REMOTE DEPOSIT CAPTURE PROJECT Part 1: Project Integration Management Recently‚ several banks have started offering customers remote deposit capture. With this new service‚ customers do not have to physically go to banks or ATM machines to deposit checks anymore. Instead‚ they can send checks as a scanned image through an Internet portal provided by the bank. This technology can save banks and customers time and money making the transactions. Blue Bank is considering implementing this new service
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Substantive Procedures for Cash Outflow Irregularities Substantive Procedures for Cash Outflow Irregularities Apollo Shoes has recognized that there is a risk of loss due to irregularities in cash outflows‚ accounts payable‚ and payroll. Substantive procedures for cash outflows‚ accounts payable‚ and payroll are needed to detect irregularities in each of these. Failure to implement appropriate procedures will lead to loss irregularities. Substantive Procedures to Evaluate Cash Irregularities
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Definition of ’Bank Deposits’ Money placed into a banking institution for safekeeping. Bank deposits are made to deposit accounts at a banking institution‚ such as savings accounts‚ checking accounts and money market accounts. The account holder has the right to withdraw any deposited funds‚ as set forth in the terms and conditions of the account. The "deposit" itself is a liability owed by the bank to the depositor (the person or entity that made the deposit)‚ and refers to this liability rather
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Controls for Outflows Biniyam Beyene‚ Christie Ferrell‚ Gabriel Mendoza and Paula Strahl ACC/544 May 2‚ 2015 Professor Tracie Youngblood Controls for Outflows Purchasing‚ accounts payable‚ cash disbursements‚ finance‚ investment‚ and payroll are key components to a successful and efficient business. Internal controls are needed in these outflow process to prevent fraud and theft within the business. The follow proposal will list the types of controls that are needed and reason for the
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Bank’s deposits can be explained as ‘’ Money placed into a banking institution for safekeeping.’’ (investopedia.com)‚ and funding from the interbank market deals. Customers can deposit their money with the bank in a variety of accounts that most suit their needs. The bank in turn uses the money for its own investments‚ such as granting loans to customers and the interest rate is a way of compensating people for the use of their funds by the bank. In essence‚ the bank is borrowing money from depositors
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------------------------------------------------- ------------------------------------------------- CÔNG TRÌNH DỰ THI GIẢI THƯỞNG “SINH VIÊN NGHIÊN CỨU KHOA HỌC” NĂM 2010 ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Tên công trình: -------------------------------------------------
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tutor at the university. He earns $25 000 per year from this activity. He also recently competed in a television game show called Temptation and won $50‚000 (lucky!). He is considering three alternative courses of action‚ investing in long term bank deposit which pays 6% interest per year‚ investing in the share market or starting his own tutoring business. He wants to maximise his financial return. He enjoys teaching and interacting with students and would like to continue tutoring. Investing in
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What is the economic rationale for government-backed deposit insurance? Case Study: The Federal Deposit Insurance Corporation (FDIC) The most important government agency is The Federal Deposit Insurance Corporation‚ whereby each depositor is insured to at least $250‚000 per insured bank in the case that a financial intermediary should fail. This protects people’s deposits so that they do not face a great financial loss. * When a bank fails it means they are unable to meet their obligations
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business. For example: • Manufacturing companies will need a set of procedures and documents for the production cycle; non-manufacturing companies do not. • Government agencies need procedures to track separately all inflows and outflows from various funds‚ to ensure that legal requirements about the use of specific funds are followed. • Financial institutions do not need extensive inventory control systems. • Passenger service companies (e.g.‚ airlines‚ bus‚ and trains)
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Answer: (d) 3. If material‚ deposits in foreign bank which are subject to foreign exchange restriction shall be classified: (a) Separately as current assets‚ with appropriate disclosure; (b) Separately as non-current asset with appropriate disclosure; (c) Be written off as an extraordinary loss; (d) as part of cash and cash equivalents. Answer: (b) 4. Bank Overdraft (a) Is a debit balance in a cash in bank account; (b) Is offset against demand deposit account in another bank; (c) Which
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