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3 cards from this section. Quick, good the night before a test.
What is a direct deposit?
Think of it as a payment made without any physical checks.
Why is it important to recognize direct deposits?
Consider how these deposits affect how much money a company believes it has available.
What is a direct deposit?
Think this involves funds being sent directly without the need for a physical cheque.
True or False: Direct deposits always appear immediately in the company's cash book.
Consider the timing of deposit recording versus bank processing.
Your company receives a total of 5 direct deposits in one week. You only recorded 3. The bank shows the correct amount. How would you reconcile this and what steps would you take?
Think about checking against your bank statement to find what's missing.
Consider a scenario where a customer directly deposits $1,000, but you record $900 instead. What implications does it have on your financial reports? Provide a solution.
Reflect on how this might affect your ability to make purchases based on cash availability.
5 more questions in this section. Enroll free to practise them all.
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