Before attempting this assignment you should have read chapters 1 to 4 of your Osborne Book ”BASIC ACCOUNTING 2” and attempted the relevant chapter activities in your WORKBOOK.
The pass mark for the assignment is 70% - should you fail then please review the areas where you are weak. If you are still having problems then please do not hesitate to contact AATFree
Questions and Answers
A paper-based direct payment through the banking system with a three day clearance cycle is called a bank giro credit.
What do the letters BACS stand for :
______________ _____________________ ___________________ _____________________
A regular BACS payments, set up with the bank by the customer paying
the amounts is called a _______ _________
A regular and variable BACS payments, set up by the organisation
receiving the payments is called a _______ _______
A high value, same day, payments sent through the banks’ computer systems is called a CHIPS payment
A cheque written out by a bank – as good as cash – used for high value purchases is called a Bank Draft
A cheque is returned to the business which has paid it in marked 'Refer to Drawer'. This means that the issuer of the cheque does not have sufficient funds in the account to cover the cheque.