for him to steal a certain amount of cash and falsify the journal entries to correspond with the amount to bank. This can also be applied to the Accounts Clerk who also handles the cash and cheques and is also able to update the ledger accounts if the Assistant Accountant is busy. Furthermore‚ cash and cheques do not always get banked at a certain day or time within a week. The inadequate segregation of duties‚ in regards to handling both the banking and maintaining the ledger accounts becomes an
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Q#1: A draws a bill payable to B or order with X‚ as the drawee. The bill was successively endorsed to C‚ D‚ E and F‚ holder. X does not pay and F has duly protested non-payment. Y pays for the honor of C. Which of the following statement is wrong? a. D is discharged. b. E is discharged. c. C is discharged. d. Y can ask reimbursement from A. Answer: C All parties subsequent to the party whose honor it is paid are discharged but the payor for honor is subrogated for‚ and succeeds to
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Bills of Exchange‚ Cheques & Promissory Notes : 1 Bills of Exchange‚ Cheques & Promissory Notes Theory‚ principle‚ concept And Operational significance Objectives : 2 Objectives Theory and Principles Negotiable instruments. Definition and features of bill of exchange. Cheque‚ components‚ features and crossing To understand the components of cheques. Return cheques & BMC Difference between bills of exchange and cheques To define promissory notes. Theory : 3 Theory Money as
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CATCHWORDS: Bank — Cheque — Condition restricting use — New cheque book on bank’s change to computer mechanisation — Cheque book bearing on cover notice that it was only to be used for account for which issued — Cheque altered by customer for use for account with another branch‚ which was later instructed by customer not to pay cheque — Ink alterations not capable of being read by computer — Cheque met by branch issuing cheque book — Whether notice on cover and used of cheque book by customer varied
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Chapter-1 [pic] Introduction 1.1. Introduction of report: Now-a-day’s banking sector is modernizing and expanding its hand in different financial events every day. At the same time the Banking process is becoming faster‚ easier and is becoming either. In order to surviving the competitive filed of the banking sector all organization are looking for better service opportunities to provide their fellow clients. So it has becoming essential for every person to have some idea
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Negotiable Instrument 6 3 Features of Negotiable Instrument 8 4 Types of Negotiable Instruments 10 5 Promissory Notes 10 6 Evolutions in Promissory Notes 13 7 Bills of Exchange 16 8 Cheque 22 9 Section 138‚ Negotiable Instruments Act 23 10 Ingredients of offence under section 138 24 11 Revolution in cheques 27 12 Necessity to Introduced Negotiable Instruments 31 13 Evolution 33 14. Revolution 35 15. Revolution of Payment Systems in India 39 16. Case Study 1 43 17. Case Study 2 45 18. Case
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E.E-BANKING: There is no official definition of this term‚ but it generally implies a service that allows customers to use some form of computer to access account-specific information and possibly conduct transactions form a remote location – such as home or at the workplace. The obvious advantage to the consumer is convenience – one bank recently used the advertising motto “bank naked” to emphasize the customer’s freedom to conduct routine banking transactions from the comfort and security of
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Part A Employment Internal Control Weakness Specific risk of fraud or error Weakness of authorization procedures‚ According to case‚ Miss Knag call Simon Black to advise him on the relevant salary or wage to be paid to that employee. The risk is new employees would be higher than normal ones. In addition‚ it may give the leader a chance to add the employees who do not actually on work in order to cheat the money from company. Weakness of authorization procedures According to case‚ company has
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Introduction : Modern banks play an important role in the economic development of a country. Commercial banks are the primary contributors to the economy of a country. Commercial banks are profit making institutions that holds the deposits of individuals and business. As banks are profit earning concerns‚ they collect deposit at the lowest possible cost and provide loans and advances at higher cost. The differences between two are the profit for the bank. The banks also role plays the human resources
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No. 1. Introduction 2. Evolution of Negotiable Instruments 3. What are Negotiable Meaning & Definition 4. Negotiable Instruments Act‚ 1881 5. Types of Negotiable Instruments Promissory Notes‚ Bills of Exchange & Cheques 6. Characteristics of Negotiable Instruments 7. Difference between the Negotiable Instruments 8. Exceptions 9. Section 134-137 of an International Law 10. Dishonor of Negotiable Instruments 11. Current Scenario
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