What types of…

A: Bank reconciliation is process to check and assure that entity's bank statement matches bank account…

Q: Which type of information asymmetry explains why bad credit risks are more likely to seek bank…

A: Adverse selection, as a rule, alludes to a circumstance where dealers have data that buyers do not…

Q: Why can't Accounts Receivable ever have a credit balance? Why can't Accounts Payable ever have a…

A: Whenever goods are sold on account that is cash to be received in future from debtor we get an…

Q: Should a bank always insist on having security when lending to a customer? Explain your position.

A: The question is based on the concept and principle of credit risk management used in the banking…

Q: Which of the following is true about credit cards? A) when you use one, the money is taken directly…

A: A) False. When you use a credit card, the money is not taken directly from your bank account.…

Question

Assignment -3. ATMS
SECTION
ASSIGNMENTS
COURSES
Attempt 1 of 1
2
4
6
7
Which is a disadvantage of using an ATM in place of a bank?
O limitation on withdrawal amounts
O number of accessible locations
O hours of operation
O speed of service
NEXT QUESTION
O ASK FOR HELP
Type here to search

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What are the major flaws with NPV? What are the major flaws with IRR? If you are going to a bank and trying to get a loan, which is the best method to use (NPV, IRR, Payback period)?
Which of the following credit checks would be considered a soft check? A. Vehicle loan application B. job application C. student loan application D. Credit card application I don't need explanation just the answer :)
When setting up corporate credit cards, why is it recommended that the parent account not be connected to bank feeds? o The parent credit card account cannot be reconciled if the bank feed is connected to it o QuickBooks Online does not allow parent accounts to have bank feed connections o If the parent account is connected to bank feeds its sub-accounts cannot be connected to the bank o It will create duplicate transactions
TB MC Qu. 5-62 (Static) What is the primary disadvantage of extending... What is the primary disadvantage of extending credit to customers? Multiple Choice O Lower revenues Reduced operating efficiency O Lower profitability Delay or failure to collect cash
In which of the following ways do Fedwire payments differ from ACH payments? 1. Fedwire payments are always credit push. 2. Fedwire is an electronic payment method. 3. Fedwire payments typically cost the payer more to send. Give typing answer with explanation and conclusion
In our electronic-centric world of commerce, this is the least secure payment method O Credit Cards O Cash O Checks O Direct debit
Bank can be a source of short-term funding in terms of credit card applications. These fundings on credit cards make sure that regular payments should be made. Group of answer choices True False
The Cash Over and Short account: Multiple Choice Is used to record the income effects of cash overages and cash shortages. Is not necessary in a computerized accounting system. Can never have a credit balance. Is used when the cash account reports a credit balance. Can never have a debit balance.
Avoiding Overdraft Fees. You know someone who recently had $90 in overdraft fees for two small debit card transactions. Explain to him why such high fees resulted from such small transactions and the relative benefits of having an automatic funds transfer agreement versus an automatic overdraft loan agreement versus overdraft protection
The use of a debit card is similar to: Select one: a. Using currency Ob. Paying with a check c. Using a stored-value card d. Paying with credit card e. None of the above
PA8. LO 8.6Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Transaction No Journal Entry Needed Journal Entry Needed Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
Credit Policy is not always important in order to manage accounts receivables. * True False