AAT Basic Accounting 2 Assignment 1

2.

A regular BACS payments, set up with the bank by the customer paying the amounts is called a _______ _________

Explanation
A regular BACS payment, set up with the bank by the customer paying the amounts is called a standing order.

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3.

A cheque written out by a bank – as good as cash – used for high value purchases is called a Bank Draft
- True
- False
Correct Answer

A. True

Explanation

A bank draft is a type of cheque issued by a bank, which is considered as good as cash. It is commonly used for high-value purchases, as it guarantees payment to the recipient. Therefore, the statement "A cheque written out by a bank – as good as cash – used for high-value purchases is called a Bank Draft" is true.

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4.

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.
- True
- False
Correct Answer

A. True

Explanation

The explanation for the given correct answer is that when a cheque is marked 'Refer to Drawer', it indicates that the issuer of the cheque does not have enough funds in their account to cover the payment. This means that the cheque cannot be processed and will be returned to the business that received it. Therefore, the statement is true.

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5.

A high value, same day, payments sent through the banks’ computer systems is called a CHIPS payment
- True
- False
Correct Answer

A. False

Explanation

CHAPS payment

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6.

A paper-based direct payment through the banking system with a three day clearance cycle is called a bank giro credit.
- True
- False
Correct Answer

A. True

Explanation

A paper-based direct payment through the banking system with a three day clearance cycle is called a bank giro credit. This means that when a payment is made using this method, it is processed through the banking system and takes three days to clear. The term "bank giro credit" specifically refers to this type of payment method, indicating that the statement is true.

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7.

What do the letters BACS stand for : ______________ _____________________ ___________________ _____________________

Correct Answer
bankers automated clearing services

Explanation
The letters BACS stand for bankers automated clearing services. BACS is a system used in the United Kingdom for electronic funds transfer and direct debit payments. It allows for the efficient and secure transfer of funds between bank accounts, automating the clearing process. This system is widely used by individuals, businesses, and organizations for various financial transactions.

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AAT Basic Accounting 2 Assignment 1

A regular and variable BACS payments, set up by the organisation receiving the payments is called a _ _

Quiz Preview

A regular BACS payments, set up with the bank by the customer paying the amounts is called a _ ___

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.

A high value, same day, payments sent through the banks’ computer systems is called a CHIPS payment

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 : ____ _ _ _____________

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AAT Basic Accounting 2 Assignment 1

A regular and variable BACS payments, set up by the organisation receiving the payments is called a _______ _______

Quiz Preview

A regular BACS payments, set up with the bank by the customer paying the amounts is called a _______ _________

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.

A high value, same day, payments sent through the banks’ computer systems is called a CHIPS payment

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 : ______________ _____________________ ___________________ _____________________

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A regular and variable BACS payments, set up by the organisation receiving the payments is called a _ _

A regular BACS payments, set up with the bank by the customer paying the amounts is called a _ ___

What do the letters BACS stand for : ____ _ _ _____________